Annual Apple report points to rewards for Jobs, rising expenses

[AppleInsider]

Apple's latest 10K filing with the federal government reveals new company suppliers and supply concerns, major retail expansion, and that chief executive Steve Jobs has received multiple kudos from his company -- including a new iPod.

The regulatory filing with the Securities and Exchange Commission reveals that Jobs received his symbolic $1 salary during fiscal 2007, but also that the company is exploring the possibility of more direct rewards for his increasingly successful leadership role.

"Because Mr. Jobs's continued leadership is critical to Apple, the Compensation Committee is considering additional compensation arrangements for him," the filing says.

Jobs also took advantage of a 30,000 share grant provided to him shortly after his return in 1997, but did so only as the expiry date loomed. The surge in Apple's share numbers and stock value since the options were granted a decade ago gave the executive 120,000 new shares worth more than $14.6 million. He remains Apple's second-largest shareholder with more than 5.5 million shares and has never sold any of them, the company says.

Meanwhile, Jobs' personal but company-funded Gulfstream jet saw more traffic in fiscal 2007. Given to him by Apple in 1999 as a reward for his performance in the first two years of his return, the plane accrued $776,000 in maintenance costs for the period. That number is more than four times larger than the $202,000 in costs occurred during fiscal 2006 but considerably less than the $1.1 million in fiscal 2005.

Notably, Jobs did not receive a free iPhone (worth $379 to the company) like other Apple employees, but did receive an iPod worth $73 from the firm -- though whether it was a gift or a reward is unmentioned.

Overall, Apple's performance as a company in fiscal 2007 was stellar, having achieved sales of more than 7 million Macs worldwide and boosting its working capital to nearly $12.7 billion. As a result, expenses also increased and are likely to grow higher in the following year, the company says. Additionally, Apple notes that its income tax provision roughly doubled from $619 million to more than $1.2 billion between fiscal 2006 and 2007 and that it expects gross margins to drop in fiscal 2008 as the bulk prices for LCDs, NAND flash memory, and system RAM are expected to rise.

Some of the added expenses now and in the future are due to the rapid expansion of retail, however. The addition of new retail stores boosted the company's total retail leasing commitments from $887 million in fiscal 2006 to $1.1 billion in fiscal 2007. Many new and existing leases will last from anywhere between 3 and 15 years, the company says. About $400 million will be used in 2008 solely to expand the company's retail presence.

Steve Jobs' Turbo-Jet engine Gulfstream V dubbed "N2N"

The list of companies acting as component suppliers to the Cupertino-based electronics maker also grew in fiscal 2007 through the introduction of the iPhone, with communications chipset makers Infineon and Murata joining the company's list. The German firm Balda, which is believed to be manufacturing touch-screens for the iPhone and iPod touch, is not mentioned.

According to the report, Apple in fiscal 2007 also saw a major increase in its employee base. The number of full-time workers leapt from 17,787 to 21,600, most of which are new retail employees.

[ View this article at AppleInsider.com ]

[SS3 GokouX]

Originally Posted by AppleInsider

He remains Apple's second-largest shareholder with more than 5.5 million shares and has never sold any of them, the company says.

So who's the first? And that's cool that he's never sold any shares (but is that since his return, or since the beginning?)

[solipsism]

• Who is the largest share holder? And how many shares does s/he have?

• While there may be rising expenses there will certainly be a more profound rising of profits. After all, the R&D to sell 1M or 10M of same device stays the same. I just hope Apple will maintain user satisfaction as they become more popular and journey into new categories.

• Since privately owned aircraft start with a unique identifier of N, I wonder if N2N represents the first 3 alpha-numerics of Job's Gulfstream.

[solipsism]

Originally Posted by SS3 GokouX

And that's cool that he's never sold any shares (but is that since his return, or since the beginning?)

I'd wager it's from his return. I think he sold quite a few shares to keep NeXT funded.

[DCJ001]

Originally Posted by SS3 GokouX

So who's the first? And that's cool that he's never sold any shares (but is that since his return, or since the beginning?)

The company is now also controlled by 30,336 shareholders, of whom CEO Steve Jobs is only second with over 5.5 million shares; the biggest investor is Fidelity Investments, which owns nearly 56.6 million shares.

[aaarrrgggh]

Originally Posted by SS3 GokouX

So who's the first? And that's cool that he's never sold any shares (but is that since his return, or since the beginning?)

This is what the report states for owners:
Fidelity Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . 56,583,870 (2) 6.49%
Steven P. Jobs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,546,451 *
William V. Campbell. . . . . . . . . . . . . . . . . . . . . . . . . . . 112,900 (3) *
Timothy D. Cook. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,327 (4) *
Millard S. Drexler . . . . . . . . . . . . . . . . . . . . . . . . . . . . 230,000 (5) *
Tony Fadell . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 288,702 (6) *
Albert A. Gore, Jr. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70,000 (7) *
Ronald B. Johnson. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,450,620 (8) *
Arthur D. Levinson . . . . . . . . . . . . . . . . . . . . . . . . . . . 365,015 (9) *
Peter Oppenheimer . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,873 (10) *
Eric E. Schmidt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,284 (11) *
Jerome B. York . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90,000 (12) *
All current executive officers and directors as a group
(14 persons) 8,352,396 (13) 1.00%

But according to my brokerage information, there are ten institutional owners including Fidelity with more than 10M shares.

edit:
The reported shareholders are just affiliated with the board in some way; it is listed under compensation. I think Fidelity is the only company with over 5%, which might warrant their inclusion even if there is no board position.

[aross99]

No iPhone for Steve - he earns $1/year plus an iPod shuffle... LOL

[hypoluxa]

Im curious as to how Jobs lives day to day if he only gets paid 1$ a yr does he just use his stock $$ to live off of? How exactly would would that work? I have some investments/ stocks but nothing like his. I could not really live off of them alone because they change day to day...

[mazola]

No wonder he never buys new clothes!

[SS3 GokouX]

I think he has a stock pile of money already from the earlier Apple and NeXT days. Not to mention Pixar/Disney.

[aplnub]

Originally Posted by hypoluxa

Im curious as to how Jobs lives day to day...

Like a Rock Star!!!

[palegolas]

Originally Posted by aplnub

Like a Rock Star!!!

Hihihi... =)

[zunx]

No comment.

[solipsism]

Originally Posted by mazola

No wonder he never buys new clothes!

Originally Posted by aplnub

Like a Rock Star!!!

x 2

Originally Posted by hypoluxa

Im curious as to how Jobs lives day to day if he only gets paid 1$ a yr does he just use his stock $$ to live off of? How exactly would would that work? I have some investments/ stocks but nothing like his. I could not really live off of them alone because they change day to day...

Originally Posted by SS3 GokouX

I think he has a stock pile of money already from the earlier Apple and NeXT days. Not to mention Pixar/Disney.

I, too, figure he has enough liquid to sustain to sustain his bills. Didn't he put all the money from Pixar into Disney?

As an aside, it's easy to say that a successful person merely got lucky, but Jobs has proven his ability to make something successful over an over again over 30 years.
Short list...
•*Seeing the genius of Wozniak's design (Wozniak was the initial genius but do you really think he would have made it more than a hobby without Jobs?)
• iPod (I saw the keynote, the audience was less than enthusiast. In other words, no one saw what Jobs vision)
• iPhone (The first half of 2007 was filled with someone saying Apple doesn't know a thing about making cell phones)
• The industry leading adoption of USB over Serial and Parallel ports (That may seem like I'm reaching now but without Apple it may have never become a industry standard)
• NeXT (Many call it a failure but who here can claim that they made a company worth 400M and getting 1.5M Apple shares after 11 years of operation. After all, OS X is based off those 11 years of innovative effort)
• The purchase of Pixar in 1986 for $10M (Jobs sold it 20 years later to Disney for $7.4B in stock)
• Apple retail stores (Dell and Gateway failed at it and now Apple retail stores are more profitable per square foot than every other retailer)

[retiarius]

Originally Posted by hypoluxa

Im curious as to how Jobs lives day to day if he only gets paid 1$ a yr does he just use his stock $$ to live off of? How exactly would would that work? I have some investments/ stocks but nothing like his. I could not really live off of them alone because they change day to day...

Unless he reinvests dividends --likely not, as his share count
hasn't changed since the Pixar / Disney conversion.

If Apple were to declare a 1% dividend, 'sjobs@apple.com' would
only make $9.2M extra per year -- perhaps this is how Apple will
invisibly increase executive pay.

[mgabrys]

One of the major institutional shareholders not mentioned is Al-Waleed bin Talal and specifically the "Kingdom Holding Fund". He's one of the largest private / institutional investors in tech in America including Apple, AOL, NewsCorp, and Motorola (depending on whether you're talking about the person the KHF or Citigroup of which he owns 10 billion dollars worth and has some pull in their investments natch).

This of course isn't surprising because he got his degree in Business Administration from Menlo College in Menlo Park in 1979. He didn't get hyper-rich from the Saudi Royal Family though interestingly enough. He built his hyper-fortune on a 30,000 loan and a loan against his (then meger) estate holdings for 300,000 dollars. His current net worth exceeds 20 billion dollars and just purchased one of the first A380's off the line to be customized to add to a fleet of aircraft which includes his custom 747. Sure you can always buy a 6500 square feet manson instead - but will it fly?

(Personal bias disclosure: and yes I support ostentatious living because of the jobs they support. A380's feed a shitload of people - and that's not counting the custom interior builders for aircraft - of whom my own semi-retired father does consulting work for.)

[solipsism]

Originally Posted by retiarius

Disney's 1% dividend nets Jobs 45-46M per year

Is that the current value of his Disney stock or based on the original $7.4B in shares?

[rols]

Originally Posted by solipsism

• Since privately owned aircraft start with a unique identifier of N, I wonder if N2N represents the first 3 alpha-numerics of Job's Gulfstream.

not just privately-owned aircraft, all aircraft registered on the US register have a tail number starting with N, it's a country code. And yes if you look at the picture, N2N is the tail number. And it really is registered to Steven Jobs too ..

[solipsism]

Originally Posted by rols

not just privately-owned aircraft, all aircraft registered on the US register have a tail number starting with N, it's a country code. And yes if you look at the picture, N2N is the tail number. And it really is registered to Steven Jobs too ..

Thanks for the info. I couldn't figure out how to look up the data until I saw "tail number."

[SpamSandwich]

Originally Posted by hypoluxa

Im curious as to how Jobs lives day to day if he only gets paid 1$ a yr does he just use his stock $$ to live off of? How exactly would would that work? I have some investments/ stocks but nothing like his. I could not really live off of them alone because they change day to day...

This is how it's done, and it's a good way to handle your own finances as well. Incorporate yourself, and have all of your legitimate business expenses covered by your company... you!

[iGuess]

Originally Posted by SpamSandwich

This is how it's done, and it's a good way to handle your own finances as well. Incorporate yourself, and have all of your legitimate business expenses covered by your company... you!

Everyone thinks they're an MBA! This is the same regurgitated garbage I've heard through countless other sources. What you and many others (Rich Dad Poor Dad fanatics especially) fail to miss is the most obvious...which is the question which was asked:

Outside of his $1/yr salary, if he is not selling his stock, how then does he produce the income to cover his "personal" expenses? The home he lives in, the food he eats, his transportation, the clothes he wears, entertainment, etc are all personal expenses and not "legitimate business expenses". How does he get paid? The man must have a few dollars in his pocket at all time...where does that come from?

Incorporating yourself is a ridiculous concept and isn't possible. Incorporating your business (i.e. your income system) is different. Expenses incurred in the production of income are legitimate, sometimes deductible, business expenses. How you get to work, where you live, what you eat is your problem and are expenses of life (not business). Now there are certain circumstances where some of those expenses may be considered business expenses and therefore may be deductible.

So, how does the man get paid outside of stock which he isn't selling (no realized gain - no cash)? Does he rely on income from other sources? Does he receive dividends on any of his stock (i.e. cash)? How does he get paid to cover his personal expenses (you know the ones he couldn't show any proof that it's a legitimate business expenses)?

Incorporating yourself so that you can take advantage of special deductions doesn't exist. You will still be challenged by the IRS if your are audited and taxed on that "consideration" as regular income. Not to mention it's considered tax fraud. Of course the biggest flaw in that ridiculous notion is that you must have income to pay for expenses...so again where does that income come from?

Are you supposing that Apple or Disney/Pixar covers all his "personal" expenses? Or rather are you suggesting that Steve Jobs falls into the same group of clever individuals that incorporate "themselves" as a way to write off personal expenses as business expenses? In either case those expenses would be considered compensation to Steve Jobs on those companies balance sheet and Mr. Jobs would be responsible for paying income taxes on that income. Yet this article and the annual report for Apple make no mention of any other compensation.

Incorporating is great for what is was designed for...liability protection. It is not a "pay all my bills through this corporation so that I don't have any personal expenses and don't need any personal income and therefore don't have to pay personal income taxes" system. Sorry to break it to you but the IRS wouldn't agree with you on your theories.

So like the original poster I have the same question...how does Steve Jobs get paid?

[solipsism]

Originally Posted by iGuess

So like the original poster I have the same question...how does Steve Jobs get paid?

Retiarius gave a highly plausible answer regarding stock dividends.

[iGuess]

Originally Posted by solipsism

Retiarius gave a highly plausible answer regarding stock dividends.

I agree Retiarius did give a highly plausible answer. I was hoping someone knew for sure. It would be interesting to know.

Besides the Disney/Pixar merger was a fairly recent development. How did he cover his life expenses before the merger? Was he receiving a substantial salary from Pixar prior to the merger? Is he now receiving a salary from Disney?

[solipsism]

Originally Posted by iGuess

I agree Retiarius did give a highly plausible answer. I was hoping someone knew for sure. It would be interesting to know.

Besides the Disney/Pixar merger was a fairly recent development. How did he cover his life expenses before the merger? Was he receiving a substantial salary from Pixar prior to the merger? Is he now receiving a salary from Disney?

He doesn't work for Disney. He's the largest private or individual shareholder and has a seat on their board. He clearly has other investments. I don't think we'll ever know for sure where the bulk of his day-to-day money comes from.

[ascii]

Originally Posted by iGuess

The man must have a few dollars in his pocket at all time...where does that come from?

He has a personal fortune which he has had since his early 20s. He is independently wealthy.

[iGuess]

Originally Posted by solipsism

He doesn't work for Disney. He's the largest private or individual sharehold and has a seat on the board.

He clearly has other investments. I don't think we'll ever know for sure where the bulk of his day-to-day money comes from.

Agreed.

Originally Posted by ascii

He has a personal fortune which he has had since his early 20s. He is independently wealthy.

Did this come from Apple's founding? I'm not aware of any of his prior business dealings before founding Apple. Weren't Steve & Steve hobbyists when they started Apple? Was his salary always $1? I read in several places that this was always the case. The article raises an interesting question...has Steve Jobs ever sold Apple stock or has he just held on to the stock he received after coming back to Apple.

[solipsism]

Originally Posted by iGuess

Did this come from Apple's founding? I'm not aware of any of his prior business dealings before founding Apple. Weren't Steve & Steve hobbyists when they started Apple? Was his salary always $1? I read in several places that this was always the case. The article raises an interesting question...has Steve Jobs ever sold Apple stock or has he just held on to the stock he received after coming back to Apple.

I can't prove it but I'm sure he's sold Apple stock. In fact I think I read that he sold all his Apple stock when he was outed from Apple in the mid 80s. Which makes sense if you see Apple starting to crumble and you are bitter about be kicked from the company you started.

The $1 salary only occurred after his return as acting CEO of Apple. Again, I can't prove it.

Wozniak was the hobbyist, Jobs was the opportunist. They started Apple--a company--to make money. The fact that it was more popular than Jobs expected merely caught him off guard, as I see it.

[JeffDM]

Originally Posted by solipsism

The $1 salary only occurred after his return as acting CEO of Apple. Again, I can't prove it.

This is true as far as I know, I remember seeing this in a few news articles at the time.

[ouragan]

The regulatory filing with the Securities and Exchange Commission reveals that Jobs received his symbolic $1 salary during fiscal 2007, but also that the company is exploring the possibility of more direct rewards for his increasingly successful leadership role.

"Because Mr. Jobs's continued leadership is critical to Apple, the Compensation Committee is considering additional compensation arrangements for him," the filing says.

Jobs also took advantage of a 30,000 share grant provided to him shortly after his return in 1997, but did so only as the expiry date loomed. The surge in Apple's share numbers and stock value since the options were granted a decade ago gave the executive 120,000 new shares worth more than $14.6 million. He remains Apple's second-largest shareholder with more than 5.5 million shares and has never sold any of them, the company says.

Meanwhile, Jobs' personal but company-funded Gulfstream jet saw more traffic in fiscal 2007. Given to him by Apple in 1999 as a reward for his performance in the first two years of his return, the plane accrued $776,000 in maintenance costs for the period. That number is more than four times larger than the $202,000 in costs occurred during fiscal 2006 but considerably less than the $1.1 million in fiscal 2005.

As usual, exceptional reporting by AppleInsider. Who said that blogs, fan sites and electronic publications are not to be confused with "real" journalism? I believe that it was Apple in its legal proceedings against several publications in the "Asteroid" project, possibly even some words of wisdom from Steve Jobs himself.

How much should you compensate the work performed by Steve Jobs and his hand-picked Vice-Presidents for Apple? Is sky the limit? They received nearly $1 billion over the last 2 years. Talk about shareholder apathy.

Is there a problem when a CEO tells you that $16 millions per year, including medical expenses for his family, is not enough for a high school graduate who won't resign after a 10 year CEO tenure?

Maybe there is a reason why Apple is doing so poorly in the market. Maybe it's Steve Jobs who is the problem. His high school education just is not enough. And he doesn't know when to leave.

By the way, I am mindful of Apple stock market valuation and extremely worried when I read that Apple would be more valuable in the stock market than Dell or Hewlett Packard, two companies who sell three times more computers than Apple.

I also note that Apple doesn't sell computers for the office, 31 years after its creation. Under its current management, how could Apple be anything else than a niche player, a boutique manufacturer for expensive computers that cater to the needs of 5% of the market.

Once again, is such a poor performance worth $1 billion in compensation over the last two years? Steve Jobs is indeed more of a problem for Apple than its saviour or a true leader.

When will we see a shareholder revolt? When is the SEC going to lay criminal fraud charges against Steve Jobs for his role in the illegal backdating of stock options over the last 10 years for more than $1 billion in value?

And $16 millions per year is not enough for such a disaster? I say to Mr. Jobs: Go find employment somewhere else, if you can. And be thankful for being paid $16 millions per year for such poor company results.

[solipsism]

Originally Posted by ouragan

...
Maybe there is a reason why Apple is doing so poorly in the market...

By the way, I am mindful of Apple stock market valuation and extremely worried when I read that Apple would be more valuable in the stock market than Dell or Hewlett Packard, two companies who sell three times more computers than Apple.
...

Poor company results? What the hell are you smoking? My stock shows exceptional growth thanks to Jobs. He can stay right where he is and continue making me a wealth man.

Those companies have to sell more computers in order to turn a profit because they have chosen to sell cheap, throw-away boxes with little profit due to the competitive market of selling to bottom dwellers. That isn't the market Apple caters to. In the consumer market they own a great deal more than the 5% you give them. I love how asshats bring up the national average of Apple's OS saturation among all computers when talking about hardware sales. They aren't the same. Some of the most desirable items are from companies that cater to the top echelon. You probably scoffed when ou heard Apple was going to open retail outlets. After all, Dell and Gateway failed miserably. Funny that Apple's retail stores have increased Mac sales so dramatically and that per square foot Apple retail stores out sell every other retailer.

[PSpeer]

Originally Posted by ouragan

As usual, exceptional reporting by AppleInsider. Who said that blogs, fan sites and electronic publications are not to be confused with "real" journalism? I believe that it was Apple in its legal proceedings against several publications in the "Asteroid" project, possibly even some words of wisdom from Steve Jobs himself.

How much should you compensate the work performed by Steve Jobs and his hand-picked Vice-Presidents for Apple? Is sky the limit? They received nearly $1 billion over the last 2 years. Talk about shareholder apathy.

Is there a problem when a CEO tells you that $16 millions per year, including medical expenses for his family, is not enough for a high school graduate who won't resign after a 10 year CEO tenure?

Maybe there is a reason why Apple is doing so poorly in the market. Maybe it's Steve Jobs who is the problem. His high school education just is not enough. And he doesn't know when to leave.

By the way, I am mindful of Apple stock market valuation and extremely worried when I read that Apple would be more valuable in the stock market than Dell or Hewlett Packard, two companies who sell three times more computers than Apple.

I also note that Apple doesn't sell computers for the office, 31 years after its creation. Under its current management, how could Apple be anything else than a niche player, a boutique manufacturer for expensive computers that cater to the needs of 5% of the market.

Once again, is such a poor performance worth $1 billion in compensation over the last two years? Steve Jobs is indeed more of a problem for Apple than its saviour or a true leader.

When will we see a shareholder revolt? When is the SEC going to lay criminal fraud charges against Steve Jobs for his role in the illegal backdating of stock options over the last 10 years for more than $1 billion in value?

And $16 millions per year is not enough for such a disaster? I say to Mr. Jobs: Go find employment somewhere else, if you can. And be thankful for being paid $16 millions per year for such poor company results.

Apple is my religion and Steve is my holy crusader, You unholy devil worshiper.

With out Steve there would be no Apple Computer.

Apple will continue one day in the future with out Steve but he did saved it from death after NEXT.

Go buy some MS stock you stinking son of satan

[jido]

Originally Posted by ouragan

???

[mrjoec123]

Steve is independently wealthy. He made a small fortune in his first tenure at Apple, but lost most of that when he funded NeXT and Pixar with a lot of his own money. He made a salary at Apple the first time around, and he did sell all of his Apple stock (except for one symbolic share) when he was ousted.

He became a billionaire when Pixar went public. My guess is that he sold some of that stock at some point and invested it wisely. But I don't know that for sure.

Also, if he is a member of Disney's board, he gets a nice stipend for that. Even without that, though, he doesn't need a salary or divedends to meet what must be rather large personal living expenses. Those black mock turtle neck shirts might look cheap, but they're not coming from Old Navy. And he has a lot of them. The only reason he gets the $1 from Apple is to keep his family medical coverage. Which says a lot about the state of Health Care in our country.

Where does his "spending" money come from now? Only the IRS knows for sure. But one would imagine he has quite a portfolio of investments in addition to his non-dividend Apple Stock. Real Estate holdings, stocks that do pay, foreign investmens, etc.

Only middle-class schmucks like us live off our salaries.

[backtomac]

Originally Posted by ouragan

As usual, exceptional reporting by AppleInsider. Who said that blogs, fan sites and electronic publications are not to be confused with "real" journalism? I believe that it was Apple in its legal proceedings against several publications in the "Asteroid" project, possibly even some words of wisdom from Steve Jobs himself.

How much should you compensate the work performed by Steve Jobs and his hand-picked Vice-Presidents for Apple? Is sky the limit? They received nearly $1 billion over the last 2 years. Talk about shareholder apathy.

Is there a problem when a CEO tells you that $16 millions per year, including medical expenses for his family, is not enough for a high school graduate who won't resign after a 10 year CEO tenure?

Maybe there is a reason why Apple is doing so poorly in the market. Maybe it's Steve Jobs who is the problem. His high school education just is not enough. And he doesn't know when to leave.

By the way, I am mindful of Apple stock market valuation and extremely worried when I read that Apple would be more valuable in the stock market than Dell or Hewlett Packard, two companies who sell three times more computers than Apple.

I also note that Apple doesn't sell computers for the office, 31 years after its creation. Under its current management, how could Apple be anything else than a niche player, a boutique manufacturer for expensive computers that cater to the needs of 5% of the market.

Once again, is such a poor performance worth $1 billion in compensation over the last two years? Steve Jobs is indeed more of a problem for Apple than its saviour or a true leader.

When will we see a shareholder revolt? When is the SEC going to lay criminal fraud charges against Steve Jobs for his role in the illegal backdating of stock options over the last 10 years for more than $1 billion in value?

And $16 millions per year is not enough for such a disaster? I say to Mr. Jobs: Go find employment somewhere else, if you can. And be thankful for being paid $16 millions per year for such poor company results.

This could be the most moronic post ever. Really.

If someone has seen one worse please post a link.

[solipsism]

Originally Posted by backtomac

If someone has seen one worse please post a link.

Even Dvorak would laugh at the level of misinformation and lunacy of that post.

[HyteProsector]

Originally Posted by ouragan

Once again, is such a poor performance worth $1 billion in compensation over the last two years? Steve Jobs is indeed more of a problem for Apple than its saviour or a true leader.

I kinda think this guy is putting us on... You've got to be kidding right? Steve brought Apple back from oblivion in the mid 90's. Apple was on its way to bankruptcy. I refuse to believe that anyone that can operate a keyboard is this ignorant. Do you ever watch CNBC?... from a stock holder's position, pretty much everybody and their brother loves what Apple is doing ... So, I'm gonna take it as a joke... a poorly delivered joke... if you're looking for jokes on Steve Jobs with more tact, check out Fake Steve Jobs' blogspot.

[e1618978]

Originally Posted by mrjoec123

Steve is independently wealthy. He made a small fortune in his first tenure at Apple, but lost most of that when he funded NeXT and Pixar with a lot of his own money.

I'm pretty sure he sold NeXT to Apple for $400 million, and I doubt he spent that much founding the company.

[solipsism]

Originally Posted by e1618978

I'm pretty sure he sold NeXT to Apple for $400 million, and I doubt he spent that much founding the company.

I recall reading that the $400M went to the investors and Jobs received an 1.5M shares of Apple for the deal. I don't recall if Jobs was considered one of the investors in the article.

It's funny how NeXT is considered a failure despite the sale to Apple and the fact that OS X is nothing more than a continuing of NeXTSTEP. Granted it doesn't match the 10M buy for Pixar, its industry leading success and sale to Disney for 7.4B, but what does?

[theapplegenius]

Originally Posted by backtomac

This could be the most moronic post ever. Really.

If someone has seen one worse please post a link.

I'm sure you could find some posts on SomethingAwful. That is a top-tenner though in my eyes.

[mgabrys]

Originally Posted by e1618978

I'm pretty sure he sold NeXT to Apple for $400 million, and I doubt he spent that much founding the company.

Pretty much. His outstanding loans by Perot and Cannon exceeded 200 million. Jobs always maintained a 50% stake so there's your buyout terms.