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Additional info for Apple Confidential 2.0 The Definitive History Of The World's Most Colorful Company
Stock options were reserved for salaried employees such as engineers, not hourly employees such as technicians. Many of Apple’s earliest employees were either too inexperienced or too naive to demand stock options. Let’s face it, many of them were just teenagers and college kids. A telling example is Daniel G. Kottke, who had been Jobs’ best friend at Reed College and who traveled to India with him in 1974 seeking spiritual enlightenment. Originally called in to help stuff Apple I circuit boards in 1976, Kottke became employee #12 in June 1977 and was paid minimum wage to assemble and test Apple II motherboards.
Initially Apple’s lawyers had a problem with Woz selling to “unqualified buyers,” because they didn’t want to upset the Securities and Exchange Commission, but when the details were made clear, chief counsel Albert A. Eisenstat gave the OK. In the end, about 80 people participated in the WozPlan, with some buying shares at a very advantageous price, and a select few receiving outright gifts. ” Jerry Wozniak, after finding $250,000 worth of uncashed checks strewn about his son’s Porsche, which bore the license plate "APPLE II" “I had much more money than I could ever dream of, and I felt that everyone who had participated in engineering and marketing should be part owners of the company,” recalls Woz.
Employees, more than 40 became instant millionaires thanks to their stock options. ) Stock options are a way of life in Silicon Valley, and in the late 1970s Apple routinely enticed candidates for employment with options on a few thousand shares of stock with exercise prices of roughly $4. Courtesy of Michael Jamison Steve Jobs Jobs first appeared on the Forbes Four Hundred list of richest Americans in 1982. After he sold NeXT to Apple and took Pixar public, Forbes estimated his net worth at $710 million in 1997.
Apple Confidential 2.0 The Definitive History Of The World's Most Colorful Company by No Starch Press