Why did Apple’s co-founder left the company within 2 weeks of signing partnership?

Ron Wayne at Macworld 2009 (Apple's Co-Founder)

Not so famous person of the most famous company in the world, is Ronald Wayne. No, he did not give up his career in Apple to purse as a Batman but there were some other reasons. Ronald Wayne worked with Steve Jobs at Atari before he, Jobs, and Wozniak founded Apple Computers on April1, 1976. Wayne drew the first Apple Logo, wrote the original partnership agreement and the Apple I manual. While Jobs and Woznaik received 45% combined stake, Wayne received a 10% stake in Apple but relinquished his stock for $800 on April 12, 1976. The failure of a slot machine company that he had started five years earlier also contributed to his decision to exit the partnership. By 1982 Apple had a billion dollars in annual sales. Wayne claimed that he did not regret selling the stock as he had made the “best decision with the information available to me at the time.” Wayne also stated that he felt the Apple enterprise “would be successful, but at the same time there would be bumps along the way and I couldn’t risk it. I had already had a rather unfortunate business experience before. I was getting too old and those two were whirlwinds. It was like having a tiger by the tail and I couldn’t keep up with these guys.” Had he kept his 10% stock it would be worth over 35 billion dollars today (calculated by Gizmodo in August 2011).

Currently, he is retired and sells stamps, rare coins, and gold from his Pahrump, Nevada home, and had never owned an Apple product until 2011, when he was given an iPad 2 by Aral Balkan at the Update Conference in Brighton, United Kingdom. He holds a dozen patents but never had enough capital to make money off any of them. Below is Wayne’s Facebook post about leaving the company within 2 weeks of signing the partnership agreement:

Ron Wayne Why I Left Apple Computer After Only 12 Days, In My Own Words An Essay by Ronald G. Wayne

I didn’t separate myself from Apple because of any lack of enthusiasm for the concept of computer products. Aside from any immediate apprehension in regard to financial risks, I left because I didn’t feel that this new enterprise would be the working environment that I saw for myself, essentially for the rest of my days. I had every belief would be successful but I didn’t know when, what I’d have to give up or sacrifice to get there, or how long it would take to achieve that success.

In addition to my rather mundane daily activities during my time as an Apple Co-founder-a full time job at Atari working for Al Acorn and directly answerable to Nolan Bushnell as Atari’s International Field Service engineer-I was writing my treatise on the true nature of money, Insolence of Office.

At the time I was earning $22,000 a year-$88,000 a year in today’s money-we’ve had at least 400% inflation since that time. The Dow Jones had just broken a thousand points. Something Steve Jobs and I had discussed many times-Jobs had asked me if I had thought the Dow Jones would ever break a thousand points. I told him that it would break 1,000, then 5,000 thousand, and at some point in the future, 10,000 points. These types of conversations were typical of those Jobs and I would have over lunch at some of the local diners surrounding Los Gatos, during our time together at Atari.

To counter much that has been written in the press about me as of late, I didn’t lose out on billions of dollars. That’s a long stretch between 1976 and 2012. Apple went through a lot of hard times and many thought Apple would simply go out of business at various times in its maturity. I perhaps lost tens of millions of dollars. And quite honestly, between just you and me, it was character building.

If I had known it would make 300 people millionaires in only four years, I would have stayed those four years. And then I still would have walked away. Steve and Steve had their project. They wanted to change the world in their way. I wanted to change the world in my own.

My book Insolence of Office is the result of 40 years of research.

We’ve had a 2500% increase in inflation since the end of World War II. The $2,300-$800 and then later, another $1500-I received from Apple Inc. in 1976 would be roughly the same as $9,200 today. I’m sure you would agree with me that’s not bad pay for only 12 days worth of work. However, that increase of inflation is something I predicted decades ago and the driving factors behind that inflation is something I discuss in great detail in my book.

I’m sure I’ve mentioned this to you before, as a belief that I truly hold (and I know this sounds arrogant as hell), but the writing and publication of Insolence is, in itself, enough to justify my existence on this planet.

 

Source: Wikipedia

Via: Times of India and Facebook

 

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