Apple

 

Steve, Michael Dell and Employee's Morale

At 1997.
It was a tough time at Apple — we were trading below book value on the market — our enterprise value was actually less than our cash on hand. And the rumors were everywhere that we were going to be acquired by Sun.

Someone in the audience asked him about Michael Dell’s suggestion in the press a few days previous that Apple should just shut down and return the cash to shareholders, and as I recall, Steve’s response was: “Fuck Michael Dell.” Good god, what a message from a CEO! He followed it up by admitting that the stock price was terrible (it was under $10, I think — pretty sure it was under $2 split-adjusted), and that what they were going to do was reissue everyone’s options on the low price, but with a new 3 year vest.


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