2023-07-20 19:00:00
More than three decades ago, in December 1989, the iconic co-founder of AppleSteve Jobs made a job offer that is still the subject of debate today. At that time, Jobs was already a prominent figure in the technology and business world, having founded Apple and revolutionized the computer industry.
After leaving Apple due to disagreements with the board of directors, Jobs founded his next big project, the NeXT company, focused on manufacturing high-capacity computers for universities and companies.
In his search to recruit talent for NeXT, as he remembers DW, Steve Jobs tried to convince Apple executives, including David Nagy, a talented developer who already worked at the apple company. In a personal letter signed by Jobs, the Apple co-founder extended a tempting offer to Nagy that has gone down in history.
The crazy offer that was rejected
The offer included an annual salary of $80,000, a starting bonus of $5,000 and a full package of medical benefits, including dental and prenatal expenses. What was wildest and most debated at the time, however, was the stock option that Jobs offered Nagy: a package of 5,000 NeXT shares, which would later be converted into Apple shares according to the financial plan projected for 1990.
At the time, NeXT was still a fledgling company, and the value of those shares didn’t look impressive. Although Jobs called the offer “crazy good,” few could have foreseen the future success that awaited NeXT and its subsequent acquisition by Apple in 1997.
Over time, Nagy’s refusal to accept Jobs’s offer has been the subject of discussion. While some on social media support his decision, others envy the opportunity he missed. The $80,000 a year offered by Jobs back then would be equivalent to about $200,000 today, according to calculations.
But the real turning point is in the actions. That package of 5,000 NeXT titles, which would later be transformed into Apple shares, would be worth millions of dollars today.
Although several Apple executives agreed to similar terms at the time, Nagy stood by his decision to reject the offer. When the letter went viral, the developer revealed the three reasons that led him to make that decision.
The reasons for rejection
First, he had no confidence in NeXT’s hardware sales success and wanted Jobs to focus on the exceptional software they offered. In addition, he very much enjoyed his work at Apple and preferred not to have to deal directly with Jobs’s demanding work style.
In time, Nagy’s prediction proved correct. NeXT’s computer business failed to take off, while its software was the jewel that caught Apple’s attention. The apple company ended up incorporating part of the NeXT operating system into its personal computers, forming what we know today as macOS.
Despite having rejected Steve Jobs’s offer, David Nagy confessed that he only slightly regretted his decision. The letter that Jobs sent him was auctioned and sold for $27,000, and Nagy still has another copy as a memento of that historic proposal that changed the course of the technology industry.
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