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Acquired

The Steve Ballmer Interview

6/2/20252 hr 59 min

We sit down with Steve Ballmer, the legendary former Microsoft CEO and owner of the LA Clippers, for an epic conversation covering his 34 years at Microsoft. Steve listened to our Microsoft episodes and had some thoughts to share — and boy, did he deliver. Steve takes us point-by-point through the original IBM DOS deal that started everything, how he built Microsoft's enterprise business from scratch, and offers his candid reflections on missing mobile and search. We also cover the story behind “developers, developers, developers”, the complexities of his relationship with Bill Gates (including a year where they didn't speak), and why he ultimately decided to step down as CEO. Plus, we learn why Steve has held onto his Microsoft stock through it all — giving him arguably the best investment track record in the world over the last 10 years with his net worth growing from $20B to $130B since leaving. And of course, we couldn't resist also talking about his other passion: the Clippers and Intuit Dome. Hit play and get ready to experience the patented Steve Ballmer energy and fun on full display!

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‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

Clips

Steve and Bill Didn't Speak for a Year
Why Ballmer Really Resigned as CEO
The Meeting That Made Satya CEO
Luck is Important in Great Companies
Finding Out About IBM Divorce
Not Enterprise Ready Until Late 2000s
The Trick Pony Business Framework
Why He Never Sold Microsoft Stock
Developers Developers Developers Context
Intuit Dome Built for Hardcore Fans

Transcript preview

First 90 seconds

  1. Ben Gilbert· Host0:00

    All right. So David, Steve gave us the signed Clippers jersey with the name Acquired on it. There's only one jersey. What are we gonna do about this?

  2. David Rosenthal· Host0:10

    Ooh-hoo-hoo. (laughs) Should we rock, paper, scissors for it? What, what... You know what? No, no. You keep it. There's no Seattle basketball team.

  3. Ben Gilbert· Host0:19

    Oh.

  4. David Rosenthal· Host0:21

    Keep it there, up in the...

  5. Ben Gilbert· Host0:22

    All right, all right. It'll, it'll go in, uh, Acquired Museum North.

  6. David Rosenthal· Host0:25

    Great.

  7. Ben Gilbert· Host0:26

    Perfect. All right, let's do it.

  8. David Rosenthal· Host0:27

    Let's do it.

  9. Speaker 20:28

    Who got the truth? Is it you? Is it you? Is it you? Who got the truth now? Hmm. Is it you? Is it you? Is it you? Sit me down. Say it straight. Another story on the way. Who got the truth?

  10. Ben Gilbert· Host0:45

    Welcome to episode one of the summer 2025 season of Acquired, the podcast about great companies and the stories and playbooks behind them. I'm Ben Gilbert.

  11. David Rosenthal· Host0:55

    I'm David Rosenthal.

  12. Ben Gilbert· Host0:56

    And we are your hosts. Steve Ballmer is, among other things, arguably the very best investor of the last 20 years. It sounds a little funny to frame it that way, but here are the numbers. In 2014 when Steve left Microsoft, his net worth was $20 billion, almost entirely comprised of Microsoft stock. Today, 11 years later, it is a staggering $130 billion, according to Forbes. It is incredibly rare to reach this stratospheric level when you are, A,

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