Shocking reason why tech CEO who sold company for $1.6 billion only kept $100 million
It seems not everyone wants to be the next Elon Musk, as a tech CEO once sold his company for a whopping $1.6 billion but decided to only keep $100 million.
When entrepreneurs sell their companies for massive sums, we expect them to keep most of their fortune at the end of the day. After all, they've invested years building their business from the ground up.
Jimmy “MrBeast” Donaldson built his empire through creating YouTube challenges, founding companies like Feastables, and hosting hit shows like Amazon’s Beast Games. But even as a self-made billionaire, he says he doesn't have much money in his wallet because he reinvests everything he earns.
Meanwhile, Tesla CEO Elon Musk is famously low-key about his living situation, unlike Amazon founder Jeff Bezos, who recently splurged on his wedding and has some unconventional methods for getting furniture delivered to his penthouse.
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In 2018, tech CEO Brian O'Kelley took a radically different approach to his lump sum of money when he sold his advertising technology company AppNexus. It aimed to optimise programmatic online advertising and became widely known for its technology as well as its positive company culture.
Despite the sale netting a staggering $1.6 billion, the entrepreneur made the surprising decision to keep just $100 million for himself.
Now, it’s been revealed that he did it for one specific reason.
Speaking to Fortune magazine, O'Kelley revealed the thought process behind his decision to give away the vast majority of his earnings.
Rather than following the typical tech billionaire playbook of accumulating superyachts, private jets, and multiple mansions, O'Kelley deliberately capped his wealth at what he considered 'enough.'
“We just figured out a number that we thought was enough money – to be able to buy a house and things like that – and then we doubled it, and we gave the rest away,” O’Kelley told the publication.
The CEO's decision also revolved around his children's future, continuing: “I don’t get why you need $200 billion, $500 billion, or even $1 billion. The joy of appreciating what we have and making those hard choices is really foundational.”
The former AppNexus CEO stated he doesn't believe in billionaires and has pledged to give away money again if his new company, Scope3, becomes successful.
O'Kelley isn't alone among wealthy individuals who choose to use their fortunes for a broader impact rather than personal luxury.
The Giving Pledge, founded by Warren Buffett and Bill Gates, has persuaded hundreds of billionaires to pledge to give away the majority of their wealth during their lifetimes.