April 12, 1976
Ronald Wayne, one of the three co-founders of Apple Computer, leaves the company just eleven days after it was established, selling his ten percent share for $800. In his short time with the company, Wayne illustrated the first Apple logo, wrote the company’s partnership agreement, and wrote the manual for the Apple I. He choose to leave the company because the partnership agreement imposed unlimited personal liability on all three co-founders, regardless of which partner incurred the debt. Unlike Jobs and Wozniak, 21 and 25, Wayne had personal assets that potential creditors could seize. The failure of a slot machine company he had started five years earlier also contributed to his decision to exit the partnership. Wayne would later say that, “Either I was going to be bankrupt or the richest man in the cemetery.” By 1982, a ten percent share of Apple Computer was worth US$1.5 billion. And in 2010 it was worth $22 billion. They say hindsight is 20/20 … or perhaps $22 billion?