This Day In Market History: Jobs, Wozniak Cultivate Apple

Each day, Benzinga takes a look back at a notable market-related moment that occurred on this date.

What Happened

On April 1, 1976, Steve Jobs, Steve Wozniak and Ronald Wayne teamed up to establish Apple Computer Inc.

Where The Market Was

The S&P 500 closed around 102.24, and the Dow Jones Industrial Average traded around 4,491.81.

What Else Was Going On In The World

On the same day, Conrail took control of six bankrupt railroads in the northeast. Earlier that week, Washington D.C. opened its Metro, and the International Bill of Rights went into effect.

The World Takes Its First Bite Of Apple

In the shadows of Jobs’ Cupertino garage, three tech enthusiasts signed the founding document of one of the world’s most prolific brands. Apple Computer Inc was established to sell Apple I personal computers, which Wozniak hand-built. The team began selling the kits in July.

The original agreement gave Jobs and Wozniak each 45 percent of the company while leaving Wayne 10 percent. Wayne sold his stake back for $800 11 days later.

Apple was officially incorporated Jan 3., 1977, hit the public markets Dec. 12, 1980, and rebranded as “Apple Inc” AAPL in January 2007 to broaden its scope from computers to electronics.

Under its widened mission, Apple sells more than $200 billion in iPod, iPhone and iPad products annually. It’s worth $895.67 billion — far beyond Wayne’s initial $8,000 valuation — and remains one of the largest publicly traded companies on the planet. Last year, it became the first to break a $1 trillion market cap.

Related Links:

This Day In Market History: Alphabet Briefly Becomes World's Most Valuable Company

This Day In Market History: Steve Jobs Leaves Apple

Photo by Marcin Wichary/Wikimedia.