The CEO of Epic Games is estimated to be worth around $7 billion.
It’s no secret that the gaming industry is worth billions of dollars. Some titans of the gaming industry include Valve boss Gabe Newell and Activision CEO Bobby Kotick. Today, Epic Games founder and CEO Tim Sweeney made the Bloomberg Billionaires Index. Sweeney is ranked 195th with a net worth of $7.16 billion. This wealth comes off of the surging success of the popular yet controversial battle royale game Fortnite. Epic Games also owns Unreal Engine 4, which is a game engine used to create games across a variety of platforms.
Sweeney placed ahead of Newell (368th, $4.4 billion), who saw his wealth shrink by around $3 billion from August 2018 to December 2018. Sweeney also places ahead of famous billionaires such as philanthropist George Soros (201st, $7 billion), fashion giant Giorgio Armani (260th, $5.92 billion), and Twitter CEO Jack Dorsey (350th, $4.6 billion). He also places ahead of current United States President Donald Trump. Trump is not on the list, but his estimated net worth is around $3.1 billion as of 2018.
Sweeney’s meteoric rise is part Fortnite and part investment.
“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,” said Bloomberg in his profile. Sweeney controls 44.7% of the company as of this writing. Tencent, a publicly traded company, owns 40% of Epic Games.
Before the October 2018 transaction, Sweeney controlled 51 percent of the company. He was also the controlling shareholder. Bloomberg estimates that half the investment came about through a combination of existing shareholders (including Sweeney) selling shares and the issuance of new shares.
What do you think about the ever-growing clout of video games in the global financial arena? Will Fortnite continue to grow Sweeney’s wealth? Let us know in the comments below!