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+--- Thread: June 27, 1997: Anonymous AAPL stock holder sells 1.5 million shares to put final nail in Gil Amelio's coffin. Person tur (/showthread.php?tid=229914)
June 27, 1997: Anonymous AAPL stock holder sells 1.5 million shares to put final nail in Gil Amelio's coffin. Person tur - pRICE cUBE - 06-28-2019
...Steve Jobs!
https://www.cultofmac.com/489342/today-apple-history-terrible-quarter-gil-amelio/
The day before the end of the quarter, Apple stock suffered a knock when an anonymous party sold 1.5 million shares. This was later revealed to be Steve Jobs.
At the time, Jobs was back at Apple as an adviser. Despite this, he seemingly had no qualms about unloading such a large amount of AAPL stock. He later said he had lost faith in the company.
“I pretty much had given up hope that the Apple board was going to do anything,” Jobs said. “I didn’t think the stock was going up.”
This may have been a smart Machiavellian move on Jobs’ part to assume control. However, he certainly wasn’t the only person thinking like this in mid-1997.
Gil Amelio had been widely touted as a turnaround artist who could revive Apple’s failing fortunes in the mid-1990s. He came to Cupertino with a solid background in engineering. He also made plenty of moves that struck people as smart.
This included rejecting a buyout offer by Sun Microsystems (remember that company?). He also continued his predecessor’s strategy of licensing the Mac operating system. In addition, he downsized Apple’s workforce by around a third, or 5,600 jobs, in a bid to cut expenditures.
For this, Apple rewarded Amelio heavily. During his time running the company, he received around $1.4 million in salary and a further $3 million in bonuses. He was also granted significant stock options worth multiples of his cash payments. In addition, Apple loaned him $5 million at a low interest rate and paid for him to use a private jet.
Unfortunately for Amelio, none of his good ideas seemed to work. The clone Macs were a disaster and — while he was right to downsize Apple’s workforce — his high salary made him look like the bad guy, rather than the struggling company’s savior.
After Amelio’s departure, Jobs agreed to take control of Apple as interim CEO until a more suitable replacement could be found. (One never was.) Jobs canceled the clone Macs, continued to cut the workforce (and unnecessary product lines), and began to pour resources into new products he hoped would become hits. He also agreed to work for $1 per year to raise troop morale.
Re: June 27, 1997: Anonymous AAPL stock holder sells 1.5 million shares to put final nail in Gil Amelio's coffin. Person - Acer - 06-28-2019
Re: June 27, 1997: Anonymous AAPL stock holder sells 1.5 million shares to put final nail in Gil Amelio's coffin. Person - Filliam H. Muffman - 06-28-2019
Today that stock would be worth about $576,923,000 (not including dividends).
Re: June 27, 1997: Anonymous AAPL stock holder sells 1.5 million shares to put final nail in Gil Amelio's coffin. Person - Speedy - 06-28-2019
Filliam H. Muffman wrote:
Today that stock would be worth about $576,923,000 (not including dividends).
I imagine Steve Jobs his still kicking himself over that.
Re: June 27, 1997: Anonymous AAPL stock holder sells 1.5 million shares to put final nail in Gil Amelio's coffin. Person - MGS_forgot_password - 06-29-2019
Filliam H. Muffman wrote:
Today that stock would be worth about $576,923,000 (not including dividends).
AAPL has split three times since '97, 1.5 million shares would be 42 million today. So it would actually be about $8.3 billion.
Re: June 27, 1997: Anonymous AAPL stock holder sells 1.5 million shares to put final nail in Gil Amelio's coffin. Person - Filliam H. Muffman - 06-29-2019
MGS_forgot_password wrote:
[quote=Filliam H. Muffman]
Today that stock would be worth about $576,923,000 (not including dividends).
AAPL has split three times since '97, 1.5 million shares would be 42 million today. So it would actually be about $8.3 billion.
I'm fairly sure that splits were taken into account in my calculation of the relative stock price of $0.52 in 1997.