On this day in 1977, Apple Computer was incorporated in Cupertino, California. Almost thirty-five years later, Apple has since diversified from just creating its Mac computers (as reflected in the removal of the word ‘Computer’ from the company’s name in 2007). In addition to its iMacs and MacBook lines, Apple is well known for other products such as the iPod, the iPhone, the iPad, and the iTunes Store. In 2013, Apple was ranked 6th on the annual Fortune 500 list, recognition of the company’s clout and stature in the world’s technology sector.
A year before, in 1976, Apple was founded by Steve Jobs, Steve Wozniak and Ronald Wayne. These three individuals intended to sell their Apple I personal computer, with a market price of $666.66 ($2735 today, adjusted for inflation). Interestingly, shortly after the release of the Apple I, Ronald Wayne sold his shares in Apple for $800. At the time, Wayne was going through severe financial strain, which would have jeopardized the future of the company had creditors decided to pursue his assets. Had Wayne kept his share of Apple (10% at the time), and not sold it back in 1976, his share of the company would have been worth almost $35 billion in 2011. On January 3rd, 1977, Steve Jobs and Steve Wozniak (sans Ronald Wayne) went on to incorporate Apple Computers, and the rest as they say, is history.
Interesting fact: The name of the company apparently came from a visit by Steve Jobs to an apple orchard. At the time, Jobs was undergoing a fruitarian diet (that is a diet constituted completely out of fruits, vegetables, nuts, and seeds). Jobs believed that ‘Apple’ would make a great name for the new company, believing it sounded “fun, spirited, and non-intimidating”.