"The $400 Million on Three Sheets of Paper": Apple's Birth Contract Goes Up for Auction Again — The Man Who Sold 10% for $800 and the "Birth Day" of a $4 Trillion Company

The Three Pages That Gave Birth to a $4 Trillion Company Are Up for Auction Again

One of the most valuable companies in the world today, Apple, began its story with just three sheets of contract signed on April 1, 1976.

These documents, which could be called the "birth certificate of Apple," are set to be auctioned again in January 2026, with an estimated sale price of $2 million to $4 million (approximately 300 million to 600 million yen).MacRumors

The contract was signed by the young Steve Jobs, Steve Wozniak, and the third co-founder, Ronald Wayne. The three signatures on these papers would go on to significantly change the course of technology history.AppleInsider

This article will organize the decades-long journey of this "founding contract," the reactions it has sparked online and on social media, and what we can learn from this event.

The "Three-Page Partnership Agreement" That Marked Apple's Birth

The item up for auction is the three-page partnership agreement known as the "Apple Computer Company Partnership Agreement."AppleInsider

• Date Signed: April 1, 1976

• Signatories: Steve Jobs, Steve Wozniak, Ronald Wayne

• Role: A contract establishing the formation and equity distribution of Apple Computer Company

The equity distribution was as follows:MacRumors

• Jobs: 45%

• Wozniak: 45%

• Wayne: 10%

Wayne, who was already in his 50s and had an established career, served as a sort of "adult supervisor" compared to the younger two. He was the one who typed the contract and also drew the initial Newton logo illustration.Artnet News

Without this contract, the prototype building in the garage might have remained just a hobby. By legally solidifying the relationship among the three, they were able to gain credibility with banks and business partners, leading to explosive growth later on.

The "Third Founder" Who Left in Just 12 Days

However, this contract did not last long. Just 12 days after signing, on April 12, Wayne chose to withdraw from the contract.AppleInsider

At the time, California state law allowed for the possibility of partners bearing unlimited liability for partnership debts. For Wayne, who already owned a home and assets, taking on the same risks as the 20-something Jobs and Wozniak was "too dangerous a gamble."Wikipedia

Wayne gave up his 10% equity in exchange for $800, and later received an additional $1,500 to relinquish all future rights.MacRumors

Decades later, Apple's market capitalization reached the $4 trillion mark. If the 10% equity had been maintained, its value would have been estimated at several hundred billion dollars (tens of trillions of yen).AppleInsider

Media sometimes call this decision "the worst business decision in history," but Wayne himself repeatedly states that, given the information and his risk tolerance at the time, it was "the best decision."VICE

The Soaring Value of "Scraps of Paper" at Auction

The upcoming auction will be part of Christie's New York event "We the People: America at 250," which celebrates the 250th anniversary of America's founding. The sale will feature historical documents and artifacts, with this contract being one of the highlights.AppleInsider

The items up for auction include

• the three-page founding contract

• the agreement documenting Wayne's withdrawal

with an estimate of $2 million to $4 million.MacRumors

This contract is not making its debut. It was previously auctioned at Sotheby's in 2011, where it sold for approximately $1.6 million.MacRumors

The more than doubling of its estimated value in just over a decade can be attributed to several factors:

1. Apple's Continued Growth
   Since 2011, Apple has continued to expand its iPhone and services business, consistently reaching historic highs in market capitalization. The premium on the document, which marks the "starting point" of this success story, has risen accordingly.MacRumors

2. The Maturing Market for Tech Artifacts
   Tech collector items, such as the Apple I computer, manuals signed by Jobs, and business cards, have been fetching high prices. In one case, an Apple I sold for $375,000.9to5Mac

3. The Emergence of Collectors Who Buy "Stories"
   Nowadays, high-priced collections are valued not just for rarity but for the "story they carry." The paper that marks the starting point of two college dropouts and a seasoned engineer leaping from a garage to a global company has an undeniable narrative appeal.Artnet News
   
   

Reactions on Social Media: Scrap of Paper or History?

When the news broke, various reactions flooded X (formerly Twitter), message boards, and forums.

On the MacRumors forum, where Apple fans gather, comments like the following were prominent (summarized):MacRumors

• "Just looking at the amounts Wayne received—$800, $1,500, and the $500 he got for selling the contract in the '90s—makes my heart ache."

• "It's strange that such an iconic document isn't owned by Apple itself."

• "Shouldn't Apple buy it back as a piece of its historical archive? Though Tim Cook might pass if he calculates the ROI."

On the other hand, on X, comments with a tone like the following were common (summarized):

• "Three sheets of paper for $4 million? But if you think about how there'd be no iPhone or Mac without them, maybe it's cheap."

• "Wayne's story is always perfect as an 'if story.' It should be used as teaching material in investment classes."

• "It's an era where historical documents are treated in the same market as art pieces."

While some mock it as "scraps of paper," others affirm it as an "investment in history," reflecting a mix of surprise and confusion over tech companies' success stories being treated as "cultural heritage."

The Lingering Question: "Why Doesn't Apple Buy It?"

One prominent point of discussion on social media is the question, "Why doesn't Apple buy it back?"MacRumors

Apple is a cash-rich giant, and a few million dollars is almost noise level in its financial statements. Yet, there is no information that Apple has "officially" bid in previous auctions.

There could be several reasons for this.

1. Corporate Priorities
   Apple clearly states its commitment to providing high capital efficiency (ROIC) to its shareholders. Spending on collections can be a "hard to justify" expense from an investor's perspective.

2. Possibility of Already Having Digital Archives
   Even without owning the original, the contract's content should be preserved as a legal record. The informational value as a historical document doesn't necessarily require purchasing the original.

3. A Stance of Leaving It to "Private Collectors' Freedom"
   There's also a discomfort with corporations "hoarding" items of cultural value. It might be healthier for "sharing history" if individual collectors or museums own and display them in various places.

The forum includes opinions like "If Apple were to create an official museum, this would be the perfect centerpiece for its opening exhibit," reflecting the fan sentiment that "the company should take responsibility for