Before and after he was rich, and indeed throughout
a life that included being both broke and a billionaire,
Steve Jobs’s attitude toward wealth was complex. He was
an antimaterialistic hippie who capitalized on the inventions
of a friend who wanted to give them away for free, and he
was a Zen devotee who made a pilgrimage to India and then
decided that his calling was to create a business. And yet
somehow these attitudes seemed to weave
together rather than conflict.
Morgan Stanley planned to price the offering at $18, even
though it was obvious the shares would quickly shoot up.
“Tell me what happens to this stock that we priced at eighteen?”
Jobs asked the bankers. “Don’t you sell it to your good customers?
If so, how can you charge me a 7% commission?” Hambrecht recognized
that there was a basic unfairness in the system, and he later went on to
formulate the idea of a reverse auction to price shares before an IPO.