Justin Kase Conder asks The Associated Press’ Jessica Mintz: “The AP recently reported that Steve Jobs took a $1 salary in 2009. In the same story, it is also indicated that he hasn’t cashed in any of his Apple stock since 1997. The question remains: How does the guy maintain a lavish lifestyle? Where does his money come from?”
Mintz replies, “Apple Inc. won’t let us peek into Steve Jobs’ personal bank account, so we’re going to have to rely on some facts and some educated guesses to answer this one.”
“Apple went public in 1980. From then to when Jobs was forced to resign in 1985, he was likely paid a salary and may have sold some stock,” Mintz reports. “The Associated Press reported that in the summer of 1985, Jobs sold about $14 million worth of Apple shares. So one guess is that Jobs hired a savvy money manager to invest at least some of those earnings.”
“Jobs returned to Apple in 1997, and has been paid $1 a year since 1998. He currently owns about $1.2 billion worth of Apple stock,” Mintz reports. “Jobs also holds $4.4 billion worth of Walt Disney Co. stock, which he received when he sold Pixar Animation Studios to Disney in 2006. Disney pays investors an annual dividend of 35 cents per share. For Jobs, who has about 138 million shares, that comes out to about $48 million a year.”
Full article here.
As great a businessperson as he appears to be now, it will look even more astounding 20 years from now when we look back at what he has done. Quirky, maybe, but people who have accomplishments like his are not like the rest of us. Anybody else you know walking around with 7.4% of Disney in their back pocket?
lavish lifestyle?
I think the guy asking the question needs to ask himself some questions.
A CEO that works as many hours as Steve does, wears jeans and a black turtleneck every day (no belt or other accessories), hardly seems to be living a lavish lifestyle.
Perhaps there is something I am missing?
I don’t believe anyone is called Justin Kase
@Steve516
“How does the guy maintain a lavish lifestyle?”
It’s another case of journalistic integrity gone out the door. These writers write so much BS its embarrassing to even refer to these guys are journalist.
Mike, that’s funny, I didn’t catch that at first.
How? I guess he is not greedy and he’s not a showoff.
He is an example for all of us.
If I had anywhere near that amount of stock in one or two companies I’d be doing some covered writing, especially since Apple doesn’t pay a dividend.
Christ, I was he would give some of that dosh to me.
Should be ‘wish’ not ‘was’. Doh.
It would be nice to see SJ’s compensation (including stock options) expressed as a ratio relative to company performance. Then compare that to Ballmer.
Are we supposed to be impressed by this? he is one of the richest men in the country. If you only owned one stock each of disney and apple , along with his $1 salary then maybe It would impress me
Worth every penny too… all 100 of them!
@Steve
hard to believe you spent the time and effort to write that post. Who cares what impresses you???????????????????????????????????
Great for tax purposes…Keep up the good work.
Dude….. loan a buddy some cash. I just need a few mill and I’m good.
He doesn’t need the money
He needs the freedom to do want he wants. He lost that in 1985 and made damn sure it wasn’t going to happen again when he returned in 1997.
He has assembled a loyal group of VP who care as much about the product as he does. He won’t ever have suits come in again to screw the business like they did before.
When you are that rich it is no longer about the money it is about success, power and control. I worked for a guy who was big in science and a member of the Levi Strauss family. He had independent money and was very success in research. He was driven by power more than anything else. Money wasn’t the issue it was being able to influence the direction of his field and science overall. SJ is exactly like that.
I think Apple should give Steve a 100% pay raise….$2.
@Steve516…he may not seem by his dressing habits to live a lavish lifestyle but I doubt, if he drinks a glass of wine that it says Ripple on the label, or that he plies economy, or that he stays at a Best Western when he travels.
….ummmm that would be ‘flies’ economy
@Steve
You want the CEO of a company to only own 1 share. YOU ARE A STUPID!!!
“Apple Inc. won’t let us peek into Steve Jobs’ personal bank account…”
Apple is very restrictive that way (normally, I’d credit the writer with a sense of humour, but I’m not sure Mintz qualifies).
Wow, he earns less in one year than the tens of thousand Chinese workers building his products earn in a month. That’s modesty.
“Disney pays investors an annual dividend of 35 cents per share”
Can’t believe this guy lives on nickels and dimes.
And he earned freaking 11 dollars since 1998
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I would really like to see Mr. Jobs’ new house. He should create one of those time lapse films of it being built. Bet the garden will be very relaxing.
Keep in mind, just a little, that after he is gone, somebody will want to make a museum out of it with tours and the whole nine yards. (Be sure you make a room for the gift shoppe.)
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It shows he believes in his company that he would not take the guaranteed salary(besides tax implications). If he sells quality products people want to buy, then his stock will do fine over time.
Unlike a certain CEO whose stock hasn’t done anything on his watch, despite the market share dominance. He needs the salary, especially when you’ve saturated the market with crap and can only lose customers.
@Dirty Pierre le Punk –
Just buy AAPL stock and Steve automatically lines your pockets!
It must be hell to have to decide what to spend this dollar on, year after year…
True, and the only product that you’d want to buy is the product that you actually design and get for free
With that kind of money, I would have designed a car by now. And had my license plate permanently bolted in place.
The question remains: How does the guy maintain a lavish lifestyle? Where does his money come from?”
he has cash business from his garage.
> despite the market share dominance
LOL – are you thinking that dominating the market “adds” to your ability to move your stock price? Much the opposite, once you have 90% share of a market the only way really to increase stock value is to open up new markets. Kudos to Jobs in that he has done that with iTunes/iPhone for Apple. I am just pointing out that the poster who thinks market dominence adds to your abiltiy to increase stock value was suffering from a condition known as “being wrong”.