Contract that founded Apple fetches $1.6m at auction

2011-12-14 07:27

New York – The contract that established Apple as a corporate entity in 1976 sold at auction for $1.59 million (R13 million), 10 times its estimated price.

The contract, sold with another document that removed one of the company’s initial three partners after just 11 days, was the subject of fierce bidding by six people taking part in the auction over the telephone and online yesterday, Sotheby’s said.

Eduardo Cisneros, chief executive officer of Cisneros Corporation, bought the documents, which had only been expected to fetch up to $150 000.

The contract established the Apple Computer Company and states that Steve Jobs and Steve Wozniak would each be given 45% of Apple’s shares. Ronald Wayne, who drafted the contract, was given 10%.

But within days, Wayne had decided not be become involved with the fledgling technology company. Wayne was paid $800, and later another $1 500, and was released from the contract. His 10% share would today be worth $2 billion.

Wayne sold the documents to a private collector in 1994.

Jobs left Apple in 1984 following a power struggle with the company’s board of directors but returned to the company in 1996.

He would become the central figure in transforming Apple into one of the world’s largest and most envied companies.

Jobs died on October 5 of pancreatic cancer at the age of 56. 

Join the conversation!

24.com encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions.

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Comments have been closed for this article.

Inside News24

 
/News

Book flights

Compare, Book, Fly

Traffic Alerts
There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.




Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.