Apple Founder Cutting Stake
The New York Times
Washington -- August 29, 1985 -- Steven Jobs, chairman of Apple Computer Inc. and one of its founders, intends to sell 500,000 Apple common shares, further lowering his stake in the personal computer company.
The sale, valued at $7.4 million, raises the number of Apple shares sold by Mr. Jobs since July to 1.3 million. Mr. Jobs disclosed his plans in a filing with the Securities and Exchange Commission.
A spokesman for Apple said he would not talk about Mr. Job's divestment, calling it a ''personal matter.'' Mr. Jobs was said to be unavailable for comment. Following the divestment, Mr. Jobs will still be the largest Apple shareholder, with more than 5.5 million common shares, or about 8.9 percent of Apple's stock outstanding.
A. C. Markkula, vice chairman of the Cupertino, Calif., company, owns 8.8 percent of its shares, according to Apple's 1985 proxy statement.
Analysts speculated that the stock sale was linked to Mr. Jobs's growing dissatisfaction with Apple. In July, he was moved out of daily responsibilities at the company by John Sculley, chief executive.
Copyright 1985 The New York Times Company