What’s Steve Chen’s Net Worth?
Steve Chen is a Taiwanese web entrepreneur who has a net worth of $500 million. He’s finest identified for being the co-founder and former Chief Expertise Officer of the favored web site YouTube. Google acquired YouTube in October 2006 for $1.65 billion in Google inventory. Steve and his YouTube co-founder Chad Hurely later co-founded one other video firm referred to as MixBit.
Steve Chen was born August 18, 1978 in Taipei, Taiwan. He was eight years previous when his household immigrated to Prospect Heights, Illinois.
For faculty he attended the College of Illinois at Urbana-Champaign. It is unclear if this can be a complete coincidence, however his future YouTube co-founder Jawad Karim attended the identical college. Jawad dropped out in his junior yr.
Each Steve and Jawad moved to Silicon Valley the place, as soon as once more unsure if that is coincidental, they each wound up working at PayPal which on the time was a fledgling startup.
At PayPal, Steve and Jawad additionally befriended a co-worker named Chad Hurley.
In August 2000, eBay acquired PayPal for $1.5 billion in money. Steve, Jawad and Chad all made just a little bit of cash from the sale. All three additionally caught round for a number of extra years. By early 2005 that they had all left PayPal/eBay and had been in search of the following massive thought. They might often meet up at Max’s Opera Cafe in Palo Alto, California to brainstorm startup concepts. Within the meantime, Steve truly labored at Fb for a number of months.
There are two variations of how YouTube was conceived. The primary model has Jawad merely suggesting a video sharing web site at considered one of their brainstorming periods. Jawad purportedly had the thought after Janet Jackson’s breasts had been uncovered throughout the Tremendous Bowl halftime present and he discovered it troublesome to find the clip on the web the next day. The second model, which can or is probably not a little bit of company PR/fiction, claims that Chad filmed a video at a cocktail party hosted by Steve they usually realized there wasn’t a straightforward solution to add that clip to the online.
Both means, the primary model of the YouTube web site was launched in February 2005. In April 2005 Jawad uploaded the very first video to the location, a video had taken months earlier whereas visiting the San Diego Zoo.
Across the time of their launch MySpace was rapidly rising as one of the vital widespread web sites on the planet. As tens of millions of individuals created MySpace accounts, they quickly found YouTube would enable them to add after which embed a well-liked music video to their MySpace web page. YouTube grew in lock-step with MySpace.
In December 2005 YouTube reached a tipping level due to a “Saturday Evening Dwell” sketch referred to as “Lazy Sunday.” On the time, DVRs had been nonetheless not in extensive use so the day after “Lazy Sunday” aired and folks wished to see this video they heard a lot about from mates who did catch it reside, headed to the web. YouTube made the video simply to search out and watch on-line. This quickly precipitated a copyright skirmish between YouTube and SNL and the video was truly faraway from the platform in February 2006. The clip wouldn’t reappear on YouTube till August 2013 when it was lastly re-uploaded by the formally SNL account.
On October 9, 2006, Google introduced it had reached a deal to accumulate YouTube for $1.65 billion in Google inventory.
Steve Chen acquired 625,366 Google shares within the sale. The shares had been value $326 million on the day the deal closed. If he by no means offered a single share, by 2021 these shares could be value practically $2 billion.
Chad Hurley acquired $345 million value of shares. Jawad acquired $64 million value of shares. Sequoia acquired $442 million value of shares and Artis acquired $83 million.
In 2009, Steve Chen married Park Ji-hyun (now Jamie Chen). On the time Jamie was a Google Korea product advertising and marketing supervisor. Steve and Jamie have a son named Joseph and a daughter named Clara. They moved to Taipei, Taiwan in 2019.
The Chens are main supporters of the Asian Artwork Museum of San Francisco the place Jamie was appointed a trustee in July 2012.