Marc Benioff Net Worth 2024

What is Marc Benioff’s Net Worth and Salary?

Marc Benioff is an American businessman, writer, and philanthropist who has a net worth of $6.7 billion {dollars}. Marc Benioff is finest often called the chairman, founder, and CEO of Salesforce. Salesforce is without doubt one of the most profitable and worthwhile cloud computing firms on the planet, and it rakes in over $17 billion per 12 months in income. Fun reality: Marc’s distant cousin David Benioff is the producer behind the Game of Thrones HBO present. They share the identical grandfather. Aside from his exploits in huge tech, Benioff and his spouse Lynn have additionally ventured into the world of media, buying Time for $190 million in 2018.

Early Life

Marc Russell Benioff was born on September twenty fifth of 1964 in San Francisco, California. Raised in a Jewish family with a long-established roots within the San Francisco Bay Area, Benioff attended the University of Southern California after graduating from highschool. Eventually, he obtained a Bachelor of Science in enterprise administration. Marc’s second cousin is David Benioff, the showrunner and producer behind the “Game of Thrones” sequence.

Despite finding out enterprise administration at college, Marc grew to become keen about programming from an early age. During his highschool years, he started promoting functions and video video games. At the age of 15, he established Liberty Software and created numerous profitable video video games for the Atari 8-bit. By the age of 16, he was incomes royalties of over $1,500 per thirty days – which was greater than sufficient to pay for his future college training.

Career

While he was nonetheless at USC, Benioff labored as an intern for Apple Computer. After graduating, he landed a job at Oracle Corporation. Marc spent the subsequent 13 years of his profession rising the ranks at Oracle.

Benioff left Oracle and based Salesforce in 1999. At this level, he was dwelling in a rented residence in San Francisco. Marc was one of many first individuals to see the potential of SaaS or “Software as a Service.” Early advertising slogans for Salesforce included “The End of Software.” He created the time period “platform as a service,” and in the present day it appears as if lots of his predictions have been verified. Cloud computing is certainly turning into the norm for a lot of companies, and it’s a development that’s anticipated to proceed effectively into the subsequent few many years.

In 2015, a report said that companies have been projected to spend at the very least $106 billion on SaaS merchandise in 2016. Salesforce was early on the cloud computing rush. In 2015 the corporate ended the fiscal 12 months with $5.37 billion in income. At the time, surpassing the $5-billion income mark was thought-about a serious achievement for a cloud computing firm. Soon after this achievement, Marc bragged that Salesforce would finally double that determine, turning into the quickest enterprise software program firm to surpass $10 billion in income. Benioff additionally claimed that he had $9 billion already below contract.Today Salesforce generates north of $25 billion in annual income.

Justin Sullivan/Getty Images

Shares

Marc owns 4% of Salesforce as of this writing. The firm presently has a market cap north of $160 billion. With these sums in thoughts, it appears clear the place nearly all of Benioff’s net worth comes from. He has bought roughly $1.5 billion value of inventory over time.

Acquisitions

Benioff has accelerated his personal net worth and the success of Salesforce with numerous notable acquisitions over time. Perhaps certainly one of Salesforce’s most vital acquisitions got here in 2013 when it bought the e-mail advertising firm ExactTarget for a cool $2.3 billion. One 12 months earlier, Salesforce acquired Buddy Media for $689 million. Just just a few months later, Salesforce accomplished one other buy, buying the Canadian firm Golnstant for $70 million.

Of course, Salesforce has additionally been on the opposite facet of the public sale block up to now. Microsoft has been making an attempt to buy the corporate for a few years, and the titanic pc firm as soon as made a bid of $55 billion to amass Salesforce. Intent on cashing on Salesforce’s success, Benioff refused to budge and demanded at the very least $70 billion for his firm. Microsoft finally walked away, and the deal fell by means of. Marc has been famously important of Microsoft up to now – particularly when it comes to the corporate’s former CEO, Steve Ballmer.

Real Estate

As you would possibly anticipate from somebody of Benioff’s net worth, the entrepreneur has amassed a formidable actual property portfolio over time. One of his most notable properties is a large compound on the massive island of Hawaii. The property options six bedrooms and virtually 10,000 sq. feet of dwelling area. Marc initially bought the uncooked land in Hawaii for $12.5 million in 2000 earlier than spending years designing and constructing the residence from the bottom up. Benioff even created his very personal development firm solely for the aim of constructing his dwelling.

Of course, Marc additionally maintains an actual property presence in “huge tech” cities like San Francisco. He is claimed to personal a $28-million mansion on San Francisco’s Billionaire Row, an ultra-exclusive neighborhood within the Pacific Heights space that consists of simply 10 houses. Marc additionally reportedly bought a 15,858-square-foot home for $27 million in 2005 – additionally within the “huge tech” empire of Southern California.

Philanthropy

Marc is a well known philanthropist who has made unimaginable donations to varied organizations and charities. In complete, he has donated roughly $250 million to an initiative to create a model new kids’s hospital with the University of California at San Francisco. In 2020, Benioff pledged $100 million to the UCSF Benioff Children’s Hospital.

In addition, Marc is credited with popularizing the so-called “1-1-1 mannequin” of philanthropy. With this strategy, startups donate 1% of their fairness, 1% of their merchandise, and 1% of their staff’ time to charity. Although it began with Salesforce, many different firms have adopted this mannequin, leading to vital advantages for numerous charity teams. Google is without doubt one of the most notable firms which have adopted this mannequin. Benioff runs a separate philanthropy wing of his firm known as the Salesforce.com Foundation, and it has an annual finances of about $20 million.