A Look Back at Steve Jobs' 2003 Stock Options Swap Reveals $10 Billion Opportunity Lost - MacRumors
Skip to Content

A Look Back at Steve Jobs' 2003 Stock Options Swap Reveals $10 Billion Opportunity Lost

153808 aapl growth since 2003

MarketWatch takes a look at "what might have been", examining Apple CEO Steve Jobs' decision to accept a March 2003 offer from the company to exchange his existing stock options for new ones at a more attractive price in comparison to the company's languishing stock price at that time, a move that would appear to have cost Jobs $10 billion in net worth at today's prices.

After the bursting of the tech bubble in early 2000, the Nasdaq Composite had plunged nearly 80% from its peak. Companies had folded left and right. Those left were staggering. Apple had fared as badly as any. Its stock had plummeted from a peak of $36 all the way down to about $7. (All prices have been adjusted for a subsequent stock split.)

With Jobs holding multiple lots of stock options with exercise prices of $9.15 (15 million shares) and $21.80 (40 million shares), his stake in those options was worthless at that time beyond the potential for share price increases to push the options into positive territory in the future.

Jobs was not the only Apple employee in that position, however, and when the company offered employees the opportunity to cancel their existing options in exchange for a significantly smaller number of options at a lower price, Jobs and others took the offer.

He volunteered to cancel all his options in return for a far smaller number of shares, worth about $75 million at the time. The trade made sense -- unless Apple boomed again.

Ahem.

The shares Jobs received are worth $2.5 billion at today's stratospheric prices.

Had Jobs held onto his original options, he would have seen them become profitable approximately a year and a half later and be worth $12.8 billion today. The difference means a missed opportunity of $10.3 billion for Jobs.

As the report notes, however, Jobs is of course not hurting for wealth, having been ranked the world's 136th richest person in Forbes' recent rankings. But the majority of Jobs' wealth comes from his holdings of Disney, where he became the company's largest individual shareholder after it purchased Pixar in 2006.

And there may have been another upside to Jobs' cancellation of his original stock options. A portion of those options, along with additional grants made to other Apple executives, was the focus of a backdating scandal, which resulted in an investigation by the U.S. Securities and Exchange Commission and the departure of former Chief Financial Officer Fred Anderson from Apple's Board of Directors and General Counsel Nancy Heinen from the company.

Popular Stories

iOS 18 Siri Personal Context

Siri AI Settlement Website Now Live: Apple to Pay Some iPhone Owners

Sunday September 20, 2026 7:24 pm PDT by
In May, Apple agreed to pay $250 million to settle a U.S. class action lawsuit over Siri AI's delayed launch, and the settlement website is now live. Apple will pay an estimated $25 per eligible iPhone to eligible customers, who can submit a claim via the settlement website between September 21 and December 21 of this year. The exact payment may be higher or lower than $25 depending on the...
iOS 26 Home Feature

Apple Will Soon Announce an All-New Operating System

Tuesday September 22, 2026 9:19 am PDT by
Apple is developing an all-new operating system that is essentially a mix of tvOS, watchOS, and iOS, according to Bloomberg's Mark Gurman. In his latest Power On newsletter, Gurman reiterated that the operating system will feature a grid of app icons, widgets, and customizable clock faces. The new software platform is intended for Apple's long-rumored smart home hub. With built-in facial...
Mostly Screen iPhone Purple Feature 2027

iPhone 20 Pro Display Sizes Leak Ahead of 2027 Launch

Monday September 21, 2026 4:29 am PDT by
Apple's 20th-anniversary iPhone lineup could feature slightly larger displays than the iPhone 18 Pro models, if a new leak shared on Weibo is accurate. Prolific Chinese leaker Digital Chat Station claims that early iPhone 20 Pro display specifications include a 6.41-inch screen with a resolution of approximately 2,686 × 1,236 pixels, while the iPhone 20 Pro Max is said to have a 6.96-inch...
Latest Stories
Apple Podcasts Subscriptions Will Soon Support Video
Apple Podcasts Subscriptions Will Soon Support Video
1 hour ago
Apple Watch Ultra 3 Drops to Record Low $599.97 on Amazon
Apple Watch Ultra 3 Drops to Record Low $599.97 on Amazon
1 hour ago
AT&T Responds to iOS 27's New iPhone Handoff Feature
AT&T Responds to iOS 27's New iPhone Handoff Feature
1 hour ago
Launch Discounts Arrive for New Mac Mini and Mac Studio, Plus Massive Deal on Samsung's Portable SSD
Launch Discounts Arrive for New Mac Mini and Mac Studio, Plus Massive Deal on Samsung's Portable SSD
2 hours ago
New iPhone Setting Lets Users Shake Off Motion-Sensing Ads
New iPhone Setting Lets Users Shake Off Motion-Sensing Ads
4 hours ago
Apple Intelligence Taking Up 30GB+ on Some Macs Running macOS 27
Apple Intelligence Taking Up 30GB+ on Some Macs Running macOS 27
5 hours ago
New Mac Mini Has Two Storage Downsides, Including Unremovable SSD
New Mac Mini Has Two Storage Downsides, Including Unremovable SSD
12 hours ago
Apple Card Savings Account's Interest Rate Just Went Up
Apple Card Savings Account's Interest Rate Just Went Up
13 hours ago
Apple Releases First Public Betas of iOS 27.2 and macOS Golden Gate 27.2
Apple Releases First Public Betas of iOS 27.2 and macOS Golden Gate 27.2
16 hours ago
OpenAI's New GPT-6 Sol and Luna Models Bring Astra Improvements to Cheaper Tiers
OpenAI's New GPT-6 Sol and Luna Models Bring Astra Improvements to Cheaper Tiers
19 hours ago
Apple Park Visitor Center Just Lost an Attraction Offered Since 2017
Apple Park Visitor Center Just Lost an Attraction Offered Since 2017
20 hours ago
Shazam App for iPhone Updated With New Icon and iMessage Stickers
Shazam App for iPhone Updated With New Icon and iMessage Stickers
20 hours ago
Anthropic Launches Claude Opus 5.5 With Fable-Level Performance at a Lower Price
Anthropic Launches Claude Opus 5.5 With Fable-Level Performance at a Lower Price
20 hours ago
Apple Releases Firmware Update for Beats 360
Apple Releases Firmware Update for Beats 360
21 hours ago
Beats 360 Pre-Orders Open at Amazon With Cushion Kits on Sale, Plus More Beats Deals
Beats 360 Pre-Orders Open at Amazon With Cushion Kits on Sale, Plus More Beats Deals
22 hours ago
Apple Puts AirTag-Sized AI Pin on Hold
Apple Puts AirTag-Sized AI Pin on Hold
22 hours ago
Beats 360 Ear Cushion Kits Just $9.99 Each Until the End of October
Beats 360 Ear Cushion Kits Just $9.99 Each Until the End of October
22 hours ago
Apple Testing Prototypes of Whoop-Like Screenless Fitness Band
Apple Testing Prototypes of Whoop-Like Screenless Fitness Band
23 hours ago
Apple Will Soon Announce an All-New Operating System
Apple Will Soon Announce an All-New Operating System
23 hours ago
Apple Watch Series 10 vs. Series 12 Buyer's Guide: Should You Upgrade?
Apple Watch Series 10 vs. Series 12 Buyer's Guide: Should You Upgrade?
23 hours ago
Apple's Smart Glasses to Enter a Rapidly Growing Market
Apple's Smart Glasses to Enter a Rapidly Growing Market
1 day ago
Apple Event This October? These 7 New Products Expected Next Month
Apple Event This October? These 7 New Products Expected Next Month
1 day ago
Beats 360 Deliver Customizability and a Revamped Over-Ear Headphone Design
Beats 360 Deliver Customizability and a Revamped Over-Ear Headphone Design
1 day ago
Massive Discounts Hit 2026 MacBook Pro, Save Up to $600 on Amazon
Massive Discounts Hit 2026 MacBook Pro, Save Up to $600 on Amazon
1 day ago
Apple Planning to Bring iPhone Duo Display Tech to Pro in 2029
Apple Planning to Bring iPhone Duo Display Tech to Pro in 2029
1 day ago
Apple Announces 'Tap to Pay on iPhone' Availability in 8 More Countries
Apple Announces 'Tap to Pay on iPhone' Availability in 8 More Countries
1 day ago
New Mac Mini and Mac Studio Now Available for Same-Day Pickup at Apple Stores
New Mac Mini and Mac Studio Now Available for Same-Day Pickup at Apple Stores
1 day ago
Apple Still Working on Anti-Snatching Feature That Locks Stolen iPhones
Apple Still Working on Anti-Snatching Feature That Locks Stolen iPhones
1 day ago
Apple Quietly Excludes Older iPhones From New Camera Feature
Apple Quietly Excludes Older iPhones From New Camera Feature
1 day ago
App Switcher Returns in watchOS 27.2 Beta With New Launch Gesture
App Switcher Returns in watchOS 27.2 Beta With New Launch Gesture
1 day ago