What is Shawn Fanning’s Net Worth?
Shawn Fanning is an American pc programmer, serial entrepreneur and angel investor who has a net worth of $70 million bucks. Shawn Fanning is most probably perfect identified for creating Napster, the file-sharing platform that used to be very popular around the flip of the century. Since then, he has invested in quite a few different tech start-up companies, maximum notably Uber.
Early Life
Shawn Fanning was once born on November 22, 1980, in Brockton, Massachusetts. At the age of 14 in 1994, Shawn Fanning met long term collaborator Sean Parker over the web. The two initially bonded in over topics like hacking and physics and then met in actual lifestyles after Fanning started attending Northeastern University.
In 1998, while he was once attending Northeastern University, Shawn wrote the code for what was considered one of the first standard peer-to-peer (“P2P”) document sharing platforms. He called it Napster. Parker raised the initial price range to build the program.
Napster
Once a initial beta program was available on June 1, 1999, loads of school students at Northeastern have been up and trading track furiously. Shortly after, Shawn and Sean moved the corporate from Hull, Massachusetts to a more spacious location in San Mateo, California and even hired new staff to improve on the Napster Program. Napster used to be so standard that earned him a place on the duvet of Time magazine. Tens of tens of millions of customers had been quickly downloading all sorts of information thru the program.
However, its success was once now not with out trials and Napster was ultimately sued into oblivion. The Recording Industry Association of America vehemently antagonistic the platform, as did quite a few bands and acting groups. Though it used to be one of the quickest-growing industry of all time, it was eventually close down because of large court cases. However, regardless of its fast death, Napster had a long-lasting affect on the song trade, and some even credit score it with being considered one of the early inspirations for products and services like iTunes. Fanning’s good fortune with Napster helped him land on the list of top One hundred innovators in the world below age 35 via the MIT Technology Review.
Chris Hondros/ Getty Images
Later Venture
After Napster, Sean Parker went directly to be an early guide at Facebook and in the end earned a multi-billion personal fortune.
After Napster, Shawn Fanning joined and invested in plenty of early-degree era startup firms, including Snocap, Rapture and Path. He co-based Snocap with Jordan Mendelson who had prior to now worked as Napster’s Chief Architect with funding from investor Ron Conway in 2003.
Within a few years, the company had laid off over half of its personnel. Fanning left Snocap sooner than Snocap formally combusted, occurring to increase Rupture in 2006. His timing was excellent, as Snocap was purchased in a fireplace sale in 2008.
Shawn formally changed into CEO of Rupture on October 2, 2007. Rupture’s future seemed vivid as it was once quickly received through Electronic Arts for $15 million, however Fanning’s group at Electronic Arts was once sacked in November 2009 in a round of layoffs. Only few months later, he started a brand new company known as Path.com.
Path operated as a social community platform fascinated about photograph sharing and messaging. A year later, in 2011, he again joined Sean Parker to discovered Airtime.com, a bunch video chat app. However, the release of the company was once disastrous. Despite the megastar-studded event, the app kept crashing many times all over its June 2012 public launch tournament.
A year later, Fanning began the company Helium Systems together with Amir Haleem and Sean Carey. Since then, he has endured investing in different projects, essentially nonetheless that specialize in the tech and get started-up area.
Uber Investment
Uber introduced in San Francisco in June 2010. It was an enormous hit with consumers, however buyers were not precisely beating down Uber’s doorways to put money into the fledgling startup at the time. In late summer season 2010, Uber raised a $1.25 million seed spherical from First Round Capital, investor Chris Sacca, and Shawn Fanning. Shawn ponied up $25,000. Fast ahead to May 2019 and Shawn’s stake, assuming he hasn’t offered any of his stocks, was once worth $125 million after Uber’s IPO.
Other Public Appearances
Due to Napster’s luck, Fanning has been featured in a number of films and media. He was a presenter at the 2000 MTV Video Music Awards and wore as shirt that said “Metallica v. Napster, Inc” representing the lawsuits that Napster was once the embroiled in. He additionally has made a cameo look as himself in “The Italian Job” in which he's accused of stealing the thought from Seth Green’s personality while Green is sound asleep. He also seemed in a 2008 Volkswagen business that references his past with file-sharing platforms and was the matter of the 2013 documentary, “Downloaded.”
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