Apple's CEO Steve Jobs has refuted claims made in Fortune magazine that he has stocks worth $872 million.

The magazine also claimed Jobs got last year's mightiest CEO pay package, valued at $381 million. Fortune claimed to have calculated this through his "monstrous" options grant and the $90 million Gulfstream jet that the Apple board gave him.

Jobs refuted the stocks claim in a letter to the editor, in which he said: "Apple granted me an opportunity to purchase 20 million shares for $43.59 per share. Since then, Apple's stock has declined and is now trading around $24 per share. So Apple's current stock price will have to almost double before my options are worth a nickel," MacCentral reported.

Jobs said Fortune "bent" the truth to sell magazine copies. Fortune, however, retaliated, by saying that if Apple's stock appreciates at the same rate as in the 1990s, then Jobs stands to reap $1.2 billion.