The CEO and founder of Epic Games, Tim Sweeney, has made his way onto Bloomberg’s Billionaires Index.
Tim Sweeney is a 48 year old American computer game programmer and the founder of Epic Games, being best known for his work on ZZT and the Unreal Engine.
On January 8th, 2019; Tim entered Bloomberg’s billionaire index at position #196 with a total net worth of $7.16B. His largest asset is Epic Games, therefore his worth is considered self-made.
The Bloomberg Billionaires Index is a daily ranking of the world’s richest people. The figures are updated at the close of every trading day in New York. Tim’s Billionaire Profile is as follows…
The majority of Sweeney’s fortune stems from his stake in Epic Games, the video game developer he founded in 1991. The company’s valuation is based on an October 2018 transaction where a consortium of investors, including KKR and Lightspeed Venture Partners, acquired a stake at a valuation of almost $15 billion.
Following the transaction, Sweeney’s stake in the business is calculated at 44.7 percent. Before this, he was estimated to own 51 percent, based on the company’s confirmation that Sweeney was the controlling shareholder. The analysis assumes that half the investment was funded through the sale of shares by existing shareholders — primarily Sweeney — and half through the issuance of new shares.
Sweeney’s cash holdings are based on Epic shares he’s estimated to have sold in that October transaction.
Nick Chester, a spokesperson for Epic Games, said the billionaire declined to comment on his net worth.
Tim Sweeney’s net worth of $7.16B can buy…
- 5.58M troy ounces of gold
- 121M barrels of crude oil
… and is equivalent to …
- 0.0369% of the GDP of the United States
- 0.146% of the total wealth of the 500 richest people in the world
- 1.81% of the top 100 U.S. college endowments
- 113% of the top 200 U.S. executives’ total awarded compensation
- 0.454% of U.S. existing home sales
- 116,584 times the median U.S. household income
While the success of Fortnite has no-doubt played a very significant role in Tim and Epic’s success, it is not the only factor.