Early Life and Career

Mike Markkula was born Armas Clifford Markkula Jr. on February 11, 1942 in Los Angeles. He studied electrical engineering at the University of Southern California, earning both bachelor’s and master’s degrees.

In the 1960s, Markkula worked as an engineer at Fairchild Semiconductor and then Intel. As director of marketing at Intel, he acquired valuable stock options that he would later cash out for millions after the company went public. A self-made millionaire by age 32, Mike decided to retire early.

Angel Investing in Apple

In 1976, Markkula met Apple co-founders Steve Jobs and Steve Wozniak through mutual acquaintances. Jobs and Wozniak had developed the Apple I and Apple II computers in Jobs’ garage, but needed capital to formally incorporate their company and grow it.

Impressed by their vision, Markkula invested $250,000 ($80k equity and $170k loan) into Apple Computer Inc. and assumed role as chairman of the board. His investment gave him a one-third ownership stake in the fledgling company, making him Apple’s first major outside investor and effective third co-founder.

Markkula brought crucial business knowledge and credibility to Apple. He helped the founders recruit Michael Scott as Apple’s first CEO and assembled a professional management team. He also provided vital mentoring to Jobs and Wozniak, neither of whom had prior business experience.

Key Contributions at Apple

As an early Apple employee and board member, Markkula made many vital strategic contributions:

• Wrote several early Apple II programs and rigorously tested products
• Played a key role in accessing venture capital and credit for Apple
• Developed and published Apple’s first business plan
• Insisted that the Apple II have slots and expansion capabilities
• Greenlit the Macintosh project in 1981 over objections from other executives
• Mentored Jobs and Wozniak on business basics like marketing and distribution

Markkula served as Apple’s second CEO from 1981 to 1983. He helped oversee its successful IPO and growth from $785k to over $600 million in annual revenue.

Falling Out with Jobs & Departure

In 1985, a power struggle erupted between Jobs and new CEO John Sculley. Backed by Markkula and the board, Sculley removed Jobs from his operational role at Apple. Feeling betrayed, Jobs resigned and sold all but one share of his Apple stock.

Markkula would later say that he regretted his falling out with Jobs, who had considered him a father figure. Jobs was critical of Markkula’s loyalty to Sculley but later said he still had “a very warm spot” for Markkula.

Mike Markkula remained on the Apple board until 1997 when Jobs returned as CEO. By that point, years of declining sales, losses, and failed products had eroded his large equity stake. Markkula’s 20+ years on the board was the longest tenure of any director in Apple history.

Investments & Philanthropy After Apple

Following his Apple departure, Markkula focused on investing in early-stage technology companies through his venture firm Echelon Ventures. Among his most notable investments were Crowd Technologies and LiveCode.

Mike and his wife Linda have donated millions to charities over the years, with a focus on education and ethical leadership. Major beneficiaries include Santa Clara University, which is home to the Markkula Center for Applied Ethics founded with their support.

Legacy & Net Worth

While less of a household name than Jobs or Wozniak, Mike Markkula was a vital early team member without whom Apple might not exist today. His business guidance lent legitimacy to the two younger founders while his seed funding fueled Apple’s launch.

For over 20 years, Markkula was Apple’s longest-tenured board member, largest shareholder, and steadiest influence outside the founders. His shares would have been worth billions had he retained his full stake after 1985.

As of 2024, Mike Markkula has an estimated net worth of $1.2 billion, reflecting his early Apple windfall and subsequent investing success according to Celebrity Net Worth. While less prominent today, he will always be remembered as one of Apple’s key angel investors and a “third founder” alongside Jobs and Wozniak. I sincerely hope you find this “Mike Markkula Net Worth in 2024? How Much Is He Worth?” article helpful.

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