--- title: Apple at 40: The Original Contract Was Signed April 1, 1976 description: The original partnership was formed 40 years ago canonical: https://time.com/4274501/heres-what-happened-to-apples-third-co-founder/ author: Lily Rothman article:opinion: false article:content_tier: free article:published_time: 2016-04-01T12:00:49.000Z article:modified_time: 2026-08-04T07:46:04.585Z article:section: History og:title: Apple at 40: The Original Contract Was Signed April 1, 1976 og:description: Here's what happened to the third co-founder? og:url: https://time.com/4274501/heres-what-happened-to-apples-third-co-founder/ og:site_name: TIME og:image: https://static.time.com/v3/assets/bltea6093859af6183b/blt8b1167604ca379a7/69888cd05f570ff6ecb203b0/apple.jpeg?branch=production&width=2400&quality=75&auto=webp&crop=16:9 og:image:width: 1200 og:image:height: 675 og:image:alt: Apple Inc. Founding Partnership Agreement og:type: article twitter:card: summary_large_image twitter:title: Apple at 40: The Original Contract Was Signed April 1, 1976 twitter:description: Here's what happened to the third co-founder? twitter:image: https://static.time.com/v3/assets/bltea6093859af6183b/blt8b1167604ca379a7/69888cd05f570ff6ecb203b0/apple.jpeg?branch=production&width=2400&quality=75&auto=webp&crop=16:9 ---  # Here's What Happened to Apple's Third Co-Founder ## Video: Apple-Biggest-Releases.mp4 [Watch (HLS stream): Apple-Biggest-Releases.mp4](https://cdn.jwplayer.com/manifests/DH8E4Jbt.m3u8) (2:18)  _Published 2016-03-18_  by [Lily Rothman](https://time.com/author/lily-rothman/)  ## Lily Rothman Rothman is managing editor at TIME. Apr 1, 2016 12:00 PM UTC  The Apple Inc. founding partnership agreement signed by Steve Wozniak, Steve Jobs and Ronald Wayne, as displayed in New York City on Dec. 6, 2011 prior to being auctioned The Apple Inc. founding partnership agreement signed by Steve Wozniak, Steve Jobs and Ronald Wayne, as displayed in New York City on Dec. 6, 2011 prior to being auctionedScott Eells—Bloomberg / Getty Images  by [Lily Rothman](https://time.com/author/lily-rothman/)  ## Lily Rothman Rothman is managing editor at TIME. Apr 1, 2016 12:00 PM UTC It was 40 years ago, on April 1, 1976, that three men signed a [contract](http://apple2online.com/web%5Fdocuments/apple%5Fpartnership%5Fagreement.pdf) that would go down in history. “WHEREAS,” it read, “Mr. Stephen G. Wozniak (hereinafter referred to as WOZNIAK), Mr. Steven P. Jobs (hereinafter referred to as JOBS), and Mr. Ronald G. Wayne (hereinafter referred to as WAYNE), all residents of the County of Santa Clara, State of California, have mutually agreed to the formation of a company to be specifically organized for the manufacture and marketing of computer devices, components, and related material, said company to be organized under the fictitious name of APPLE COMPUTER COMPANY.” On April 12, however, an amendment was filed. Ronald Wayne was giving up his status as partner, and all of his obligations and responsibilities would be taken over by Jobs and Wozniak. In exchange, he would receive $800\. (He later received another $1,500 from the company.) Wayne, as he would later [explain](http://www.amazon.com/Adventures-Apple-Founder-Ronald-Wayne/dp/0615517420#reader%5F0615517420) in his memoir _Adventures of an Apple Founder_, had first gotten involved when Jobs and Wozniak had a “modest philosophical difference” and Jobs, who had met Wayne through his work at Atari, asked for advice. **_Read more:_** [_Behold, Some of the First Apple Computer Photos Ever_](http://techland.time.com/2012/11/22/behold-some-of-the-first-apple-computer-photos-ever/) That decision has made Wayne [famous](http://www.wired.com/2010/06/apple-co-founder-ron-waynes-long-strange-and-sad-trip/) for giving up a stake in the company that would be worth billions of dollars today. In 2010, he [told](http://www.mercurynews.com/bay-area-news/ci%5F15214122) the San Jose _Mercury News_ that he walked away partly out of fear that his much-younger co-founders couldn’t hack the business side, and that he was “terrified to be the only one of the three founders with assets that creditors could seize.” In 2012, on Facebook, Wayne offered a full [explanation](https://www.facebook.com/RonGWayne/posts/370073493010333), from his perspective, of why he walked away: --- > “” --- In 2011, one of the original contracts was [sold](http://www.cnet.com/news/apples-founding-contract-sells-for-1-35-million/) at auction for $1.35 million. 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