What Happened on December 12th

Apple's initial public offering was the largest IPO since the Ford Motor went public in 1956. Nonetheless, it sold out in minutes. Originally priced to sell at $14 a share, the stock opened at $22 and all 4.6 million shares were sold almost immediately. The stock rose almost 32% that day to close at $29, giving the company a market evaluation of $1.778 billion. The three founders of Apple Computer, Steve Jobs, Steve Wozniak and Mike Markkula weren’t only ones who did well that day. More than 40 of Apple’s 1,000 employees became instant millionaires thanks to the stock options.