At 1997.
It was a tough time at Apple — we were trading below book value on the market — our enterprise value was actually less than our cash on hand. And the rumors were everywhere that we were going to be acquired by Sun.
Someone in the audience asked him about Michael Dell’s suggestion in the press a few days previous that Apple should just shut down and return the cash to shareholders, and as I recall, Steve’s response was: “Fuck Michael Dell.” Good god, what a message from a CEO! He followed it up by admitting that the stock price was terrible (it was under $10, I think — pretty sure it was under $2 split-adjusted), and that what they were going to do was reissue everyone’s options on the low price, but with a new 3 year vest.
He said, explicitly: “If you want to make Apple great again, let’s get going. If not, get the hell out.” I think it’s not an overstatement to say that just about everyone in the room loved him at that point, would have followed him off a cliff if that’s where he led.
Then in 2006, Jobs sent an email to all employees when Apple's market capitalization rose above Dell's. The email read:
Team, it turned out that Michael Dell wasn't perfect at predicting the future. Based on today's stock market close, Apple is worth more than Dell. Stocks go up and down, and things may be different tomorrow, but I thought it was worth a moment of reflection today. Steve.
Source.
