Forbes

Forbes Building on Fifth Avenue in New York City (now owned by New York University)
Editor-in-chief	Steve Forbes
Publisher	Forbes publishing
First issue	1917
Country	United States
Based in	New York City
Language	English
Website	forbes.com
ISSN	0015-6914

Forbes is an American business magazine owned by Forbes, Inc. Published biweekly, it features original articles on finance, industry, investing, and marketing topics. Forbes also reports on related subjects such as technology, communications, science, and law. Headquarters are in New York City. Its primary competitors in the national business magazine category are Fortune, which is also published biweekly, and Businessweek which recently was sold to Bloomberg. The magazine is well known for its lists, including its lists of the richest Americans (the Forbes 400) and its list of billionaires. The motto of Forbes magazine is "The Capitalist Tool." Its editor-in-chief is Steve Forbes.

Company history[link]

B. C. Forbes, a financial columnist for the Hearst papers, and his partner Walter Drey, the general manager of the Magazine of Wall Street,^[1] founded Forbes magazine in 1917.^[2] Forbes provided the money and the name and Drey provided the publishing expertise. The original name of the magazine was Forbes: Devoted to Doers and Doings.^[1] Drey became vice-president of the B.C. Forbes Publishing Company,^[3] while B.C. Forbes became editor-in-chief, a post he held until his death in 1954. B.C. Forbes was assisted in his later years by his two eldest sons, Bruce Charles Forbes (1916–1964) and Malcolm Stevenson Forbes (1917–1990).

Bruce Forbes took over on his father's death, and his strengths lay in streamlining operations and developing marketing.^[2] During his tenure, 1954–1964, the magazine's circulation nearly doubled.^[2]

On Malcolm's death, his eldest son Malcolm Stevenson "Steve" Forbes Jr. (1947–) became President and Chief Executive of Forbes and Editor-in-Chief of Forbes magazine.^[4] Between 1961 and 1999 the magazine was edited by James Michaels.^[5] In 1993, under Michaels, Forbes was a finalist for the National Magazine Award.^[6] In 2006, an investment group Elevation Partners that includes rock star Bono bought a minority interest in the company.^[4][7] A 2009 New York Times report said: "40 percent of the enterprise was sold ... for a reported $300 million, setting the value of the enterprise at $750 million. According to Mark M. Edmiston of AdMedia Partners, 'It’s probably not worth half of that now.'"^[8]

Forbes headquarters on 5th Avenue in Manhattan (now owned by New York University)

Other publications[link]

Apart from Forbes and its lifestyle supplement, Forbes Life, other titles include Forbes Asia and fifteen local language editions. Steve Forbes and his magazine's writers offer investment advice on the weekly Fox TV show Forbes on Fox and on Forbes On Radio. Other company groups include Forbes Conference Group, Forbes Investment Advisory Group and Forbes Custom Media. From the 2009 Times report: "Steve Forbes recently returned from opening up a Forbes magazine in India, bringing the number of foreign editions to 10. In addition, this year the company began publishing ForbesWoman, a quarterly magazine with a companion Web site."^[8]

The company formerly published American Legacy magazine as a joint venture, although that magazine separated from Forbes as of May 14, 2007.^[9]

The company also formerly published American Heritage and Invention & Technology magazines. After failing to find a buyer, Forbes suspended publication of these two magazines as of May 17, 2007.^[10] Both magazines have since been purchased by the American Heritage Publishing Company, and have resumed publication as of Spring 2008.^[11]

Forbes.com[link]

David Churbuck founded Forbes' Web site in 1996. The site uncovered Stephen Glass' journalistic fraud in The New Republic in 1998, an article that drew attention to internet journalism. At the peak of media coverage of alleged Toyota sudden unintended acceleration in 2010 it exposed the California “runaway Prius” as a hoax, as well as running five other articles by Michael Fumento challenging the entire media premise of Toyotas suddenly gone bad. The site, like the magazine, publishes many lists focusing on billionaires and their possessions, especially expensive homes, a critical aspect of the website's apparent popularity.^[12]

Forbes.com employs the slogan "Home Page For The World's Business Leaders" and sometimes claims to be the world's most widely visited business web site.^[13]

The company's current chief executive officer is Mike Perlis; the current chief product officer is Lewis D'vorkin; the current editor of the magazine is Randall Lane.

Forbes.com now employs a new slogan – "Information for the World's Business Leaders". According to Forbes.com, the Web site is among the most trusted resources for senior business executives, providing them the real-time reporting, uncompromising commentary, concise analysis, relevant tools and community they need to succeed at work, profit from investing and have fun with the rewards of winning.

Forbes.com also publishes subscription investment newsletters, and an online guide to web sites, Best of the Web.

Forbes.com is part of Forbes Digital, a division of Forbes Media LLC. Forbes' holdings include a portion of RealClearPolitics. Together these sites reach more than 27 million unique visitors each month.

The 2009 Times report said that, while "one of the top five financial sites by traffic [throwing] off an estimated $70 million to $80 million a year in revenue, [it] never yielded the hoped-for public offering."^[8]

Sale of headquarters to New York University[link]

In January 2010, Forbes reached an agreement to sell its headquarter building located on Fifth Avenue in Manhattan to New York University. Terms of the deal were not publicly reported, but Forbes will continue to occupy the space under a five year sale-leaseback arrangement.^[14]

In popular culture[link]

The popularity of Forbes magazine has extended to mainstream and Hip-Hop culture. 50 Cent has released the official remix to his hit single, "I Get Money" off his September 11, 2008 album, Curtis, entitled Forbes 1,2,3 (also known as the "Billion Dollar Remix"). The title of the song comes from the fact that Jay-Z, 50 Cent, and Diddy were listed as Forbes' Top 3 money-making Kings of Hip-Hop, respectively. The unfinished video for Forbes 1,2,3 can be seen as the intro to 50 Cent's single, "I Still Kill" featuring Akon, off his multi-platinum album Curtis. As well, in the song "Billionaire" by Travie McCoy feat. Bruno Mars, it mentions being on "the cover of Forbes magazine, smilin' next to Oprah and the Queen."

Notes[link]

Further reading[link]

• Forbes, Malcolm S. (1974) Fact and Comment Knopf, New York, ISBN 0-394-49187-4; twenty-five years of the editor's columns from Forbes
• Grunwald, Edgar A. (1988) The Business Press Editor New York University Press, New York, ISBN 0-8147-3016-7
• Holliday, Karen Kahler (1987)A Content Analysis of Business Week, Forbes and Fortune from 1966–1986 Masters of Journalism thesis from Louisiana State University, Baton Rouge, 69 pages, OCLC 18772376, available on microfilm
• Kohlmeier, Louis M.; Udell, Jon G. and Anderson, Laird B. (eds.) (1981) Reporting on Business and the Economy Prentice-Hall, Englewood Cliffs, New Jersey, ISBN 0-13-773879-X
• Kurtz, Howard (2000) The Fortune Tellers: Inside Wall Street’s Game of Money, Media, and Manipulation Free Press, New York, ISBN 0-684-86879-2
• Tebbel, John William and Zuckerman, Mary Ellen (1991) The Magazine in America, 1741–1990 Oxford University Press, New York, ISBN 0-19-505127-0
• Parsons, D. W. (1989) The Power of the Financial Press: Journalism and Economic Opinion in Britain and America Rutgers University Press, New Jersey, ISBN 0-8135-1497-5

External links[link]

Wikimedia Commons has media related to: Forbes

• Official website

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Introduction[link]

The Forbes 400 or 400 Richest Americans (first published in 1982) is a list published by Forbes Magazine magazine of the wealthiest 400 Americans, ranked by net worth. The list is published annually in September, and 2011 marks the 30th issue.^[1] The 400 was started by Malcolm Forbes in 1982. Peter W. Bernstein and Annalyn Swan describe the Forbes 400 as capturing "a period of extraordinary individual and entrepreneurial energy, a time unlike the extended postwar years, from 1945 to 1982, when American society emphasized the power of corporations." Bernstein and Swan also describe it as representing "a powerful argument - and sometimes a dream - about the social value of wealth in contemporary America."^[2]

Criteria[link]

The Forbes 400 reports who dominates the wealth in America. They annually create a list of the richest people in America to exhibit the shape of the economy. The magazine displays the story of someone's rise to fame, their company, age, industrial residence, and education. The list portrays the financial shift of trends, leadership positions, and growing philanthropy intentions.^[3]

First List - 1982[link]

In the first Forbes 400 list, there were only 13 billionaires, and as little as $75 Million secured you a spot on the list. The 1982 list represented 2.8% of the Gross Domestic Product of the United States. The 1982 Forbes 400 had 22.8% of the list composed of oil fortunes, with 15.3% from manufacturing, 9% from finance and only 3% from technology driven fortunes. The state of New York had the most representation on the list with 77 members followed by California with 48.^[4]

2000 List[link]

In the year 2000, Forbes 400 saw the highest percent of the Gross Domestic Product represented by the list at 12.2% driven by the internet boom.^[5]

2010 list[link]

In 2010, the combined wealth of the 400 was $1.37 trillion, up from $1.27 trillion in 2009 but still below the total in 2008 ($1.57 trillion) and 2007 ($1.54 trillion). The minimum to make the list in 2010 was once again back to $1 billion. It had fallen below $1 billion in 2009 for the first time since 2006.

Bill Gates is the richest man in America, ranking number one on the 400 list for the 17th year in a row. Gates has been on the list since 1986.^[6]

There were 16 new members on the list in 2010 and 18 returnees, including William Ford Sr. The oldest member on the list is David Rockefeller Sr. (#153), age 95. The youngest member is Dustin Moskovitz (#290), age 26, who is 8 days younger than Facebook cofounder and former roommate Mark Zuckerberg.

There are 42 women on the Forbes 400 in 2010, with a combined net wealth of $154 billion. California has the most Forbes 400 members, with 83, followed by New York (64), Texas (45) and Florida (26).

The 2010 list has 4 members under the age of 30, 3 members between 30 to 39, 34 members from 40 to 49, 95 members from 50 to 59, 108 members from 60 to 69, 91 members from 70 to 79, 56 members from 80 to 89, and 9 members age 90 and up. There are currently 6 heirs to the Walmart fortune on the list: Tied at #12 Jim Walton, Christie Walton, and S. Robson Walton, #15 Alice Walton, #165 Ann Walton Kroenke, and #204 Nancy Walton Laurie.^[7] The Forbes 400 online has political contributions from the past four years for any American billionaire with records in the Federal Election Commissions database, as well as badges to indicate their passion and pursuits.

Demographics[link]

Over the first 25 years of the Forbes 400 list, 1,302 different people made the list. 97 immigrants and 202 women (15.5%) made the list in that time. 4 of the top 5 richest people in America in 2006 were college dropouts: Bill Gates, Sheldon Adelson, Larry Ellison, and Paul Allen.^[8]

The Forbes 400 is currently edited by Luisa Kroll.

See also[link]

• List of members of the Forbes 400
• 40 under 40 (Fortune Magazine)
• Sunday Times Rich List

References[link]

External links[link]

• Official Website
• 2011 List

Sara Blakely
Blakely at the 2012 Time 100 gala
Born	(1971-02-21) February 21, 1971 (age 41) Clearwater, Florida, United States
Citizenship	U.S.
Alma mater	Florida State University
Occupation	Businesswoman
Net worth	US$ 1 billion (2012)[1]
Spouse	Jesse Itzler
Children	Lazer Blake Itzler

Sara Blakely (born February 21, 1971) is an American businesswoman. In 2000, Blakely founded Spanx, a multi-million dollar undergarment company.^[2] She is the world's youngest self-made female billionaire.^[3]

Biography[link]

Sara Blakely was born on February 21, 1971,^[4] in Clearwater, Florida, the daughter of a lawyer and an artist. She graduated from Florida State University, with a degree in communications. While attending she was a member of Delta Delta Delta sorority, and worked part time at Walt Disney World.^[5]

Career[link]

Blakely joined local stationery company Danka, and began selling fax machines door-to-door.^[6]

In the heat and humidity of Florida, she tried unsuccessfully to find pantyhose that didn't have seamed toes, and that didn't roll up the leg when she cut them. Investing her life-savings of $5,000 she moved to Atlanta, researching and then trying to reach production deals with local manufacturers. Sam Kaplan, co-owner of the Charlotte, N.C. based Highland Mills, didn't buy Blakely's pitch until polling his two daughters on what they thought of footless pantyhose. Their reaction was unanimous: They'd buy it. Kaplan decided to take Blakely's order after all, and by August 2000, she had her first 3,000 pairs of hose. ^[7]

Having read books on marketing, she designed her own logo on a friend's computer, and then to save the $3,000 legal fee needed to trademark the Spanx name, used a Barnes & Noble textbook and learned how to do it herself. In 2000 she launched the Spanx brand from her home, undertaking all initial calls and marketing herself across North America. The Spanx company and brand are now valued at more than $1 billion.

In 2006, she launched the Sara Blakely Foundation to help women through education and entrepreneurial training, and has funded scholarships for young women at Community and Individual Development Association City Campus in South Africa. She appeared on The Oprah Winfrey Show in 2006 and donated $1 million to Oprah Winfrey's Leadership Academy.

Blakely was a contestant on The Rebel Billionaire, and starred as one of the judges on ABC's reality television series, American Inventor. She also guest-starred on Free Radio in January 2008.

Personal life[link]

In 2008, Blakely married Jesse Itzler.^[8] In 2009, Blakely gave birth to their son, Lazer Blake Itzler.

References[link]

External links[link]

• Sara Blakely on IMDb
• Sara Blakely on ABC.com: American Inventor - Bio Page

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Steve Jobs
Jobs holding a white iPhone 4 at Worldwide Developers Conference 2010
Born	Steven Paul Jobs (1955-02-24)February 24, 1955[1][2] San Francisco, California, U.S.[1][2]
Died	October 5, 2011(2011-10-05) (aged 56)[2] Palo Alto, California, U.S.
Cause of death	Pancreatic cancer
Nationality	American
Ethnicity	Syrian, German[3]
Alma mater	Reed College (dropped out)
Occupation	Co-founder, Chairman and CEO, Apple Inc. Co-founder and CEO, Pixar Co-founder and CEO, NeXT Inc.
Years active	1974–2011
Board member of	The Walt Disney Company[4] Apple Inc.
Religion	Zen Buddhism
Spouse	Laurene Powell (1991–2011, his death)
Children	Lisa Brennan-Jobs Reed Erin Eve
Relatives	Mona Simpson (sister)
Signature

Steven Paul "Steve" Jobs (/ˈdʒɒbz/; February 24, 1955 – October 5, 2011)^[5][6] was an American businessman, designer and inventor. He is best known as the co-founder, chairman, and chief executive officer of Apple Inc. Through Apple, he was widely recognized as a charismatic pioneer of the personal computer revolution^[7][8] and for his influential career in the computer and consumer electronics fields. Jobs also co-founded and served as chief executive of Pixar Animation Studios; he became a member of the board of directors of The Walt Disney Company in 2006, when Disney acquired Pixar.

In the late 1970s, Apple co-founder Steve Wozniak engineered one of the first commercially successful lines of personal computers, the Apple II series. Jobs was among the first to see the commercial potential of Xerox PARC's mouse-driven graphical user interface, which led to the creation of the Apple Lisa and, one year later, the Macintosh. During this period he also led efforts that would begin the desktop publishing revolution, notably through the introduction of the LaserWriter and the associated PageMaker software.^[9]

After losing a power struggle with the board of directors in 1985, Jobs left Apple and founded NeXT, a computer platform development company specializing in the higher-education and business markets. In 1986, he acquired the computer graphics division of Lucasfilm, which was spun off as Pixar.^[10] He was credited in Toy Story (1995) as an executive producer. He remained CEO and majority shareholder at 50.1 percent until its acquisition by The Walt Disney Company in 2006,^[11] making Jobs Disney's largest individual shareholder at seven percent and a member of Disney's Board of Directors.^[12][13]

After difficulties developing a new Mac operating system, Apple purchased NeXT in 1996 in order to use NeXTSTEP as the basis for what became Mac OS X.^[14] As part of the deal Jobs was named Apple advisor. As Apple floundered, Jobs took control of the company and was named "interim CEO" in 1997, or as he jokingly referred to it, "iCEO". Under his leadership, Apple was saved from near bankruptcy, and became profitable by 1998.^[15][16] Over the next decade, Jobs oversaw the development of the iMac, iTunes, iPod, iPhone, and iPad, and on the services side, the company's Apple Retail Stores, iTunes Store and the App Store.^[17] The success of these products and services, providing several years of stable financial returns, propelled Apple to become the world's most valuable publicly traded company in 2011.^[18] The reinvigoration of the company is regarded by many commentators as one of the greatest turnarounds in business history.^[19][20][21]

In 2003, Jobs was diagnosed with a pancreas neuroendocrine tumor. Though it was initially treated, he reported a hormone imbalance, underwent a liver transplant in 2009, and appeared progressively thinner as his health declined.^[22] On medical leave for most of 2011, Jobs resigned as Apple CEO in August that year and was elected Chairman of the Board. He died of respiratory arrest related to his metastatic tumor on October 5, 2011.

Jobs has received a number of honors and public recognition for his influence in the technology and music industries. He has widely been referred to as "legendary", a "futurist" or simply "visionary",^{[23][24][25][26]} and has been described as the "Father of the Digital Revolution",^[27] a "master of innovation",^[28][29] and a "design perfectionist".^[30][31]

Early life and education[link]

Steven Paul Jobs was born in San Francisco on February 24, 1955 to two university students, Joanne Carole Schieble and Syrian-born Abdulfattah "John" Jandali (Arabic: عبدالفتاح جندلي‎), who were both unmarried at the time.^[32] Jandali, who was teaching in Wisconsin when Steve was born in 1955, said he had no choice but to put the baby up for adoption because his girlfriend's family objected to their relationship.^[33] The baby was adopted at birth by Paul Reinhold Jobs (1922–1993) and Clara Jobs (1924–1986), an Armenian-American^[3] whose maiden name was Hagopian.^[34] Later, when asked about his "adoptive parents," Jobs replied emphatically that Paul and Clara Jobs "were my parents."^[35] He stated in his authorized biography that they "were my parents 1,000%."^[36] Unknown to him, his biological parents would subsequently marry (December 1955), have a second child Mona Simpson in 1957, and divorce in 1962.^[36]

The Jobs family moved from San Francisco to Mountain View, California when Steve was five years old.^[1][2] The parents later adopted a daughter, Patti. Paul was a machinist for a company that made lasers, and taught his son rudimentary electronics and how to work with his hands.^[1] The father showed Steve how to work on electronics in the family garage, demonstrating to his son how to take apart and rebuild electronics such as radios and televisions. As a result, Steve became interested in and developed a hobby of technical tinkering.^[37]

Clara was an accountant^[35] who taught him to read before he went to school.^[1] Clara Jobs had been a payroll clerk for Varian Associates, one of the first high-tech firms in what became known as Silicon Valley.^[38]

Jobs's youth was riddled with frustrations over formal schooling. At Monta Loma Elementary school in Mountain View, he was a prankster whose fourth-grade teacher needed to bribe him to study. Jobs tested so well, however, that administrators wanted to skip him ahead to high school—a proposal his parents declined.^[39]

Jobs then attended Cupertino Junior High and Homestead High School in Cupertino, California.^[2] At Homestead, Jobs became friends with Bill Fernandez, a neighbor who shared the same interests in electronics. Fernandez introduced Jobs to another, older computer whiz kid, Stephen Wozniak (also known as "Woz"). In 1969 Woz started building a little computer board with Fernandez that they named “The Cream Soda Computer”, which they showed to Jobs; he seemed really interested.^[40] Jobs frequented after-school lectures at the Hewlett-Packard Company in Palo Alto, California, and was later hired there, working with Wozniak as a summer employee.^[41]

Following high school graduation in 1972, Jobs enrolled at Reed College in Portland, Oregon. Reed was an expensive college which Paul and Clara could ill afford. They were spending much of their life savings on their son’s higher education.^[40] Jobs dropped out of college after six months and spent the next 18 months dropping in on creative classes, including a course on calligraphy.^[42] He continued auditing classes at Reed while sleeping on the floor in friends' dorm rooms, returning Coke bottles for food money, and getting weekly free meals at the local Hare Krishna temple.^[43] Jobs later said, "If I had never dropped in on that single calligraphy course in college, the Mac would have never had multiple typefaces or proportionally spaced fonts."^[43]

Early career[link]

This section may be in need of reorganization to comply with Wikipedia's layout guidelines. Please help by editing the article to make improvements to the overall structure. (March 2012)

Homebrew Computer Club Newsletter, September 1976

In 1974, Jobs took a job as a technician at Atari, Inc. in Los Gatos, California.^[44] He traveled to India in mid-1974^[45] to visit Neem Karoli Baba^[46] at his Kainchi Ashram with a Reed College friend (and, later, an early Apple employee), Daniel Kottke, in search of spiritual enlightenment. When they got to the Neem Karoli ashram, it was almost deserted as Neem Karoli Baba had died in September 1973.^[44] Then they made a long trek up a dry riverbed to an ashram of Hariakhan Baba. In India, they spent a lot of time on bus rides from Delhi to Uttar Pradesh and back, then up to Himachal Pradesh and back.^[44]

After staying for seven months, Jobs left India^[47] and returned to the US ahead of Daniel Kottke.^[44] Jobs had changed his appearance; his head was shaved and he wore traditional Indian clothing.^[48][49] During this time, Jobs experimented with psychedelics, later calling his LSD experiences "one of the two or three most important things [he had] done in [his] life".^[50] He also became a serious practitioner of Zen Buddhism, engaged in lengthy meditation retreats at the Tassajara Zen Mountain Center, the oldest Sōtō Zen monastery in the US.^[51] He considered taking up monastic residence at Eihei-ji in Japan, and maintained a lifelong appreciation for Zen.^[52] Jobs would later say that people around him who did not share his countercultural roots could not fully relate to his thinking.^[50]

Jobs then returned to Atari, and was assigned to create a circuit board for the arcade video game Breakout. According to Atari co-founder Nolan Bushnell, Atari offered $100 for each chip that was eliminated in the machine. At that time, Jobs had little specialized knowledge of circuit board design and made a deal with Wozniak to split the fee evenly between them if Wozniak could minimize the number of chips. Much to the amazement of Atari engineers, Wozniak reduced the number of chips by 50, a design so tight that it was impossible to reproduce on an assembly line.^{[further explanation needed]} According to Wozniak, Jobs told him that Atari gave them only $700 (instead of the offered $5,000), and that Wozniak's share was thus $350.^[53] Wozniak did not learn about the actual bonus until ten years later, but said that if Jobs had told him about it and had said he needed the money, Wozniak would have given it to him.^[54]

In the early 1970s, Jobs and Wozniak were drawn to technology like a magnet. Wozniak had designed a low-cost digital "blue box" to generate the necessary tones to manipulate the telephone network, allowing free long-distance calls. Jobs decided that they could make money selling it. The clandestine sales of the illegal "blue boxes" went well, and perhaps planted the seed in Jobs's mind that electronics could be fun and profitable.^[55]

In 1976, Jobs and Wozniak formed their own business, which they named “Apple Computer Company” in remembrance of a happy summer Jobs had spent picking apples. At first they started off selling circuit boards, but eventually they produced a complete computer prototype.^[56] Jobs began attending meetings of the Homebrew Computer Club with Wozniak in 1975.^[2] He greatly admired Edwin H. Land, the inventor of instant photography and founder of Polaroid Corporation, and would explicitly model his own career after that of Land's.^[57][58]

Career[link]

Apple Computer[link]

Home of Paul and Clara Jobs, on Crist Drive in Los Altos, California. Steve Jobs formed Apple Computer in its garage with Steve Wozniak and Ronald Wayne in 1976. Wayne stayed only a short time, leaving Jobs and Wozniak as the primary co-founders of the company.

Jobs and Steve Wozniak met in 1971, when their mutual friend, Bill Fernandez, introduced 21-year-old Wozniak to 16-year-old Jobs. In 1976, Wozniak invented the Apple I computer. Jobs, Wozniak, and Ronald Wayne founded Apple computer in the garage of Jobs's parents in order to sell it.^[59] They received funding from a then-semi-retired Intel product-marketing manager and engineer Mike Markkula.^[60]

In 1978, Apple recruited Mike Scott from National Semiconductor to serve as CEO for what turned out to be several turbulent years. In 1983, Jobs lured John Sculley away from Pepsi-Cola to serve as Apple's CEO, asking, "Do you want to sell sugar water for the rest of your life, or do you want to come with me and change the world?"^[61]

In the early 1980s, Jobs was among the first to see the commercial potential of Xerox PARC's mouse-driven graphical user interface, which led to the creation of the Apple Lisa. One year later, Apple employee Jef Raskin invented the Macintosh.^[62][63]

The following year, Apple aired a Super Bowl television commercial titled "1984". At Apple's annual shareholders meeting on January 24, 1984, an emotional Jobs introduced the Macintosh to a wildly enthusiastic audience; Andy Hertzfeld described the scene as "pandemonium".^[64]

Apple logo in 1977, created by Rob Janoff with the rainbow color theme used until 1998.

While Jobs was a persuasive and charismatic director for Apple, some of his employees from that time described him as an erratic and temperamental manager. Disappointing sales caused a deterioration in Jobs's working relationship with Sculley and it eventually became a power struggle between Jobs and Sculley.^[65] Jobs kept meetings running past midnight, sent out lengthy faxes, then called new meetings at 7:00 am.^[66]

Sculley learned that Jobs—believing Sculley to be "bad for Apple" and the wrong person to lead the company—had been attempting to organize a boardroom coup, and on May 24, 1985, called a board meeting to resolve the matter.^[65] Apple's board of directors sided with Sculley and removed Jobs from his managerial duties as head of the Macintosh division.^[67][68] Jobs resigned from Apple five months later^[65] and founded NeXT Inc. the same year.^[66][69]

In a speech Jobs gave at Stanford University in 2005, he said being fired from Apple was the best thing that could have happened to him; "The heaviness of being successful was replaced by the lightness of being a beginner again, less sure about everything. It freed me to enter one of the most creative periods of my life." And he added, "I'm pretty sure none of this would have happened if I hadn't been fired from Apple. It was awful-tasting medicine, but I guess the patient needed it."^[43][70][71]

NeXT Computer[link]

A NeXTstation with the original keyboard, mouse and the NeXT MegaPixel monitor

After leaving Apple, Jobs founded NeXT Computer in 1985, with $7 million. A year later, Jobs was running out of money, and with no product on the horizon, he appealed for venture capital. Eventually, he attracted the attention of billionaire Ross Perot who invested heavily in the company.^[72] NeXT workstations were first released in 1990, priced at $9,999. Like the Apple Lisa, the NeXT workstation was technologically advanced, but was largely dismissed as cost-prohibitive by the educational sector for which it was designed.^[73] The NeXT workstation was known for its technical strengths, chief among them its object-oriented software development system. Jobs marketed NeXT products to the financial, scientific, and academic community, highlighting its innovative, experimental new technologies, such as the Mach kernel, the digital signal processor chip, and the built-in Ethernet port. Tim Berners-Lee invented the World Wide Web on a NeXT computer at CERN.^[74]

The revised, second-generation NeXTcube was released in 1990, also. Jobs touted it as the first "interpersonal" computer that would replace the personal computer. With its innovative NeXTMail multimedia email system, NeXTcube could share voice, image, graphics, and video in email for the first time. "Interpersonal computing is going to revolutionize human communications and groupwork", Jobs told reporters.^[75] Jobs ran NeXT with an obsession for aesthetic perfection, as evidenced by the development of and attention to NeXTcube's magnesium case.^[76] This put considerable strain on NeXT's hardware division, and in 1993, after having sold only 50,000 machines, NeXT transitioned fully to software development with the release of NeXTSTEP/Intel.^[77] The company reported its first profit of $1.03 million in 1994.^[72] In 1996, NeXT Software, Inc. released WebObjects, a framework for Web application development. After NeXT was acquired by Apple Inc. in 1997, WebObjects was used to build and run the Apple Store,^[77] MobileMe services, and the iTunes Store.

Pixar and Disney[link]

In 1986, Jobs bought The Graphics Group (later renamed Pixar) from Lucasfilm's computer graphics division for the price of $10 million, $5 million of which was given to the company as capital.^[78]

The first film produced by the partnership, Toy Story, with Jobs credited as executive producer,^[79] brought fame and critical acclaim to the studio when it was released in 1995. Over the next 15 years, under Pixar's creative chief John Lasseter, the company produced box-office hits A Bug's Life (1998); Toy Story 2 (1999); Monsters, Inc. (2001); Finding Nemo (2003); The Incredibles (2004); Cars (2006); Ratatouille (2007); WALL-E (2008); Up (2009); and Toy Story 3 (2010). Finding Nemo, The Incredibles, Ratatouille, WALL-E, Up and Toy Story 3 each received the Academy Award for Best Animated Feature, an award introduced in 2001.^[80]

Steve Jobs on computer graphics Steve Jobs on computer graphics. Interview excerpt from 1995.[81]

In the years 2003 and 2004, as Pixar's contract with Disney was running out, Jobs and Disney chief executive Michael Eisner tried but failed to negotiate a new partnership,^[82] and in early 2004, Jobs announced that Pixar would seek a new partner to distribute its films after its contract with Disney expired.

In October 2005, Bob Iger replaced Eisner at Disney, and Iger quickly worked to patch up relations with Jobs and Pixar. On January 24, 2006, Jobs and Iger announced that Disney had agreed to purchase Pixar in an all-stock transaction worth $7.4 billion. When the deal closed, Jobs became The Walt Disney Company's largest single shareholder with approximately seven percent of the company's stock.^[12] Jobs's holdings in Disney far exceeded those of Eisner, who holds 1.7 percent, and of Disney family member Roy E. Disney, who until his 2009 death held about one percent of the company's stock and whose criticisms of Eisner — especially that he soured Disney's relationship with Pixar — accelerated Eisner's ousting. Jobs joined the company's board of directors upon completion of the merger and also helped oversee Disney and Pixar's combined animation businesses from a seat on a special six-person steering committee.^[83] Upon Jobs's death his shares in Disney were transferred to the Steven P. Jobs Trust led by Laurene Jobs.^[84]

Return to Apple[link]

Logo for the Think Different campaign designed by TBWA\Chiat\Day and initiated by Jobs after his return to Apple Computer in 1997.

In 1996, Apple announced that it would buy NeXT for $427 million. The deal was finalized in late 1996,^[85] bringing Jobs back to the company he co-founded. Jobs became de facto chief after then-CEO Gil Amelio was ousted in July 1997. He was formally named interim chief executive in September.^[86] In March 1998, to concentrate Apple's efforts on returning to profitability, Jobs terminated a number of projects, such as Newton, Cyberdog, and OpenDoc. In the coming months, many employees developed a fear of encountering Jobs while riding in the elevator, "afraid that they might not have a job when the doors opened. The reality was that Jobs's summary executions were rare, but a handful of victims was enough to terrorize a whole company."^[87] Jobs also changed the licensing program for Macintosh clones, making it too costly for the manufacturers to continue making machines.

With the purchase of NeXT, much of the company's technology found its way into Apple products, most notably NeXTSTEP, which evolved into Mac OS X. Under Jobs's guidance, the company increased sales significantly with the introduction of the iMac and other new products; since then, appealing designs and powerful branding have worked well for Apple. At the 2000 Macworld Expo, Jobs officially dropped the "interim" modifier from his title at Apple and became permanent CEO.^[88] Jobs quipped at the time that he would be using the title "iCEO".^[89]

Jobs on stage at Macworld Conference & Expo, San Francisco, January 11, 2005

The company subsequently branched out, introducing and improving upon other digital appliances. With the introduction of the iPod portable music player, iTunes digital music software, and the iTunes Store, the company made forays into consumer electronics and music distribution. On June 29, 2007, Apple entered the cellular phone business with the introduction of the iPhone, a multi-touch display cell phone, which also included the features of an iPod and, with its own mobile browser, revolutionized the mobile browsing scene. While stimulating innovation, Jobs also reminded his employees that "real artists ship".^[90]

Jobs was both admired and criticized for his consummate skill at persuasion and salesmanship, which has been dubbed the "reality distortion field" and was particularly evident during his keynote speeches (colloquially known as "Stevenotes") at Macworld Expos and at Apple Worldwide Developers Conferences. In 2005, Jobs responded to criticism of Apple's poor recycling programs for e-waste in the US by lashing out at environmental and other advocates at Apple's Annual Meeting in Cupertino in April. A few weeks later, Apple announced it would take back iPods for free at its retail stores. The Computer TakeBack Campaign responded by flying a banner from a plane over the Stanford University graduation at which Jobs was the commencement speaker.^[43] The banner read "Steve, don't be a mini-player—recycle all e-waste".

In 2006, he further expanded Apple's recycling programs to any US customer who buys a new Mac. This program includes shipping and "environmentally friendly disposal" of their old systems.^[91]

Resignation[link]

In August 2011, Jobs resigned as CEO of Apple, but remained with the company as chairman of the company's board.^[92][93] Hours after the announcement, Apple Inc. (AAPL) shares dropped five percent in after-hours trading.^[94] This relatively small drop, when considering the importance of Jobs to Apple, was associated with the fact that his health had been in the news for several years, and he had been on medical leave since January 2011.^[95] It was believed, according to Forbes, that the impact would be felt in a negative way beyond Apple, including at The Walt Disney Company where Jobs served as director.^[96] In after-hours trading on the day of the announcement, Walt Disney Co. (DIS) shares dropped 1.5 percent.^[97]

Business life[link]

Wealth[link]

Jobs earned only $1 a year as CEO of Apple,^[98] Jobs held 5.426 million Apple shares worth $2.1 billion, as well as 138 million shares in Disney (which he received in exchange for Disney's acquisition of Pixar) worth $4.4 billion.^[99][100] Jobs quipped that the $1 per annum he was paid by Apple was based on attending one meeting for 50 cents while the other 50 cents was based on his performance.^[101] Forbes estimated his net wealth at $8.3 billion in 2010, making him the 42nd wealthiest American.^[102]

Stock options backdating issue[link]

Steve Jobs and Bill Gates at the fifth D: All Things Digital conference (D5) in 2007

In 2001, Jobs was granted stock options in the amount of 7.5 million shares of Apple with an exercise price of $18.30. It was alleged that the options had been backdated, and that the exercise price should have been $21.10. It was further alleged that Jobs had thereby incurred taxable income of $20,000,000 that he did not report, and that Apple overstated its earnings by that same amount. As a result, Jobs potentially faced a number of criminal charges and civil penalties. The case was the subject of active criminal and civil government investigations,^[103] though an independent internal Apple investigation completed on December 29, 2006, found that Jobs was unaware of these issues and that the options granted to him were returned without being exercised in 2003.^[104]

On July 1, 2008, a $7-billion class action suit was filed against several members of the Apple Board of Directors for revenue lost due to the alleged securities fraud.^[105][106]

Management style[link]

Jobs was a demanding perfectionist^[107][108] who always aspired to position his businesses and their products at the forefront of the information technology industry by foreseeing and setting trends, at least in innovation and style. He summed up that self-concept at the end of his keynote speech at the Macworld Conference and Expo in January 2007, by quoting ice hockey player Wayne Gretzky

There's an old Wayne Gretzky quote that I love. 'I skate to where the puck is going to be, not where it has been.' And we've always tried to do that at Apple. Since the very very beginning. And we always will.^[109]

Steve Jobs announcing the transition to Intel processors in 2005.

Much was made of Jobs's aggressive and demanding personality. Fortune wrote that he was "considered one of Silicon Valley's leading egomaniacs".^[110] Commentaries on his temperamental style can be found in Michael Moritz's The Little Kingdom, The Second Coming of Steve Jobs, by Alan Deutschman; and iCon: Steve Jobs, by Jeffrey S. Young & William L. Simon. In 1993, Jobs made Fortune's list of America's Toughest Bosses in regard to his leadership of NeXT.