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The tale of an apple falling on Isaac Newton’s head was said to give rise to the notion of gravity.
That story is apocryphal, but it appears that Apple’s head, Steve Jobs, felt no-one loved him on the board of the firm, and the gravity of the situation was such he asked for an enormous share option grant in 2001.
Forbes magazine obtained a copy of Jobs’ sworn deposition to the Securities and Exchange Commission (SEC) in 2008 following an investigation into back dated shares.
He was grilled by the SEC for three hours and revealed in the 119 page filing that his peers didn’t recognize the contribution he’d made to Apple. His stocks had suffered from the burst of the dot.com bubble, but it wasn’t the money he was bothered about, Jobs told the SEC investigators.
“Everybody likes to be recognized… I just felt like there is nobody looking out for me here you know…I thought I was doing a pretty good job.”
So he went to the board and effectively said “love me, gimme some shares”. As part of the investigation, two Apple executives resigned from the board and paid a heap of dosh to the SEC. Jobs (54) was exonerated of charges he’d been involved in the backdating of shares. Forbes has more details, here. We trust you have an idea of the gravity of the situation Steve Jobs found himself in.