Apple’s stock went up a full point, or almost 7%, when Jobs’
Apple’s stock went up a full point, or almost 7%, when Jobs’s resignation was announced. “East Coast stockholders always worried about California flakes running the company,” explained the editor of a tech stock newsletter.
“Now with both Wozniak and Jobs out, those shareholders are relieved.” But Nolan Bushnell, the Atari founder who had been an amused mentor ten years earlier, told Time that Jobs would be badly missed. “Where is Apple’s
inspiration going to come from? Is Apple going to have all the romance of a new brand of Pepsi?”
After a few days of failed efforts to reach a settlement with Jobs, Sculley and the Apple board decided to sue him “for breaches of fiduciary obligations.” The suit spelled out his alleged transgressions:
Notwithstanding his fiduciary obligations to Apple, Jobs, while serving as the Chairman of Apple’s Board of Directors and an officer of Apple and pretending loyalty to the interests of Apple . . .
(a) secretly planned the formation of an enterprise to compete with Apple;
(b) secretly schemed that his competing enterprise would wrongfully take advantage of and utilize Apple’s plan to design, develop and market the Next Generation Product . . .
(c) secretly lured away key employees of Apple.
At the time, Jobs owned 6.5 million shares of Apple stock, 11% of the company, worth more than $100 million. He began to sell his shares, and within five months had dumped them all, retaining only one share so he could
attend shareholder meetings if he wanted. He was furious, and that was reflected in his passion to start what was, no matter how he spun it, a rival
company. “He was angry at Apple,” said Joanna Hoffman, who briefly went to work for the new company. “Aiming at the educational market, where Apple was
strong, was simply
Steve being vengeful.
He was doing it