Monday, June 29, 2020

Why Ronald Wayne sold his 10% stake in Apple for $800

Wayne rapidly grew concerned that any debts incurred by the business would fall on him, personally. Jobs had taken out a $15,000 loan so he could buy supplies to fulfill Apple’s first contract with a Bay Area computer store, The Byte Shop, which had ordered around 100 computers, Wayne tells Business Insider. But The Byte Shop was known for failing to pay its bills and Wayne worried that Apple wouldn’t be able to recoup the money.

While both Jobs and Wozniak were young and broke, Wayne had assets, including a house, and feared that the financial burden would fall on him if the deal went south.


Oh well.

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Had he never heard of a limited liability company?

Posted by: dearieme | Jun 29, 2020 5:09:48 PM

You should have been his lawyer.

Posted by: Tom | Jun 29, 2020 6:23:12 PM

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