For most people, Apple’s origin story centers on Steve Jobs and Steve Wozniak. But for the first 12 days of the company’s existence in 1976, there was a third cofounder whose decision would become one of the most famous what-ifs in business history. Ronald Wayne, a 41-year-old engineer working at Atari, briefly held a 10% stake in the newly formed Apple Computer Company before selling it for just $800.
That same stake would today be worth anywhere between $75 billion and $400 billion, depending on how dilution and share structure are calculated, given Apple’s market capitalization now exceeding $4 trillion.
Wayne was not a passive figure in Apple’s earliest moments. As the most experienced of the three founders, he helped formalize the company, typed up the original partnership agreement, and acted as a mediator between Jobs and Wozniak. In return, he received a 10% share, while Jobs and Wozniak each held 45%.
Less than two weeks later, Wayne walked away.
At the time, his reasoning was practical rather than shortsighted. Jobs had taken on roughly $15,000 in debt to fulfill an order from the Byte Shop, a retailer known for late payments. Wayne, unlike the younger founders, owned a house, a car, and had savings. That also meant he carried personal financial risk if the company failed.
“If we didn’t get paid, how were we going to pay back $15,000?” Wayne later explained. Jobs and Wozniak had little to lose. Wayne had everything to lose.
There was also a deeper concern about his future. Nearly twice the age of his partners, Wayne believed he would be overshadowed by Jobs and Wozniak and boxed into a supporting role. He feared spending decades buried in paperwork rather than leading projects of his own.
“I knew I was standing in the shadow of giants,” Wayne later said. “That was not the future I saw for myself.”
In hindsight, the decision is staggering. But Wayne has consistently said it made sense in context. He avoided potential debt, legal exposure, and a career path he did not want. “If I stayed at Apple I would have probably ended up the richest man in the cemetery,” the now 91-year-old recalled in an interview.
Now in his nineties, Wayne lives modestly, relying on Social Security and rental income. He has acknowledged that financial security would have been nice, but he does not frame his choice as a mistake.
“I’ve never been rich,” he said, “but I’ve never been hungry either.”
In the annals of tech history, Ronald Wayne’s story stands as a reminder that life-changing decisions often look very different when made in the moment than they do decades later.
