Yes, "that logic" being just plain old "logic". Jobs didn't start Pixar he invested in a spin-out of a division of an existing company.
From wikipedia
"the group, which numbered 40 individuals back then,[1] was spun out as a corporation in February 1986 with investment by Steve Jobs shortly after he left Apple Computer.[1]"
From wikipedia
"the group, which numbered 40 individuals back then,[1] was spun out as a corporation in February 1986 with investment by Steve Jobs shortly after he left Apple Computer.[1]"