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Apple’s Founding Contract Goes Under the Hammer, Sells for $1.6 Million

Apple's founding contract, signed by the late Steve Jobs, Steve Wozniak and Ronald Wayne has sold for almost $1.6 million at an auction held by Sotheby's.

The contract was purchased by Eduardo Cisneros, chief executive of Cisneros Corporation, which owns stakes in real-estate and media companies.

The three Apple founders had signed the contract on April 1, 1976. Wayne, who owned a 10 per cent stake in the company, decided to quit 11 days after Apple was formed. The amended document is also a part of the cache of documents sold by Sotheby's.

If Ronald Wayne would not have quite, his 10 per cent stake in Apple, which he had relinquished for $800 with an additional payment of $1,500, would have been worth a whopping $36 billion going by the company's most recent market evaluation.

The auction house said that apart from Cisneros, there were 5 other people who participated in the auction, the BBC reported.

The documents originally belonged to Wayne himself, who had played the crucial role of bringing Jobs and Wozniak together. Back in 1994, he sold the documents to Wade Saadi for ‘several thousand dollars', who then put them up for auction via Sotheby's.