This legend never seems to die. "While Apple was struggling at the time, it did have approximately $1.2 billion in cash reserves." [1]. So the $150 million from Microsoft were not that relevant in saving Apple – new products such as the G3 iMac, which was announced 25 years ago today, saved the company.
[1] https://www.cultofmac.com/567497/microsoft-investment-saves-...
