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What is Mike Markkula’s Net Worth and Salary?
Mike Markkula is an American entrepreneur most well-known for being an angel investor and second CEO of Apple Computer, Inc. As of this writing Mike Markkula has a net worth $1.2 billion. After making a small fortune working for Intel within the Seventies, Mike retired on the age of 32. In 1976 Mike gave Steve Jobs and Steve Wozniak $250,000 to include into a proper firm known as Apple so they might mass manufacture the Apple II pc. Today Apple is price round $3 trillion. Mike retired formally from Apple upon Jobs’s return in 1997. He invested in quite a few further firms, together with notably Crowd Technologies and LiveCode, Ltd.
Mike Markkula was the longest-serving board member within the firm’s historical past, having served for 20 years, between 1977 and 1997. At the time he left Apple, the corporate was teetering on chapter, having misplaced $1.7 billion over the earlier 4 years. Mike wrote quite a few early applications for the Apple II and was the startup’s major bug-finder and product tester. Mike infamously sided with Apple’s second CEO, John Sculley in a boardroom conflict that resulted in Steve Job’s resignation from Apple in 1985.
For a few years till the mid-Nineties Mike was Apple’s largest particular person shareholder, proudly owning a number of million shares of the corporate (earlier than splits). He was ultimately overtaken as the corporate’s largest shareholder by Prince Al Walid bin Talal of Saudi Arabia who held that distinction for a number of years. Today Apple’s largest shareholder, Board Chairman Art Levinson, owns 1.14 million shares of the corporate.
Early Life
Mike Markkula was born Armas Clifford “Mike” Markkula Jr. on February 11, 1942 in Los Angeles, California. He obtained Bachelor of Science and Master of Science levels in electrical engineering from the University of Southern California. He made tens of millions on inventory choices he acquired as a advertising and marketing supervisor for Fairchild Semiconductor and Intel, and retired at 32.
Apple Investment
In 1976, Jobs together with two of his pals, Steve Wozniak and Ronald Wayne based Apple. Wayne was purchased out two weeks later. Venture Capitalist. In 1977, Mike was launched to Jobs by Venture Capitalist Don Valentine who had handed on investing in Apple. Jobs satisfied Markkula that the Apple II had huge business potential and satisfied him to grow to be their first main angel investor.
Mike would make investments a complete of $250,000 in Apple – $80,000 was an fairness funding and $170,000 was a mortgage. With the funding Mike turned one-third proprietor of Apple and formally worker #3.
In the start, Mike thought of Apple a short lived facet venture. He went as far as to vow his spouse that he would spend not more than 4 years on the start-up. He ended up working on the firm for almost twenty years.
(Photo by Tom Munnecke/Getty Images)
Notable Apple Accomplishments
Mike quickly found inside himself a exceptional aptitude for the main points wanted to construct a excessive expertise firm. Mike wrote a number of early Apple II applications and served as a beta tester for Apple {hardware} and software program. He additionally was acutely conscious that neither Jobs nor Wozniak had the talents or polish to be a public firm CEO. In 1977 he employed Michael Scott to function Apple’s CEO. He served as CEO till 1981 following Apple’s profitable IPO.
During his peak years with the corporate Mike helped Apple entry essential credit score and enterprise capital. He employed the corporate’s first CEO, Michael Scott, earlier than taking the title himself between 1981 and 1983. He green-lit designs that might ultimately grow to be the Macintosh pc and prevented Steve Jobs from killing the venture in favor of the “Lisa”. The Mac turned an infinite success. The Lisa was an enormous failure.
Mike himself then took over as CEO till 1983 when the corporate, primarily Jobs, recruited Pepsi’s CEO John Sculley to take over. Under Sculley’s administration, the corporate’s income elevated from $800 million to $8 billion.
Firing Steve Jobs
In 1985 Mike sided Sculley over Steve Jobs in a serious administration dispute that rocked the corporate to its core. Jobs felt so offended and betrayed by Mike specifically that he give up Apple and offered off his total 20% stake for lower than $100 million. Years later that 20% stake would have been price lots of of billions of {dollars}.
Years later Steve Wozniak would truly credit score Markkula for the success of Apple, greater than himself and even Jobs.
In an interview in 1997, Steve Jobs mentioned the next of Mike and his firing:
“I felt betrayed by Mike, however I nonetheless have a really heat spot in my coronary heart for him.“
In a separate interview, Mike replied:
“I assumed the way in which Steve left was at greatest ungentlemanly.“
Mike elaborated by explaining that the board had long-been sad about Steve’s lack of consideration at Apple within the earlier yr. Steve had spent a lot of the earlier yr launching a probably rival firm known as Next Computer Inc. Apple ended up suing Jobs, settling out of court docket. A decade later Apple acquired Next for $400 million.
Real Estate
In 1982 Mike and his spouse Linda paid $8 million for a sprawling 14,000 square-foot ranch known as Rana Creek Ranch in Carmel Valley, California. That’s the identical as spending round $20 million in as we speak’s {dollars}. The property has a 5,400 square-foot essential home and several other visitor homes. It encompasses a working cattle ranch, non-public lake, using enviornment, helipad and three,000-foot touchdown strip. They listed the home for sale in 2013 for $60 million. They lowered the worth to $45 million in 2016 after which $37 million in 2020. In August 2023 Mike and Linda reached a deal to promote the property to a nonprofit known as The Wildlands Conservancy for $35 million.
Outside of Carmel, Mike and Linda personal one other house not far-off within the city of Woodside.
In 1990 they paid $17.5 million for a 50-acre property in Woodside, one of the crucial costly zip codes on the earth. In the early Nineties Mike and Linda spent a number of years making an attempt to realize approval from the city council to construct an 18,000 sq. foot French-country-style mansion on the property. They finally didn’t achieve approval resulting from Woodside’s strict 8,000 sq. foot dimension restriction. They as an alternative constructed a 7,300 sq. foot mansion. Today the Markkula Woodside property is well price $50 million as we speak. They additionally personal a house in Hawaii.
Personal Life and Philanthropy
Mike and Linda have used their wealth to make quite a few philanthropic donations. Over the years they’ve given tens of millions of {dollars} to Santa Clara University which is now house to the Markkula Center for Applied Ethics.
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