Tony Hsieh Net Worth 2024

What is Tony Hsieh Net Worth?

Tony Hsieh was an American entrepreneur, writer and enterprise capitalist who had a net worth of $850 million on the time of his demise in 2020. Tony was best-known for being the visionary CEO of on-line shoe gross sales firm, Zappos. He then wrote a best-selling e book about his success known as “Delivering Happiness”. Later in life he centered on reworking downtown Las Vegas.

Early Life

Tony Hsieh was born in Illinois in 1973, however the family quickly moved to California. He attended Branson High School in Ross, California after which went on to Harvard University the place he earned a pc science diploma.

LinkExchange

Tony’s first job out of college was at Oracle. He didn’t get pleasure from this job and spent most of his time brainstorming a aspect mission.

Tony quickly left Oracle to develop an concept for an web promoting trade service. The finish outcome was an organization known as LinkExchange, which he based with a pal. LinkExchange allowed web sites to show adverts for different companies in trade for his or her adverts being displayed throughout the net. The extra adverts a website displayed, the extra their very own adverts can be proven throughout the LinkEchange community. By 1998, the yr the corporate was acquired by Microsoft for $265 million, LinkExchange had 400,000 members and rotated 5 million adverts per day. According to the phrases of the buyout, Tony was meant to remain on with Microsoft to earn further payouts. He famously grew uninterested in “resting and vesting”, and left Microsoft with tens of thousands and thousands of future payouts on the desk.

VentureFrogs

Next, Hsieh co-founded the funding agency, Venture Frogs, with Alfred Lin. Some of the enterprise’ investments included OpenTable, Ask Jeeves and, most significantly, a little-known shoe retailer that may quickly be known as Zappos.

Zappos

At first, Hsieh was not satisfied that promoting footwear on-line was even a remotely viable concept however, after studying that the footwear trade within the U.S. (on the time) was a $40 billion market with nearly no gross sales occurring via the web, he modified his thoughts.

In 1999 VentureFrogs gave the startup $2 million to launch what was then known as ShoeSite.com. Later that yr the corporate modified its identify to Zappos, a reference to the phrase “zapatos”, the Spanish phrase for footwear.

In 2001 Tony turned co-CEO of Zappos with firm founder Nick Swinmurn. That yr, the corporate generated $1.6 million in income. Rather less than a decade later, the corporate was producing over $1 billion per yr. Along the best way, Zappos began to earn a fame for having superb company tradition that centered acutely on worker happiness and offering the most effective customer support of any retailer.

At Tony’s path, the the Zappos company headquarters was moved from the Bay Area to Las Vegas, the place Tony knew labor and actual property can be considerably inexpensive.

Amazon Sale

On July 22, 2009 Amazon acquired Zappos in an all-stock deal. The deal consisted of 10 million shares of Amazon which equated to $1.2 billion on the day the deal was introduced. Tony Hsieh earned a reported $214 million via his private stake within the firm and a further $100-$200 million because of his VentureFrogs stake.

FYI, at present 10 million shares of Amazon can be price $32 billion. Presuming that Tony obtained round 3 million Amazon shares via the acquisition, and by no means offered a share, at present that stake can be price $9.6 billion. Tony should have offered nearly all of his stake as a result of his net worth by no means was formally confirmed as being over $1 billion. At its peak, we estimated Tony Hsieh’s net worth to be $850 million.

Tony stepped down from CEO of Zappos in August 2020. He had been concerned with the corporate in some type for 21 years.

Other Ventures

In 2011, Hsieh joined the board of administrators of JetSuite.

In 2010 Tony revealed his first e book, “Delivering Happiness”. The e book turned a #1 New York Times bestseller, staying on the listing for greater than six months.

Later in life Hsieh was notably for his affiliation with downtown Las Vegas. Hsieh based the Downtown Project, a $350 million revitalization mission geared toward cleansing up the world, bringing in companies, faculties, residences and tech companies. Hsieh aimed to present Las Vegas a contemporary city core. The mission’s funding is split between a number of initiatives: $200 million for investments in actual property, $50 million for well being, tradition, and training initiatives in Las Vegas, $50 million for tech startups, and the remaining $50 million for small companies.

Real Estate

During at the very least a part of his time residing in Las Vegas, Tony famously lived in a trailer park. This is properly after incomes tons of of thousands and thousands of {dollars} from the Amazon sale. He additionally owned a house out within the Vegas suburbs.

In August 2020 Tony paid a reported $56 million for a gaggle of residential properties in Park City, Utah.

Death

Tragically, Tony died on November 27, 2020 on the age of 46 in a home fireplace whereas visiting family in Connecticut over the Thanksgiving vacation.