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August 11, 1997updated 03 Sep 2016 2:39pm

JOBS SOLD APPLE SHARES AND TOOK A BATH IN DOING IT

By CBR Staff Writer

Steve Jobs’ business savvy is questionable at best. This would seem to be the least one can conclude from his straight-faced admission that, as if we hadn’t already guessed, it was indeed he who dumped all but one share of that mysterious 1.5 million block of Apple Computer Inc shares in June (CI No 3,193). The stock was part of his deal whereby Gil The Drooler Amelio, who apparently at one time had been left mistakenly in charge of Apple, bought out Jobs’ ailing Next Software Inc for $424m at the end of last year. The graying ‘terrible infant’ tells Time Magazine this week that he did it because, hey, Apple, the company he’d been brought in to advise by a starstruck board and fanatically loyal fan base, was screwed anyway: Yes, I pretty much had given up hope that the Apple board was going to do anything… I didn’t think the stock was going up, he smirks to the magazine in its August 18 issue. He now has but one share in the company whose destiny he is shaping and on whose board he once again sits. If that upsets employees, I’m perfectly happy to go home to Pixar [Animation Studios Inc], he adds. What makes the story so delicious is that Stevo lost over $16m extra on the $22m he got for dumping shares, based on the price the stock now stands at. Didn’t he figure that if he hung on until he’d at least done some PR for the company he’d get more money?

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