She reached the milestone earlier than Facebook founder Mark Zuckerberg
Kylie Jenner has been named the youngest-ever, self-billionaire by Forbes magazine. She reached the milestone earlier than Facebook founder Mark Zuckerberg who became a billionaire aged 23.
Forbes estimated that Jenner’s Kylie Cosmetics is worth at least $900 million, and she owns it all.
However, that description rankled some critics who questioned whether Ms Jenner, whose family has appeared on reality television for years, could truly be described as “self-made”.
Forbes says as long as she didn’t inherit a business or money, she’s labelled self-made.
She also makes money from endorsements and appearances on cable TV’s Keeping Up with the Kardashians, and was ranked at number 2,057 on the Forbes 2019 list.
Kylie Cosmetics last year signed a deal with Ulta Beauty to put her products in all of the retailer’s 1,163 US stores.
The list shows Amazon’s founder, Jeff Bezos, remains the world’s richest man. The 21-year-old founded and owns Kylie Cosmetics, the three-year-old beauty business that generated an estimated $360m in sales last year.
“I didn’t expect anything. I did not foresee the future. But (the recognition) feels really good. That’s a nice pat on the back,” Kylie told Forbes.
Of all the billionaires on the list only 252 are women, and the richest self-made woman is real estate mogul Wu Yajun of China, worth an estimated $9.4 billion.
The number of self-made women reached 72 for the first time, up from 56 a year ago.
Some have managed to crack the race faster, through outstanding ideas and hard work.
Most billionaires in the Forbes list are old, and I mean, really old. From Warren Buffett who is 85, to Li Ka Shing (87) via Liliane Bettencourt (93), it apparently seems that a good billionaire is an old one. But some have managed to crack the race faster, through outstanding ideas and hard work. Here is the list of the 10 youngest billionaires in the world below 35 years of age.
Number 10.
Bobby Murphy – 1.8 Billion US Dollars – Age 27 – US.
Born on April 1, 1988, Bobby Murphy is a young American entrepreneur, co-founder of Snapchat, a social media app, which value is estimated at some 16 to 19 BILLION US DOLLARS. Bobby is just 27, and his fortune is estimated at 1.8 BILLION US DOLLARS.
Number 9.
Evan Spiegel – 2.1 Billion US Dollars – Age 25 – US.
Born on June 4, 1990, Evan Thomas Spiegel is the other co-founder of Snapchat, as well as the youngest Billionaire on this top list. Spiegel and Bobby designed Snapchat while they were in Stanford University, then launched it in 2011. Their app has an astonishing number of more than 100 million users. He totalizes a net worth of 2.1 BILLION US DOLLARS.
Number 8.
Tom Persson – 2.6 Billion US Dollars – Age 30 – Sweden.
Born in 1985, Tom Persson is a Swedish Billionaire, currently working in the movie industry. He owes his tremendous wealth to his grandfather, Erling Persson, founder of the fashion company Hennes and Moritz in 1947. He is currently worth 2.6 BILLION US DOLLARS.
Number 7.
Nathan Blecharczyk – 3.3 Billion US Dollars – Age 32 – US.
Born in 1984, Nathan Blecharczyk is the Chief Technology Officer of Air BNB as well as its co-founder. The website lists more than a million homes or rooms owned by people who would like to rent them for holidays. With this amazing success, his company is worth today an amazing amount of 25 BILLION US DOLLARS. As for his net worth, it is estimated at 3.3 BILLION US DOLLARS.
Number 6.
Elizabeth Holmes – 4.5 Billion US Dollars – Age 31 – US.
Born on February 3, 1984, in Washington DC, Elizabeth Anne Holmes is the youngest female Billionaire on this list. She made her fortune in the blood testing industry via her multibillion dollar company Theranos, which she supposedly founded with the money her parents put away for her studies. When the company was founded in 2003, she was just 19. Today, her net worth stands at 4.5 BILLION US DOLLARS.
Number 5.
Scott Daniel Duncan – 4.9 Billion US Dollars – Age 33 – US.
Born in 1983, Scott Daniel Duncan, just like Yang Huiyan, inherited a fortune from his father along with his siblings. Their business, Enterprise Products, runs more than 50,000 miles of pipelines. Initially, Scott inherited nearly 3 BILLION US DOLLARS in 2010 upon his father’s death, but as of January 4, 2016, his net worth is estimated at 4.9 BILLION US DOLLARS.
Number 4.
Yang Huiyan – 5.2 Billion US Dollars – Age 34 – China.
Born on July 20, 1981, in China, Yang Huiyan is Chinese business woman, the major shareholder of the Country Garden Holding. Unlike many of the names listed here, she inherited the business from her father who entrusted her with his shares in 2007. Back then, she was Asia’s richest woman with a net worth of 16.2 BILLION US DOLLARS. She has a net worth of 5.2 BILLION US DOLLARS.
Number 3.
Eduardo Saverin – 6.3 Billion US Dollars – Age 33 – Brazil.
Born on March 19, 1982, in Sao Paulo, Brazil, Eduardo Saverin is among the founders of Facebook. He renounced his US citizenship in 2012, moving then to Singapore in order to invest in Asia, where he now owns various startups. Eduardo’s net worth is 6.3B BILLION US DOLLARS.
Number 2.
Dustin Moskovitz – 9.4 Billion US Dollars – Age 31 – US.
Born on May 22, 1984, in Gainesville, Florida, Dustin Moskovitz is also part of the Facebook founding crew, along with Eduardo Saverin and Mark Zuckerberg. He left the giant social media network in 2008 to form Asana, a website that helps improve employee’s productivity. His current net worth is estimated at 9.4 BILLION US DOLLARS.
Number 1.
Mark Zuckerberg – 45.7 Billion US Dollars – Age 31 – US.
Here comes the richest young entrepreneur below 35, Mark Zuckerberg, the man behind Facebook. With the presence of Facebook on the internet, Zuckerberg has established a solid reputation among the various social media networks out there, being of course on top of the list. Founder and CEO of Facebook, His increasing wealth makes him the world’s 16th richest person among billionaires, scoring a net worth of 45.7 BILLION US DOLLARS.
Mark Zuckerberg is the man who revolutionised social media.
Mark Zuckerberg is the man who revolutionised social media.
He is the founder of Facebook which he started out of a dorm room in Harvard and went on to expand his venture in size. Today, Facebook is definitely the most popular and widely used social networking site in the world.
What contributed to the growth of Facebook are Mark Zuckerberg’s extraordinary leadership skills and entrepreneurial capabilities.
Here are six lessons every entrepreneur could learn from Mark Zuckerberg:
1. Believe in your idea
If you don’t have faith in your idea, no one else will. In the early stages of Facebook, Zuckerberg was running it from his own dorm room with his friends. Initially, Estavez, a partner, wanted facebook to garner more money from ads but Zuckerberg outright denied because he wanted it to first gain popularity and then allow publicity stunts on the website.
This contributed greatly to Facebook’s initial success.
2. Own your venture
A lot of companies like Yahoo wanted to buy Facebook and offered great sums of money to Zuckerberg. But he believed that he could make his big idea work by himself and refused to sell it. Soon, as the site gained popularity and Peter Thiel, the founder of PayPal invested $500,000, and the amount was sufficient for immediate Facebook purposes. For further development of Facebook, Zuckerberg needed more investments. Accel Partners invested in Facebook $12.7 million and then Greylock Partners added to this amount $27.5 million.
So, with major investments he managed to own and run his business.
He might be one of the most successful entrepreneurs everybody wants to emulate but he has definitely put in a lot of hard work no outsider could fathom. He had his vision set from the beginning and after Facebook started gaining popularity, he decided to drop out of Harvard to devote all his time to the venture as he was aware that he couldn’t make it bigger with limited time in his hands.
4. Aim big
Facebook started as a connection site for only Harvard students. Soon, it expanded to other colleges as well.
The next idea that he developed on would be the one that changed how people networked socially through the internet. In less than a year after it was founded more than 1 million people joined the social network.
Later, Zuckerberg also bought giants like WhatsApp and Instagram to expand his share the social networking world.
In Harvard, Divya Narendra, and twins Cameron and Tyler Winklevoss asked him to help them to work on an idea for a social networking site they called Harvard Connection. This site was designed to use information from Harvard’s student networks in order to create a dating site for the Harvard elite.
Zuckerberg soon dropped out and started his own venture. He created a site that allowed users to create their own profiles, upload photos, and communicate with other users. Zuckerberg was soon accused of cheating the Winklevoss twins and Narendra’s idea and ConnectU’s secure code. This law suit was settled as the three received a hefty sum of $65 million and Zuckerberg continued with Facebook.
The lesson learnt from this is no matter how hard you might have to fight, never give up on your dreams or venture.
6. Stay focused at the end goal
Even after a million accusations and lawsuits, Zuckerberg was always focused at his end goal- to make a social networking site so huge that the whole world would use it. To accomplish this, he believed he along with his team would be the best persons. So, instead of walking away with the billion dollars offered by Yahoo, Zuckerberg worked relentlessly to make his idea work even though there was always a risk factor involved. Hence, all entrepreneurs could learn to be focused on their targets like Zuckerberg.
There are many things we don’t know about the man at Harvard who started a social networking site only for his college which expanded and went on to become the world’s leading social network site.
Mark Zuckerberg is someone we all know as the founder of Facebook. However, there are many things we don’t know about the man at Harvard who started a social networking site only for his college which expanded and went on to become the world’s leading social network site.
Personal life:
Mark Zuckerberg became fascinated with computers at the tender age of 10. He built a network which connected his home computer to his father’s office computer. At the age of 11, he started receiving formal training and created Zucknet which was a type of network. Later, he started converting his friends’ drawings into computer games. He earned a diploma in Literature classics from Phillips Exeter Academy but turned back to his first love, computers. In high school, he created a version of the music software Pandora, which he called Synapse. Several companies—including AOL and Microsoft wanted to buy the software and hire the teenager before graduation. He declined the offers.
After graduating from Exeter, Zuckerberg enrolled into Harvard and this is when most of his projects came to life. He developed Coursematch, which helped students to decide what courses they wanted to enrol in based on who else was taking this course and other factors. He also came up with the idea of Facemash, which compared the pictures of two students on campus and allowed users to vote on which one was more attractive. This program gained massive popularity in Harvard but had to be shut down because the authorities didn’t find the idea too appropriate.
The next idea that he developed on would be the one that changed how people networked socially through the internet.
Based on the buzz of his previous projects, three of his fellow students Divya Narendra, and twins Cameron and Tyler Winklevoss aksed him to help them to work on an idea for a social networking site they called Harvard Connection. This site was designed to use information from Harvard’s student networks in order to create a dating site for the Harvard elite. Zuckerberg soon dropped out and started his own venture. He created a site that allowed users to create their own profiles, upload photos, and communicate with other users. The Facebook was run out of a dorm room until Zuckerberg dropped out to devote all his time to Facebook.
However, all wasn’t fine in paradise and Zuckerberg was soon accused of cheating the Winklevoss twins and Narendra’s idea and ConnectU’s secure code. This law suit was settled as the three received a hefty sum of $65 million.
Facebook and its growth:
In a very short span, Facebook grew beyond the education sector and Mark Zuckerberg started looking for investors. Peter Thiel, the founder of PayPal invested $500,000, and the amount was sufficient for immediate Facebook purposes. The project began to evolve rapidly. In less than a year after it was founded more than 1 million people joined the social network.
For further development of Facebook, Zuckerberg needed more investments. Accel Partners invested in Facebook $12.7 million and then Greylock Partners added to this amount $27.5 million. He still believes Facebook should be open to only students, hence, promoted it that way only. It was a unique concept that attracted other people as well because it was a very new and unique thing to meet people virtually.
In 2007, something astonishing happened. Microsoft paid $240 million for a 1.6% stake in the company. After the deal, Bill Gates created an account on Facebook. He used it to communicate with people who wanted to chat with him. However, he had to shut it down because there were too many people who wanted to chat with Gates. This helped Facebook gain massive popularity because the richest man on the planet was on Facebook.
85% of revenue earned by Facebook is through contextual ads. The most of the rest 15% are deductions from purchases made through the Facebook payment system. These are mostly not real, but virtual goods. For example seeds, fruits and vegetables, purchased by fans of the popular game Farmville developed by Zynga.
Virtual business is serious and the turnover increased manifold from $7 bn to $15 bn in 2014.
Acquisitions:
Facebook owner and CEO, Mark Zuckerberg, acquired photo sharing app, Instagram in 2012 for $1bn. He also purchased Oculus Rift for $2 bn in March 2014. In October 2014, Mark Zuckerberg completed the purchase of WhatsApp for $22 billion.
