5 Key Takeaways
- Steve Jobs sold all but one of his 1.5 million Apple shares in June 1997 for roughly $22 million to $24 million, or about $15 to $16 per share.
- Jobs sold because he had 'pretty much given up hope' in Apple's board and did not think the stock was going up amid the company's struggles.
- Apple's stock splits in 2000, 2005, 2014, and 2020 would have turned those 1.5 million shares into 168 million shares today.
- At Apple's October 5, 2026 closing price of $332.89, that stake would have been worth about $55.93 billion, or roughly Rs 5.39 lakh crore, excluding dividends.
- Jobs kept one share, which would have become 112 shares worth about $37,284; the story is a famous 'what if' because Apple later thrived under his leadership, though the sale was not an actual loss of wealth he had.
Steve Jobs Sold 99.999% of His Apple Shares in 1997—Here's What They Would Be Worth Today
In June 1997, Steve Jobs sold all but one of the 1.5 million Apple shares he had received just months earlier when Apple acquired his company NeXT—roughly 99.999 percent of the holding. The sale brought him about $22 million to $24 million at a time when Apple's future was deeply uncertain. Nearly three decades later, those same shares would be worth almost $56 billion, or approximately Rs 5.39 lakh crore. The decision looks staggering in hindsight, but the full story is about more than a missed fortune. It is about a co-founder who had almost given up hope in the company he helped create.
The Context: Leaving Apple and Returning Through NeXT
Steve Jobs left Apple in 1985 after a bitter power struggle with the company's management. He subsequently founded NeXT, while also becoming involved with Pixar. More than a decade later, Apple came back into the picture. In December 1996, Apple agreed to acquire NeXT, bringing Jobs back to the company he had co-founded. As part of the transaction, Jobs received 1.5 million newly issued Apple shares.
The 1997 Sale
In June 1997, Jobs registered to sell all but one of those shares. A San Francisco Chronicle report said the shares had been issued to Jobs as part of Apple's acquisition of NeXT and that the filing covered all but one of the 1.5 million shares. A few days later, 1.5 million Apple shares were sold on the market. At the time, Jobs did not initially confirm that he was behind the sale, but the connection was clear because of his earlier filing. By August, there was no ambiguity left. Jobs confirmed to TIME that he had sold the shares, leaving himself with just one Apple share.
The reason makes the story particularly interesting. In his 1997 interview with TIME, Jobs said he had "pretty much given up hope" that Apple's board would do anything. He also said he did not think the stock was going up. At the time, Apple was struggling. The company had suffered significant losses, its market position was under pressure, and there were concerns about its direction. Jobs therefore decided to sell almost the entire Apple stake he had received through the NeXT transaction.
"I had pretty much given up hope that the Apple board would do anything." — Steve Jobs, 1997
The Sale Price and the Immediate Aftermath
Contemporary reports put the sale price at around $15 to $16 per share. TIME reported that Jobs sold the shares at around $16 apiece, while another report put the value of the 1.5 million-share sale at about $22 million. That meant Jobs received roughly $22 million to $24 million for the shares he sold.
But almost immediately, the decision began to look expensive. In August 1997, Apple announced a major business alliance with Microsoft and made changes to its board. Apple's stock jumped sharply. Jobs told TIME that he had sold the shares in June and later watched the stock climb. Based on the subsequent rise, he estimated that he could have made another $21 million had he waited.
What the Stake Would Be Worth Today
To understand what Jobs' decision would mean today, the effect of Apple's stock splits needs to be considered. A stock split increases the number of shares an investor holds while reducing the price per share proportionally, so the total value of the investment remains the same at the moment of the split. Apple's official investor-relations records show that the company carried out a 2-for-1 stock split in 2000, another 2-for-1 split in 2005, a 7-for-1 split in 2014, and a 4-for-1 split in 2020.
If Jobs had kept the full 1.5 million shares he received in 1997, the 2000 split would have increased his holding to 3 million shares. The 2005 split would have taken it to 6 million, the 2014 split to 42 million, and the 2020 split to 168 million shares. That means the 1.5 million Apple shares Jobs received in 1997 would represent 168 million shares today.
Apple closed at $332.89 on October 5, 2026. Applying that price to the 168 million shares gives a hypothetical value of $55,925,520,000, or approximately $55.93 billion. Using the October 6, 2026 dollar-rupee rate, the value works out to roughly Rs 5.39 lakh crore. This calculation does not include any dividends Jobs would have received during the period.
Strictly speaking, Jobs sold all but one share, so the actual number sold was 14,99,999 shares. If that exact figure is used, those shares would represent 167,999,888 shares today. The rounded 1.5 million share figure is often used for simplicity, and it produces the $55.93 billion estimate.
This is a hypothetical market value, not money Jobs actually lost. He received cash when he sold the shares and went on to create enormous wealth through other ventures. The calculation simply shows what the Apple stake would be worth today if he had continued holding it. It also excludes dividends, taxes, brokerage, and other transaction costs, as the comparison is based purely on the value of the shares.
The One Share He Kept
There is one more twist to the story. Jobs did not sell every share from that 1.5 million-share holding. He kept one share. That one share would also have gone through the same four stock splits. As a result, it would have become 112 Apple shares—one multiplied by 2, then 2, then 7, and finally 4. At Apple's October 5, 2026 closing price of $332.89, those 112 shares would be worth approximately $37,284, excluding dividends.
1 share × 2 × 2 × 7 × 4 = 112 shares → 112 × $332.89 ≈ $37,284
The Irony and the Turnaround
The irony of the decision is that Jobs sold the shares just as Apple was approaching a dramatic change. Within months, Jobs became increasingly involved in Apple's affairs. He eventually took over as interim CEO and then became the company's permanent chief executive. Under his leadership, Apple launched products such as the iMac, iPod, iPhone, and iPad, helping turn the company into one of the world's most valuable businesses. The same company whose board Jobs had effectively lost faith in would go on to create extraordinary shareholder wealth.
The episode remains one of the great "what ifs" in corporate history. It shows how a lack of confidence in a company's leadership—especially at a moment of crisis—can lead even a founder to sell near the bottom. Yet it also illustrates how quickly fortunes can change when a company's strategy and governance improve. Jobs' decision in 1997 may look like a missed opportunity, but the cash from the sale and his later work at Apple and Pixar built a legacy that extended far beyond any single stock holding.
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