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See the man that made the worse business decision in history

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This is the story of the man that made what is possibly the worst business decision in history:

Apple is the maker of incredibly popular IPhone smartphone series and it was founded in 1976 by three people. Everybody knows the late Steve Jobs and some might know the second founder known as Steve Wozniak. However, the third founder has since sunk into obscurity as a result of a very bad decision he made at the beginning of the company's establishment.

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That person is Ronald Wayne. He was one of the driving force behind Apple at the early stages in the 1970s because he sold several assets to help support the business. He is even the person behind the famous Apple logo. Additionally, he is credited with writing the manual for the first Apple computer and he oversaw the documentation and administration of the company.

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As a result of his involvement, he had a 10% share which, today, is worth an estimated one hundred billion dollars ($100b).

But at the time, things were hard and Ronald was afraid of investing more money into the business for fear of losing out. For that reason, just two weeks after founding the company, he gave up his 10% share and sold it for just eight hundred dollars ($800).

Steve Jobs and Steve Wozniak refused to give up hope in their young company and pushed on. When Apple eventually became an official corporation, they paid Ronald an additional $1,500 to forfeit all rights to the company.

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Photo: Apple Inc headquarters

Over the coming years, Apple grew bigger and bigger until it became the technology giant it is today. Apple itself is worth about $1.3 trillion, while, at the time of his death in 2011, Steve Jobs was worth $7 billion. Steve Wozniak, who left Apple permanently in 1985 to found his own company, is worth about $100 million while Ronald Wayne is worth only four hundred thousand dollars ($400,000).

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Had Ronald stayed with the company, at 86, he would have been one of the wealthiest men alive. However, he has gone on record to say that he doesn't regret his decision because he made the "best decision with information available at the time" especially after having a previous bad business experience.

He also added that he knew Apple had the potential to succeed but he wouldn't have been able to keep up with the stress and would have ended up being one of the richest men in the grave. Perhaps this explains why he repeatedly refused job offers from Steve Jobs over the years.


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Source: opera.com
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Top Comments
KarimJustin · 06/26/2020
very bad decision indeed

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