Apple went public the morning of December 12,
1980. By then the bankers had priced the stock at
$22 a share. It went to $29 the first day. Jobs had
come into the Hambrecht & Quist office just in time
to watch the opening trades. At age twenty-five,
he was now worth $256 million.
Baby You’re a Rich Man
Morgan Stanley planned to price the offering at $18, even
though it was obvious the shares would quickly shoot up.
“Tell me what happens to this stock that we priced at eighteen?”
Jobs asked the bankers. “Don’t you sell it to your good customers?
If so, how can you charge me a 7% commission?” Hambrecht recognized
that there was a basic unfairness in the system, and he later went on to
formulate the idea of a reverse auction to price shares before an IPO.
Fernandez, Wigginton, and Espinosa. Everyone loved Wozniak,
all the more so after his generosity, but many also agreed with
Jobs that he was “awfully na?ve and childlike.” A few months later
a United Way poster showing a destitute man went up on a company
bulletin board. Someone scrawled on it “Woz in 1990.”
Wozniak, who was living in an apartment nearby and working at
HP, would come by after dinner to hang out and play the video games.
He had become addicted to Pong at a Sunnyvale bowling alley,
and he was able to build a version that he hooked up to his home TV set.
One day in the late summer of 1975, Nolan Bushnell, defying the
prevailing wisdom that paddle games were over, decided to develop
a single-player version of Pong; instead of competing against an
opponent, the player would volley the ball into a wall that lost a brick
whenever it was hit. He called Jobs into his office, sketched it out
on his little blackboard, and asked him to design it. There would be
a bonus, Bushnell told him, for every chip fewer than fifty that he used.
Bushnell knew that Jobs was not a great engineer, but he assumed, correctly,
that he would recruit Wozniak, who was always hanging around.
“I looked at it as a two-for-one thing,” Bushnell recalled. “Woz was a better engineer.”
Wozniak was thrilled when Jobs asked him to help and proposed splitting the fee.
“This was the most wonderful offer in my life, to actually design a game
that people would use,” he recalled. Jobs said it had to be done in four days
and with the fewest chips possible. What he hid from Wozniak was that the
deadline was one that Jobs had imposed, because he needed to get to the
All One Farm to help prepare for the apple harvest. He also didn’t
mention that there
was a bonus tied to
the number of chips.