Entrepreneurs
Bill Gates Net Worth
What is Bill Gates’ net worth?
Net Worth: | $113 Billion |
---|---|
Age: | 68 |
Born: | October 28, 1955 |
Gender: | Male |
Height: | 1.78 m (5 ft 10 in) |
Country of Origin: | United States of America |
Source of Wealth: | Founder of Microsoft |
Last Updated: | Mar 19, 2024 |
Bill Gates’ net worth is estimated to be $113 Billion.
Although Jeff Bezos is definitely not showing any signs of slowing down; Gates has crossed the $100 billion mark.
Bill Gates is the founder of Microsoft and one of the richest men in the world.
Gates co-founded Microsoft with Paul Allen in 1975, and it’s since then become the largest PC software company in the world.
Bill Gates – Key Facts
- He was born as William Henry Gates III on October 28th, 1955.
- He started programming when he was in his teens.
- Bill Gates and Paul Allen started their own computer software company called Microsoft in 1975 after dropping out of Harvard.
- In 1977, Microsoft opened its first international office in Japan.
- In 1985, the first retail version of Microsoft Windows was released.
- Gates became a billionaire in 1987.
- In 1994, Bill Gates and Melinda French got married.
- In 2008, Gates stepped from his position as a CEO so that he could focus on doing work for the Bill and Melinda Gates Foundation, which he founded with his wife.
Early Life
Bill Gates, or actually William Henry Gates III, was born on the 28th of October 1955 in Seattle, Washington. He is the son of William H. Gates Sr. and Mary Maxwell Gates.
The Gates family highly encouraged competition; it didn’t matter what it was, there was always a reward for winning, and there was always a penalty for losing.
When he was 13 years old, Bill joined the Lakeside School; and when he was in the eighth grade, the Mothers’ Club at the school used proceeds to purchase a Teletype Model 33 ASR terminal and a block of computer time on a General Electric (GE) computer for the school’s students.
Gates took an interest in programming the GE system in BASIC and was excused from math classes to pursue his interest. It was on that machine that he programmed his first software program on – a game of tic-tac-toe that allowed the players to compete against the computer.
The Computer Center Corporation (CCC), eventually banned Gates for the summer, after it caught him and three friends exploiting bugs in the operating system to obtain free computer time.
The four students formed the Lakeside Programmers Club as a way to earn some money. At the end of the ban, they offered to find bugs in CCC’s software in exchange for computer time. This was when Gates began to study coding. It was also during this time that he also coded the school’s class scheduling system. Initially, he did it together with Kent Evans, but unfortunately, he was killed in a mountain climbing accident at the end of their junior year, so Allen stepped in.
Allen and Gates founded their first company, Traf-O-Data, during their senior year. They made traffic counters on the Intel 8008 processor.
In 1973, he was accepted into Harvard. During his university journey, he developed the BASIC programming language for the world’s first PC – the MITS Affair.
However, Gates dropped out just a few years later without finishing his degree so that he and Paul Allen could focus on founding Microsoft.
Career
Gates’ career started a little bit sneakily, as he contacted MITS (Micro Instrumentation and Telemetry Systems) saying that he and others were working on a BASIC interpreter for them – in reality, however, they didn’t even start coding it. They just wanted to spark their interest.
Once the demo date was settled, Gates and others developed an Altair emulator that ran on a microcomputer and then the basic interpreter. The presentation ended up being a success, and the interpreter was distributed as Altair BASIC. Their partnership was named “Micro-Soft.”
In 1976, they dropped the hyphen and became just Microsoft, trademarking the name. In the same year, they became independent from MITS.
In 1985, Gates and Allen launched the first retail version of Microsoft Windows.
When Bill and Paul Allen started Microsoft, they had a vision to place a computer in every home. And at the time, that vision seemed way too ridiculous.
The company became really successful from the start, and just two years after its founding, Bill Gates and Paul Allen opened their first international office, located in Japan. They also relocated from Albuquerque to Washington.
Despite the fact that the vision he had seemed impossible to achieve at the time, today has actually become a reality in many parts of the world, and personal technology is an integral part of society.
His dedication to the company’s success is definitely something to admire – for the first few years since the company started, Gates personally reviewed every single line of code that they shipped, and if the needed arose, he also rewrote it.
Bill is passionate about Microsoft’s work and will always be involved with the company, including his present role as a member of the board and technology advisor. However, he left his position as Microsoft CEO in 2008. He continued to be Microsoft’s Chairman until 2020.
These days Bill focuses most of his time on the work he and his wife are doing through the Bill & Melinda Gates Foundation, which aims to improve global health, medical research, education, and gender equality.
People are often surprised to hear him say that this work has a lot in common with his work at Microsoft.
In both cases, he gets to bring together smart people and collaborate with them to solve big, tough problems.
Bill Gates Net Worth
As of 2024, Bill Gates’ net worth is $113 Billion.
Bill Gates’ Net Worth Over Time
Year | Net Worth |
---|---|
2009 | $40 Billion |
2010 | $53 Billion |
2011 | $56 Billion |
2012 | $61 Billion |
2013 | $67 Billion |
2014 | $76 Billion |
2015 | $79.2 Billion |
2016 | $75 Billion |
2017 | $86 Billion |
2018 | $90 Billion |
2019 | $96.5 Billion |
2020 | $98 Billion |
2021 | $124 Billion |
2022 | $129 Billion |
2023 | $104 Billion |
2024 | $124.8 Billion |
Personal Life
Gates married Melinda French, now Melinda Gates, in 1994 on the Hawaiian Island of Lanai. She was a Microsoft employee working in the product development division. She and Gates met at one of the dinners organized by the company, and soon enough, Gates asked her out.
Melinda continued to work for Microsoft until 1996, eventually rising to the position of the General Manager of Information Products.
The couple has three children together – Phoebe Adele, Rory John, and Jennifer Katharine. In 2021, they announced their separation after nearly three decades together.
Despite being divorced, they continue to be co-chairs of the Bill and Melinda Gates Foundation, which was founded after he and his wife combined three family foundations in 2000. At the time, it was the largest transparently operated charitable foundation in the world.
In 2010, together with his wife and investor Warren Buffett, Gates signed a document they called the Giving Pledge, in which they promised to give at least half of their wealth to charity over time.
Highlights
Here are some of the main highlights of Bill Gates’ career:
- Enrolled at Lakeside School, where he first used a computer (1967)
- Began programming with Paul Allen in the computer center (1968)
- Entered Harvard University (1973)
- Founded Microsoft with Paul Allen (1975)
- Created the Bill & Melinda Gates Foundation (2002)
- Bill helped launch TerraPower, aiming to provide the world with a more affordable, secure, and environmentally friendly form of nuclear energy (2006)
- Bill Launched a $5.5 Billion effort to eliminate Polio by 2018 (2013)
How Does Bill Gates Spend His Money?
With all that money available to him, you might be wondering, “How does billionaire Bill Gates spend his wealth?” While he agreed to give all his wealth (or at least half of it away) by signing Giving Pledge, there are some things that the Microsoft co-founder splurged on.
Bill Gates owns a pretty impressive compound in Medina, close to Lake Washington. Gates purchased it in 1998 for $2 million, and as of today, the property is worth more than $120 million. Some of the amenities that you can find there include a 60 square foot swimming pool with an underwater music system, a 2500 square foot gym, and a 1,000 square foot dining room.
He also has a property in California – the 228-acre Rancho Paseana, which includes things like a racetrack and five barns.
He also reportedly owns a private jet – the Bombardier BD-700 Global Express, worth about $40 million.
His fortune is managed by Cascade Investment, a holding company that was created using the proceeds from Microsoft stock sales and dividends. Gates used it to make numerous investments, including partial ownership of Charles Hotel in Cambridge, Massachusetts, or the Ritz-Carlton in San Francisco (with several other un-named buyers). According to the Wall Street Journal, Gates also owns almost half of the Four Seasons Holdings’ hotel chain.
The company owns stakes in a number of publicly traded companies, such as the Canadian National Railway.
Finally, Gates launched a $1 billion investment fund called “Breakthrough energy” with several other people.
Favorite Bill Gates Quotes
“Success is a lousy teacher. It seduces smart people into thinking they can’t lose.” – Bill Gates
“Your most unhappy customers are your greatest source of learning.” – Bill Gates
“It’s fine to celebrate success but it is more important to heed the lessons of failure.” – Bill Gates
“If you can’t make it good, at least make it look good.” – Bill Gates
“As we look ahead into the next century, leaders will be those who empower others.” – Bill Gates
“Life is not fair; get used to it.” – Bill Gates
View our larger collection of the best Bill Gates Quotes!
Success Lessons From Bill Gates
Now you know all about Bill Gates’ net worth, and how he achieved success; here are 3 success lessons you can learn from Bill Gates:
1. Be Ready to Take Risks
Gates highly encourages taking risks, and believes that’s the only way you’ll get to live the life you want to and become successful.
Don’t be afraid to take risks.
2. Accept Failures & Move On
You’re going to experience failure. That’s a natural part of trying anything new. However, the best thing to do when you experience failure, is to accept it, learn from it, and move on.
3. Be Proud of Who You Are
The lesson here is to stop comparing yourself to everybody else. Don’t be afraid to be unique, and to be proud of yourself and the qualities you possess.
View our larger collection of success lessons from Bill Gates!
Frequently Asked Questions
How much is Bill Gates worth?
Bill Gates’ net worth is estimated to be $113 Billion.
How old is Bill Gates?
Bill Gates was born on October 28, 1955, and is currently 68 years old.
How tall is Bill Gates?
Bill Gates’ height is 1.78 m, which is equal to 5 ft 10 in.
How did Bill Gates become rich?
Bill Gates’s net worth mainly comes from being the co-founder of Microsoft and Microsoft shares.
Is Bill Gates the richest person in the world?
No. Currently, there are a few other people who have an estimated net worth higher than Bill Gates – for example, Amazon founder – Jeff Bezos. However, he was the richest person in the world on several occasions (often uninterrupted), mainly between the years 1997 and 2008.
Is Bill Gates married?
At the moment, Bill Gates is not married. He is actually divorced, as in 2021, he and his now ex-wife Melinda Gates announced that they will be separating after almost three decades together. Despite the divorce, they are still co-chairing the Bill and Melinda Gates Foundation.
How does Bill Gates spend his free time?
There are a few things the Microsoft co-founder likes to indulge in during his free time, including playing and watching tennis.
He’s also an avid reader and has quite an extensive book collection.
Summary
Bill Gates is no longer the richest person in the world.
In 2024, Bill Gates’ net worth is estimated to be an incredible $113 Billion.
What do you think about Bill Gates’ net worth? Leave a comment below.
Entrepreneurs
Marcus Lemonis Net Worth
What is Marcus Lemonis’ net worth?
Net Worth: | $500 Million |
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Age: | 50 |
Born: | November 16, 1973 |
Gender: | Male |
Height: | 1.82 m (6 ft 0 in) |
Country of Origin: | United States of America |
Source of Wealth: | Entrepreneur |
Last Updated: | Mar 18, 2024 |
Introduction
As of March 2024, Marcus Lemonis’ net worth is estimated to be $500 Million, which is an incredible net worth.
Marcus Anthony Lemonis is a Lebanese-born American investor, television personality, and businessman from Beirut, Lebanon.
Lemonis started his career by working with his grandfather’s dealership.
Lemonis is a serial entrepreneur and he has helped several troubled businesses.
Early Life
Marcus Lemonis was born on the 16th of November 1973, in Beirut, Lebanon.
During the foreign invasions and civil war, he was adopted by Sophia and Leo Lemonis.
Lemonis started his career by working for his grandfather in a car dealership in South Florida.
He started to focus on his career in the automotive industry.
Career
Before entering the world of entertainment, Marcus Lemonis tried to become one of the richest politicians in the world by running for office.
He ran as a Democrat for a seat on the Florida House of Representatives, going up against incumbent Republican Bruno Barreiro.
However, he lost 42% to 58% and subsequently removed himself from the world of politics to focus on his automotive career.
An RV Empire
After losing his bid in politics, Marcus Lemonis started working at Anthony Abraham Chevrolet, a car dealership in South Florida owned by his great uncle.
In 1997, the dealership was acquired by AutoNation, and Lemonis moved from sales to a managerial role under the new ownership.
Soon after, a family friend talked to him about starting an RV chain, and together they acquired Holiday RV Superstores.
From 2001 to 2003, Lemonis was the CEO of Holiday RV Superstores and then, co-founded FreedomRoads and began buying RV dealerships.
In 2006, FreedomRoads merged with Camping World with Lemonis remaining as CEO, and then merged again with Good Sam Enterprises.
As the CEO of Camping World, Lemonis sponsored John Andretti, one of the richest racing drivers in the world, in 2004.
Lemonis & Camping World
Marcus Lemonis announced Camping World was taking over from Busch Beer as the sponsor of the NASCAR East Series for the 2008–2009 seasons.
It was subsequently renamed the NASCAR Camping World Series and, the same year, he also announced the sponsorship of the Craftsman Truck Series.
Lemonis was featured in Crain’s Chicago Business newspaper as one of their “40 under 40” and, in 2008, he was named Entrepreneur of the Year by Ernst & Young.
In October 2016, Camping World became public on the New York Stock Exchange with a market value of $2 billion and shares valued at $22.
The following year, Camping World acquired Gander Mountain, a camping and hunting gear retailer, along with The House Boardshop, an online outdoor gear retailer.
Despite not being one of the richest people in America, Marcus Lemonis had built himself a niche empire worth billions.
Lemonis On TV
In 2011, Marcus Lemonis appeared on Donald Trump’s Celebrity Apprentice to challenge the teams to create a camping experience in the middle of NYC.
The following year, he appeared on Secret Millionaire, where he returned to his hometown of Miami to find people worthy of donating money to.
Lemonis appeared on the CNBC reality show The Profit in 2013, where he hunts for failing small businesses with the potential to succeed.
In 2017, he co-produced and starred in the CNBC program The Partner, where he scouts for a business manager to help him run his businesses.
However, in 2021, NBCUniversal and Lemonis were accused of harmful business practices by over 50 businesses that appeared on The Profit.
That did little to slow him down though, and in 2021, he announced that he and Nancy Glass had acquired the rights to Let’s Make a Deal.
Soon after, he appeared on HGTV in a show called The Renovator, which ran for two episodes before going on hiatus in 2022.
Marcus Lemonis Net Worth
As of March 2024, Marcus Lemonis’ net worth is $500 Million.
Highlights
Here are some of the best highlights of Marcus Lemonis’ career:
- Newsmaker of the Year (RV Businesses Magazine, 2007)
- Camping World Holdings (2006)
- Recreational vehicles, motor parts, motor service
- “Good Sam Enterprises”
- Gander Mountain Company
- The Profit (2013)
Favorite Quotes from Marcus Lemonis
“People are the core of every business. Businesses are based on relationships, and relationships are based on people. I would go to an average restaurant run by amazing people over an outstanding restaurant run by awful people.” – Marcus Lemonis
“If you have trust with somebody, it can survive any downturn, any mistake, any problem. And if you don’t have trust, it won’t matter how good the business is. It will fall apart eventually.” -Marcus Lemonis
“Things are always going to go wrong. People make mistakes. I know I do. It’s how you resolve it that matters most. Listen, be open to criticism, resolve it with speed and empathy, and take responsibility.” – Marcus Lemonis
“Put no more than three messages on a lemonade stand. You have to describe what your product is, why it’s the best, and how much it is. Don’t be drawing turtles and flowers and footballs all over it, distracting people. Keep it clean.” – Marcus Lemonis
“I’m really not a great businessperson. I understand business, and I understand numbers, but I think what I understand more than that is people… Ultimately, I think businesses fail and people fail because they don’t have their act together.” – Marcus Lemonis
“Stay focused, work hard, know your numbers, and be disciplined. If you do those things and take care of your people, the likelihood of being successful is very, very high.” -Marcus Lemonis
“Usually, you can figure out where a person’s mistakes came from if you ask them the genesis of their thought process: ‘Why did you do it this way?’ As opposed to telling them they did it the wrong way. Understanding their thought process will ultimately help you be able to communicate with them and navigate around them.” – Marcus Lemonis
Frequently Asked Questions
How much is Marcus Lemonis worth?
Marcus Lemonis’ net worth is estimated to be $500 Million.
How old is Marcus Lemonis?
Marcus Lemonis was born on November 16, 1973, and is currently 50 years old.
How tall is Marcus Lemonis?
Marcus Lemonis’ height is 1.82 m, which is equal to 6 ft 0 in.
Summary
Marcus Lemonis is one of the best businessmen and investors in the industry.
He has helped several companies to survive.
Following his incredible work of saving several businesses by investing in them, he was lauded by many experts and was named “Newsmaker of the Year” by RV Business Magazine.
As of March 2024, Marcus Lemonis’ net worth is $500 Million.
If you liked this article, don’t forget to check out our article on Jordan Belfort’s net worth.
What do you think about Marcus Lemonis’ net worth? Leave a comment below.
Entrepreneurs
Robert Kuok Net Worth
What is Robert Kuok’s net worth?
Net Worth: | $15.5 Billion |
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Age: | 100 |
Born: | October 6, 1923 |
Gender: | Male |
Height: | Unknown |
Country of Origin: | Malaysia |
Source of Wealth: | Entrepreneur |
Last Updated: | Mar 18, 2024 |
Introduction
As of March 2024, Robert Kuok’s net worth is estimated to be $15.5 Billion.
Robert Kuok is a Malaysian business magnate and investor.
Kuok is media-shy; most of his businesses are privately held by him or his family.
Apart from a multitude of businesses in Malaysia, his companies have investments in many countries throughout Asia.
The biggest source of wealth is the stake in Wilmar International, the world’s largest listed palm oil company.
Early Life
Robert Kuok Hock Nien was born on the 6th of October, 1923, in Johor Bahru, Malaysia.
Kuok is the son of a Malaysian Chinese family.
He grew up speaking his parents’ Fuzhou dialect, English, and Japanese during Japan’s wartime occupation of Malaya.
He studied at Raffles Institution, where he was classmates with Lee Kuan Yew, and English College Johore Bahru.
Career
Robert Kuok was born one of the richest people in Asia as the son of a wealthy Malaysian Chinese family.
As a young boy, he was enrolled in an English primary school by his father’s English-speaking clerk, and he grew up multilingual.
Along with learning English at school, Robert spoke his parent’s Fuzhou Chinese dialect, and he learned Japanese during Japan’s Malaya occupation.
When he was older, he studied at the Raffles Institution in Singapore, where he was classmates with Singapore’s founding Prime Minister, Lee Kuan Yew.
Starting His Career
According to Robert Kuok, his first entry into the world of business was as an office boy, where he learned how things operated.
After graduating, he worked as a clerk for the rice-trading department of the Japanese company Mitsubishi Shoji Kaisha during Japan’s occupation.
This lasted from 1942 to 1945, and during this time Mitsubishi had a monopoly on the rice trade in Malaya with help from Japan’s military.
Kuok was eventually promoted to the head of the rice trading department, and after the war, he took his skills to his family’s business in Johor.
When his father died in 1948, Kuok, along with his two brothers and their cousin, founded Kuok Brothers Sdn Bhd the following year.
With this company, they focused on trading agricultural commodities with the help of Kuok’s continued relationship with the Japanese.
While he wasn’t as wealthy as Masayoshi Son yet, Kuok had started building a career that would earn him billions.
Sugar & Hotels
Robert Kuok founded Malayan Sugar Manufacturing Co. in 1959 alongside two Japanese partners and brought many Malay elites in as shareholders and directors.
In 1961, he was able to import cheap sugar from India before the prices skyrocketed, and he invested heavily in sugar refineries.
At this point, Kuok’s company was controlling 80% of the Malaysian sugar market, which earned him the title “Sugar King of Asia.”
Ten years later, he built his first hotel, the Shangri-La Hotel, in Singapore and, in 1977, dove into the Hong Kong property market.
After buying land on the Tsim Sha Tsui East waterfront, he built his second hotel, the Kowloon Shangri-La.
Entering the 90s, Kuok’s Kerry Group bought a 34% stake in the South China Morning Post from Rupert Murdoch’s News Corporation.
Soon after, he retired from the Kerry Group but continued overseeing his other businesses in sugar and real estate.
A Prominent Businessman
Robert Kuok’s businesses have investments in numerous countries, including Mainland China, the Philippines, Indonesia, and Australia.
In China, he owns 10 Coca-Cola bottling companies and the Bejing World Trade Center, and in Malay, he owns Malaysian Bulk Carriers Berhad.
Kuok merged his plantations, oil, and grain businesses in 2007 with Wilmar International, which became the world’s largest producer of palm oil.
Like Li-Ka Shing, Robert Kuok’s business sense has helped make him one of the foremost businessmen in Asia.
Along with this, Kuok has a minority stake in CITIC Pacific, and, in 2018, was appointed to the Council of Eminent Persons.
This council is used to advise the Pakatan Harapan federal government, and Kuok’s appointment has only increased his influence in Malay and abroad.
The same year, he published his first book titled Robert Kuok: A Memoir, which won Best Book of the Year at the Publisher Awards in Singapore.
Robert Kuok Net Worth
As of March 2024, Robert Kuok’s net worth is $15.5 Billion.
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Highlights
Here are some of the best highlights of Robert Kuok’s career:
- Kuok made his first fortune in the sugar industry
- He founded Kuok Brothers Sdn Bhd in the late 1940s
Favorite Quotes From Robert Kuok
“There is a risk in every business; if you are not brave enough to grab on the first or next opportunities, then you shall be a poor person forever.” – Robert Kuok
“Everything on earth is dynamic; I can only give my children a message, not money. If they follow it, we can go another three or four generations.” – Robert Kuok
“When I hire staff, I look for honest, hardworking, intelligent people. When I look candidates in the eye, they must appear very honest to me. I do not look for MBAs or exceptional students. You may hire a brilliant man, summa cum laude, first-class honors, but if his mind is not a fair one or if he has a warped attitude in life, does brilliance matter?”– Robert Kuok
“My mom knows that I am somehow a talented businessman, but she would not want me to turn to the dark side and be an evil businessman. She advised us to be a good person, and not be greedy about money.” – Robert Kuok
3 Inspirational Lessons From Robert Kuok
Now that you know all about Robert Kuok’s net worth and how he achieved success; let’s take a look at some of the lessons we can learn from him:
1. Success Is 90% Hard Work And Knowledge
For instance, in the sugar business, Kuok studied the demand, supply, production, consumption, and the shipping process to stay on top. Success doesn’t come easy.
2. Be Brave
Every business has its risks. It’s okay to back down and miss the opportunity IF there’s a better one shortly. But if you’re not bold enough and retreat every single time, then you will always be poor.
3. Employees Are Number One
Hotel is a service industry, and the most important element is your employees, you depend on them fully to take of your customers; thus, we shall make it our primary agenda to take care of our employees.
Frequently Asked Questions
How much is Robert Kuok worth?
Robert Kuok’s net worth is estimated to be $15.5 Billion.
How old is Robert Kuok?
Robert Kuok was born on October 6, 1923, and is currently 100 years old.
How tall is Robert Kuok?
Robert Kuok’s height is Unknown.
Summary
Robert Kuok is a Malaysian Chinese businessman who made his fortune in the sugar industry, but his career began in the corporate world working in the rice business.
As of March 2024, Robert Kuok’s net worth is estimated to be $15.5 Billion.
What do you think about Robert Kuok’s net worth? Leave a comment below.
Entrepreneurs
James Balsillie Net Worth
What is James Balsillie’s net worth?
Net Worth: | $800 Million |
---|---|
Age: | 63 |
Born: | February 3, 1961 |
Gender: | Male |
Height: | 1.71 m (5 ft 7 in) |
Country of Origin: | Canada |
Source of Wealth: | Entrepreneur |
Last Updated: | Mar 18, 2024 |
Introduction James
James Balsillie is a businessman and philanthropist. Balsillie is the former co-CEO of the company Research In Motion.
Since he left Blackberry in 2012, he has taken up several roles in Canadian business and society.
He is the founder of the Balsillie School of International Affairs.
As of March 2024, James Balsillie’s net worth is estimated to be roughly $800 Million.
Early Life
James Laurence Balsillie was born on the 3rd of February, 1961, in Seaforth, Ontario.
Balsillie received a Bachelor of Commerce degree from Trinity College in 1984.
During his college years, he was a member of the elite Zeta Psi fraternity.
In 1989, he earned an MBA from Harvard Business School.
Career
After graduating from Harvard Business School, Jim Balsillie became the executive vice president and chief financial officer at Sutherland-Schultz, a design and construction company.
He remained in that position until 1992 when the company was sold to the Vollmer Group and Balsillie decided to leave.
The same year, he invested $125,000 in the company Research in Motion and joined Mike Lazaridis as the co-CEO.
Despite not being one of the richest people in the world, Balsillie had managed to secure a very profitable future for himself.
Research In Motion
At the time Jim Balsillie became co-CEO, Research in Motion only had ten employees, but with his guidance, it quickly became an international company.
Not only after Balsillie joined, Research in Motion was re-branded as BlackBerry Limited, and it boasted over 28,000 employees.
While Lazaridis handled the technological side of things, Balsillie oversaw all the sales, accounting, and business deals.
However, when competing with Steve Jobs’ Apple iPhone and Larry Page’s Android devices, the dual-CEO structure began to hold the company back.
Soon after, Jim Balsillie stepped down from his role as chairman after the company reported over $250 million in stock option accounting errors from the past.
Of course, he didn’t leave the company entirely, and retained his roles as co-chief and director, allowing him to maintain his influence.
The Fall Of BlackBerry
In 2007, Apple debuted its first touchscreen smartphone, which pushed BlackBerry even further behind in the competition.
Two years later, Jim Balsillie was forced to resign as the director by the Ontario Securities Commission as part of their sanctions.
However, when the sanctions expired in 2010, Balsillie was almost immediately reappointed to his prior position, despite shareholder pushback.
That same year, BlackBerry fell even further behind thanks to Google’s technology and the fact that BlackBerry OS hadn’t been updated since 2002.
By 2011, Balsillie was the third-largest shareholder in BlackBerry but, after cutting 2,000 employees, the share value began to fall.
The following year, Balsillie and Lazaridis resigned from their positions and were replaced by Thorsten Heins, the Chief Operating Officer.
Balsillie then resigned from the board as the decline of BlackBerry continued, reducing it from Canada’s most valuable property to a tenth of its former value.
While he had dreams of being the next Bill Gates, with the fall of BlackBerry that goal was looking increasingly unlikely.
NHL Ownership Bids
After leaving BlackBerry, Jim Balsillie founded the Balsillie School of International Affairs and the Centre for International Governance and Innovation.
He has also tried his hand at becoming the owner of a National Hockey League team, though all such attempts have since failed.
Firstly, he made a bid to buy the Pittsburgh Penguins in 2006 for $185 million, but by the end of the year, had withdrawn the bid.
The following year, he made a tentative deal to buy the Nashville Predators, though the owner, Craig Leipold, later decided not to complete the deal.
Balsillie then offered $212 million for the Phoenix Coyotes on the condition that they relocate to Southern Ontario.
However, his bid ended up being rejected by Judge Redfield Baum, who ruled that Balsillie didn’t have the power to relocate the team.
He may not have been able to buy some of the richest hockey players in the world, but his net worth hasn’t suffered because of it.
Despite a tumultuous business career, Jim Balsillie remains one of the richest businessmen in Canada and his fortune continues to grow.
James Balsillie Net Worth
As of March 2024, James Balsillie’s net worth is estimated to be roughly $800 Million.
How Does James Balsillie Spend His Money?
James Balsillie’s Donations
In 2007, he donated $50 million to the University of Waterloo, Wilfrid Laurier University, and the Centre for International Governance Innovation.
Highlights
Here are some of the best highlights of James Balsillie’s career:
- Former Chair and co-CEO of Research In Motion (Blackberry)
Favorite Quotes from James Balsillie
“There may be 300,000 apps for the iPhone and iPad, but the only app you really need is the browser. You don’t need an app for the web … You don’t need to go through some kind of SDK and you can use your web tools … And you can publish your apps to the BlackBerry without writing any native code.” – Jim Balsillie
“No other technology company other than Apple has successfully transitioned their platform. It’s almost never done, and it’s way harder than you realise. This transition is where tech companies go to die.” – James Balsillie
“Innovation is a very specific thing: the commercialization of ideas across all industries and sectors. It’s a technical, specific, agreed-upon economic definition. And we’ve had so much punditry and posturing by people in this country that they’ve taken what is a very specific, technical and surgical concept and made it broad and general.” – James Balsillie
“Sure. In the United States, there are 1,100 standards for silicon. Now each standard embodies IP. If your IP is picked as a standard, you have a lottery ticket. Your competitors have to pay you. Well, Canada has not really participated in these forums, that I know of, in the past 10 years.” – James Balsillie
“Yes, and the people who say that are the keepers of the 19th- and 20th-century orthodoxies. When RIM was part of the Rockstar Consortium to buy Nortel’s patents, there were three o’clock in the morning phone calls to the U.S. Department of Justice, which was setting the rules for how the buyer had to avail those patents to the rest of the market.” – James Balsillie
3 Amazing Lessons from James Balsillie
Now that you know all about James Balsillie’s net worth and how he achieved success; let’s take a look at some of the best lessons we can learn from him:
1. Pay Attention
You have to pay a lot of attention to what’s important, what’s permanent, what’s real.
2. Technology Products
Balsillie doesn’t think people buy technology products because of the people’s personalities behind them.
3. Get Your Facts Right
Always be sure what you’re talking about. Have the right facts.
Frequently Asked Questions
How much is James Balsillie worth?
James Balsillie’s net worth is estimated to be $800 Million.
How old is James Balsillie?
James Balsillie was born on February 3, 1961, and is currently 63 years old.
How tall is James Balsillie?
James Balsillie’s height is 1.71 m, which is equal to 5 ft 7 in.
Summary
James Balsillie is a Canadian businessman who has earned most of his net worth being the co-CEO of the Canadian Company Research In Motion.
He was born in Ontario and raised in Peterborough. Balsillie has impressed many with his work, and he is regarded as an athlete and passionate fitness advocate.
As of March 2024, James Balsillie’s net worth is estimated to be roughly $800 Million.
What do you think about James Balsillie’s net worth? Leave a comment below.
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