Apple Inc. co-founder Steve Jobs, despite being a billionaire, chose to take a $1 annual salary from the tech giant from 1997 until 2011. He once spoke about turning Apple profitable again and working together with Microsoft, where both companies can make money.
What Happened: In an old interview, that was taken after Jobs returned as the CEO of Apple, the legendary tech mogul can be heard saying that Microsoft and Cupertino together own 100% of the desktop computer market. “It was crazy that these companies weren’t working together.”
According to Jobs, while Microsoft and Apple see things differently on multiple things, “but that doesn’t mean there aren’t a lot of things where we can see things the same and work together for things that are good for the customer and we both can make money.”
The former Apple CEO then spoke about how he intends to turn the fortune of the iPhone maker, adding that he is only drawing $1 per year as salary. “I hope I’m not burdening the shareholders too much and I very much want to see Apple get turned around.”
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Why It Matters: Previously, in a 1996 PBS documentary, Jobs stated, “I was worth about over $1 million when I was 23, and over $10 million when I was 24, and over $100 million when I was 25, and it wasn’t that important.”
This attitude towards wealth remained consistent throughout his career.
From 1997 until his resignation in 2011, Jobs received a symbolic annual salary of $1 from Apple, without any bonuses.
However, in 2001, Apple awarded Jobs a significant executive bonus in the form of a Gulfstream V airplane, valued at $90 million.
The tech giant also reportedly covered his air travel expenses, which amounted to $248,000 in one year.
Jobs’ wealth was also attributed to stock in companies like Pixar and Disney, from which he received millions in dividends annually, showcasing a different aspect of executive compensation that went beyond a traditional paycheck.
The Apple co-founder was instrumental in turning around Apple’s fortunes in the late 90s, focusing on the values he wanted the company to represent rather than the product details.
He once also highlighted the ability to say “no” to maintain focus and achieve major objectives, even if it resulted in some people’s dissatisfaction.
Image via Shutterstock
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