- Richest Business
- Net Worth:
- $50 Million
- Date of Birth:
- 1966 (57 years old)
- Place of Birth:
- United States of America
What is Chris DeWolfe's net worth?
Chris DeWolfe is an American entrepreneur who has a net worth of $50 million. Chris DeWolfe earned his fortune as the co-creator of MySpace. He served as CEO of MySpace, strategic advisor for MySpace and as a member of the board on MySpace China. Chris was crucial in shepherding MySpace towards its 2005 acquisition by News Corp for $580 million. Between equity sales, salaries and bonuses, Chris earned around $40 million off MySpace. After Chris stepped down as CEO of MySpace, he was replaced by former Facebook Executive, Owen Van Natta. He would go on to serve as CEO of a number of Los Angeles-based startups, notably mobile game developer Jam City Inc.
News Corp Acquisition of MySpace
News Corp acquired Myspace for $580 million in July 2005. Prior to the sale, Myspace had been restructured several times resulting in a rather complicated equity shareholder pool.
Early on, the company received $15.3 million in funding from a company called VantagePoint.
In February 2005, Myspace took on another $15.5 million from a company called Redpoint. At the time of the Redpoint investment, 25% of the equity was set aside for six employees who were considered the founders of Myspace. This group included Tom Anderson and Chris DeWolfe who each sold $3 million worth of their equity to Redpoint. There was one catch to the Redpoint investment though: If Redpoint was able to sell MySpace for greater than $125 million within one year, the founders stake would be limited at that $125 million valuation. That meant, when News Corp acquired Myspace for $580 million, the six founders received a combined $30 million.
According to the book "Stealing Myspace", by Wall Street Journal reporter Julia Angwin, DeWolfe and Anderson each took $10 million of that cut, leaving $10 million for the remaining four founders to split. DeWolfe and Anderson were then both given two-year $30 million contracts with News Corp.
In the end, Redpoint made $44.5 million off their $15.5 million investment in less than a year. VantagePoint made $139 million off their $15.3 million investment. In total, between cash outs, acquisitions and salary, Anderson and DeWolfe both grossed roughly $40 million from the MySpace venture.
Early Life and Education
Chris DeWolfe was born on March 27, 1966, in Portland, Oregon. He grew up in a middle-class family. Both his mother and father were teachers. He went to Lincoln High School followed by the University of Washington where he earned a B.A. degree in Finance. He also attended the University of Southern California, where he focused on Marketing and Entrepreneurial studies. He earned an M.B.A. from the USC Marshall School of Business. After graduating, DeWolfe worked in several jobs in the tech industry before co-founding MySpace in 2003.
In 2003, Chris DeWolfe co-founded MySpace with several other entrepreneurs, including Tom Anderson and Josh Berman. MySpace quickly became one of the most popular social media websites in the world, with millions of users signing up to connect with friends and share content.
Under DeWolfe's leadership, MySpace grew rapidly and was eventually acquired by News Corp for $580 million in 2005. DeWolfe remained with MySpace as CEO until 2009, when he left the company to pursue other ventures.
After leaving MySpace, Chris DeWolfe founded several other successful startups, including Jam City, a mobile gaming company, and SGN, a social gaming platform. He has also been involved in several other business ventures, including investments in real estate and entertainment.
Throughout his career, DeWolfe has been recognized for his innovative approach to business and his ability to identify emerging trends in the world of technology. He has been named one of the "Top 50 Most Creative People in Business" by Fast Company magazine and has been a featured speaker at several conferences and events.
Personal Life and Philanthropy
Chris DeWolfe is known for his philanthropic activities and his dedication to giving back to the community. He has donated millions of dollars to several charitable organizations, including the Children's Hospital Los Angeles and the Los Angeles County Museum of Art.
DeWolfe is also an avid collector of contemporary art and has donated several pieces from his collection to museums and galleries around the world. In addition, he is a supporter of several environmental causes and has worked to promote sustainability and green initiatives in his business ventures.
In his personal life, Chris DeWolfe is known for his love of travel and adventure. He has visited over 50 countries and has been involved in several extreme sports, including skydiving and bungee jumping.