In August 1997, Apple was on the edge of collapse. Its finances were in shambles and the tech giant that once stood at the forefront of innovation was nearing bankruptcy.

Enter Bill Gates, co-founder of Microsoft, Apple’s longtime rival, who unexpectedly became the story’s hero. Gates stepped in with a $150 million investment, a move that saved Apple and became one of the most talked-about moments in tech history.

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“Apple was in very serious trouble,” Steve Jobs admitted at the 2007 D5 tech conference alongside Gates. At the time, Jobs had just returned to Apple and found the company desperately needing help. His willingness to reach out to Gates – someone who had been a fierce competitor – marked a turning point for the company. As Jobs explained during the conference, “Apple was very weak and so I called Bill up and we tried to patch things up.”

Microsoft’s investment was more than just financial support; it represented a shift in mindset. According to Jobs, “Apple didn’t have to beat Microsoft. Apple had to remember who Apple was because they’d forgotten who Apple was.” This mentality allowed both companies to coexist, with Microsoft becoming the largest software developer for Apple’s Mac platform.

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When Jobs announced the deal at the 1997 MacWorld conference, Gates made an appearance via satellite to a chorus of boos from the audience. But for both companies, it was a win. Microsoft gained a business opportunity, while Apple got the boost it needed to stay afloat. Reflecting on the investment a decade later, Gates said, “That’s worked out very well.”

In an iconic moment, Steve Jobs publicly thanked Gates for his help, telling him, “Bill, thank you. The world’s a better place.” This gratitude was even immortalized on the cover of Time Magazine, a symbol of the profound impact this partnership had on the tech world.

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Despite a very public rivalry, the investment marked a turning point for Apple and the personal relationship between Gates and Jobs.

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In a 60 Minutes interview with Charlie Rose, Gates recalled visiting Jobs on his deathbed and grew emotional. Reflecting on their relationship, Gates explained: “He and I, in a sense, grew up together. We were within a year of the same age and we were kind of naively optimistic and built big companies. And every fantasy we had about creating products and learning new things – we achieved all of it. And most of it as rivals. But we always retained a certain respect and communication, including even when he was sick.”

Though the deal raised some eyebrows, it wasn’t the end of competition between Apple and Microsoft. Both companies continued to thrive, shaping the tech industry’s future together.

Their collaboration was a powerful reminder that rivals can find common ground, even in the most unexpected circumstances.

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This article Bill Gates Saved ‘Rival’ Apple From Bankruptcy By Investing $150 Million – Steve Jobs Thanked Him Publicly: ‘The World’s A Better Place’ originally appeared on Benzinga.com

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