This actually came up in Woz's Founders at Work interview:<p><a href="http://www.foundersatwork.com/steve-wozniak.html" rel="nofollow">http://www.foundersatwork.com/steve-wozniak.html</a><p>Livingston: What about Ron Wayne? Wasn't he wasn't one of the founders?<p>Wozniak: Yes, but not when we incorporated as a real company. We had two phases. One was as a partnership with Steve Jobs for the Apple I and then for the Apple II, we became a corporation, Apple Computer Incorporated.<p>Steve knew Ron at Atari and liked him. Ron was a super conservative guy. I didn't know anything about politics of any sort; I avoided it. But he had read all these right-wing books like "None Dare Call it Treason" and he could rattle the stuff off. I didn't realize it until later.<p>He had instant answers to everything. He had experience with businesses and times he'd been gypped out of stock deals. He always had something very quick to say and, wow, it sounded like he was very knowledgeable about this stuff. He sat down at a typewriter and typed our partnership contract right out of his head using lawyer type words. I just thought, "How do you know what to say, all rights and privileges and all the different words that are in there"—I don't even know what they are. He did an etching of Newton under the apple tree for the cover of our Apple I manual. He wrote the manual. So he helped in a number of ways. Steve had 45% of this partnership, I had 45%, and Ron had 10% because both of us agreed that we could trust him to resolve any dispute, and we would trust his judgment.<p>Then what happened was that we were going to sell PC boards for $20 each and fund it out of our own pockets. I sold my HP calculator, Steve sold his van, so we had a few hundred bucks each. Then Steve got the $50,000 order. Over at the company that was making our PC board, as soon as the PC boards were made, they opened up a closet that had our parts and it started a 30-day clock ticking. We had 30 days to pay for the parts. The parts got stuffed into the computers, we made them work, we delivered them to the store and got paid in cash. The parts suppliers—the distributors in Mountain View—had checked with the store owner and knew that he was going to pay us. So basically, we didn't have the credit; he was good for it. But, here was the problem: What if he didn't accept them one time or didn't pay us? We would owe a ton of money on those chips.<p>I had no money and Steve had no money. We didn't own cars, we didn't have savings accounts, we didn't have houses. So Ron Wayne figured they'd come after him for his golden nuggets that he kept under his mattress. (He actually tells me it was in a safe—but he was afraid they'd come and get his gold.) So he sold out. It was too risky for him, so he sold out his 10% of Apple to us for a few hundred bucks. Maybe $600, maybe $800, maybe $300, but a few hundred bucks. And this was even when we had an Apple II designed and were heading toward future business. He was just scared that something was going to catch him.