Steven Jobs Reduces Stake In Apple Computer to 5.6%

The Wall Street Journal

December 30, 1985

Cupertino, Calif. -- Apple Computer Inc.'s former chairman, Steven P. Jobs, continued to lower his stake in the company he helped found, reducing his holdings to 3.5 million shares, or about 5.6% of its common outstanding.

The move was disclosed in a Securities and Exchange Commission filing made by Mr. Jobs. As of July, he had been Apple's largest shareholder, owning about 10% of the personal computer maker's stock. In November, a similar SEC filing by Mr. Jobs disclosed that he had reduced his Apple holdings to 4.5 million shares, or about 7.3%. The filings didn't indicate how much Mr. Jobs received for the shares.

Since he resigned as Apple's chairman in September following a bitter dispute with management, Mr. Jobs has sold large blocks of Apple shares. Analysts believe Mr. Jobs will use proceeds from the sales to help fund his new company, Palo Alto, Calif.-based Next Inc. Apple in late September sued Mr. Jobs, accusing him of "secretly scheming" to use company research on his venture.

Apple officials weren't available for comment.

In national over-the-counter trading Friday, Apple closed at $22.375 a share, up 62.5 cents.