Back in April 2008 I mused on Steve Jobs’s leadership style (brilliant micromanager) and how Apple has benefited from that. Yet making the company so dependent on one (very talented) person has actually made the company more vulnerable.
With news that Jobs had to give up his day-to-day duties on doctor’s orders, Wall Street seems to agree. Shares of Apple have dropped about 5 percent since the word got out about his health a week ago.
Why didn’t Wall Street factor in Apple’s inordinate dependence on Jobs during the last five years’ run up in the value of Apple stock? Why do they just recognize this vulnerability now? Yes, ladies and gentlemen, the sad but shocking truth that I must now convey to you is this: Wall Street is shortsighted.