Craig Newmark Net Worth 2024

What is Craig Newmark’s Net Worth and Salary?

Craig Newmark is an American web entrepreneur who has a net worth of $1 billion. Newmark is finest recognized for founding the favored web site Craiglist, and his net worth is essentially a mirrored image of the positioning’s success. Outside of his work with Craigslist, Craig is a devoted philanthropist. He stays considerably concerned with the operation of Craiglist to this present day, principally coping with issues associated to customer support and coping with scammers.

Early Life

Craig Alexander Newmark was born on December sixth of 1952 in Morristown, New Jersey. As a younger boy, Craig was raised in a Jewish family and loved science fiction novels and comedian books. Tragedy struck the family when he was 13, as Newmark’s father handed away from most cancers. He and his youthful brother then relocated to Jacob Ford Village along with his mom. A self-decribed nerd throughout his highschool years, Craig excelled in physics, sang within the choir, co-captained the talk crew, and was a part of the honour society.

After graduating from highschool, Newmark attended Case Western Reserve University. He studied laptop science and ultimately graduated with a Bachelor of Science diploma in computing and data sciences. Craig then studied for 2 extra years to earn his Master of Science diploma in computing and data sciences, leaving the college in 1977.

CraigsList

After graduating from Case Western Reserve University, Craig discovered work with IBM as a programmer and techniques engineer. He remained employed with IBM for the subsequent 17 years. Newmark then gained employment at firms like Bank of America and Sun Microsystems whereas working as a pc programmer. In 1993, he relocated to San Fransisco to work alongside Charles Schwab.

After Schwab launched Craigslist to the web, Newmark began experimenting with completely different strategies to create one of many first on-line communities. Craigslist began as an e mail listing, and Newmark would ship out data on upcoming occasions in San Fransisco to his mates. The e mail listing quickly grew, and Craig quickly discovered himself together with way more data in these emails.

Finally, Craig determined to modify to a web-based listing slightly than an e mail listing, and craigslist.org was first launched in 1996. This was a spot the place individuals might merely change data with out being charged cash or being subjected to commercials. During these early years, Craigslist was principally a pastime for Newmark, and he continued to carry down his day job as a software program engineer.

In 1999, Craig lastly stop his job and started to focus all of his consideration on his web site. That 12 months, he integrated Craigslist as a personal for-profit firm. Although he initially acted as CEO, Newmark spent only one 12 months on this place earlier than stepping down. Jim Buckmaster grew to become the brand new CEO. Since this level, Craig has distanced himself from really operating the corporate, preferring as an alternative to answer buyer help inquiries and goal scammers who use his platform for nefarious means.

Despite widespread reviews that Newmark’s net worth exceeds the $1 billion mark, Craig stresses that he by no means structured his enterprise for optimum revenue. In reality, he states that he started the web site for “minimal revenue” and that “nobody must be a billionaire.” Newmark additionally factors out that his “minimal enterprise mannequin” permits him to donate appreciable quantities of cash to nonprofits.

In 2011, Newmark based craigconnects. This non-profit initiative goals to assist different non-profits and public service organizations, and it most targets points associated to world poverty, the Middle East, veterans affairs, and low-income neighborhoods. In 2015, he launched one other group known as Craig Newmark Philathropies. This acts as an “umbrella group” that manages his varied foundations. Over the years, he has donated hundreds of thousands of {dollars} to numerous organizations and initiatives, together with those who help girls in know-how, journalism ethics, web safety, and way more.

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Political Affiliations

Craig Newmark is a long-established donor to the Democratic Party. He has supported plenty of Democratic presidential campaigns up to now, together with John Kerry’s effort to develop into president. He additionally supported Barack Obama and the presidential marketing campaign of Hillary Clinton. It’s value mentioning that though Newmark has donated hundreds of thousands of {dollars} to serving to the Middle East, he appears to haven’t any qualms about supporting Democrats who’ve bombed many Middle Eastern nations into oblivion.

Relationships

In 2012, Newmark married Eileen Whelpley. They cut up their time between San Fransciso and New York City.

Real Estate

While most celebrities begin their lives in slightly modest residences, Newmark really developed Craiglist from a slightly engaging and sought-after San Francisco property. The three-bedroom Edwardian-style residence spans 1,240 sq. feet of residing house and was initially constructed in 1907. Craig left the residence in 2005, promoting it for an undisclosed quantity. However, the consumers rapidly rotated and offered the property for $910,000 in 2007. The new homeowners ultimately invested in an intensive renovation, and the house was offered in 2018 for $1.48 million. Because historic properties like this are so uncommon in San Francisco, the property offered for greater than $100,000 over the asking value.

In 2016, it was reported that Newmark had bought a house in New York City for $6 million. The co-op is situated in Greenwich Village, and the two-story duplex options three bedrooms, 11-foot ceilings, a wood-burning fire, and a wine room. A separate carriage home has been transformed right into a library with 18-foot ceilings. The constructing itself dates again to the nineteenth century.