August 6, 1997: On this day, one of the most interesting moments in the history of Apple occurs when Steve Jobs announced at the Boston Macworld Expo that Microsoft has invested $ 150 million in its competitor.
In exchange, Microsoft received non-voting shares in Apple, and Jobs agreed to introduce Microsoft Internet Explorer for the Mac. On the other hand, Apple received both money and a guarantee that Microsoft would support Office for Mac for at least five years.
In addition, Apple has agreed to drop its long-standing lawsuit accusing Microsoft of copying the look and feel of Mac OS. Both companies benefited from these investments.
Apple’s new investment brings hope for improvement
Gates’ investment was not the only announcement made at the 1997 Macworld Expo. Jobs also closed consideration of the reorganization of Apple’s board of directors.
Instead of the old board of directors, Jobs assembled a new, more favorable team. It included Intuit CEO William Campbell, Jobs’ longtime friend and Oracle boss Larry Ellison, and Jerome Yorke, former CFO of IBM and Chrysler.
“The old team was connected to the past, which turned out to be a failure. There are high expectations for the new council,” Campbell said in a video speech shown to the audience at Macworld.
It was a transitional moment that marked the beginning of a major turnaround for Apple. Just 21 years later, Apple became the first American company in history to be valued at $1 trillion.
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