10 Updates

WhatsApp Founders Become Billionaires In $19 Billion Facebook Deal

Feb 19 2014, 6:30pm CST | by

Facebook just made two more Silicon Valley entrepreneurs into billionaires. On Wednesday, the Menlo Park, Calif.-based company announced a record $19 billion for messaging service WhatsApp. That...

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22 weeks ago

WhatsApp Founders Become Billionaires In $19 Billion Facebook Deal

Feb 19 2014, 6:30pm CST | by

Facebook just made two more Silicon Valley entrepreneurs into billionaires.

On Wednesday, the Menlo Park, Calif.-based company announced a record $19 billion for messaging service WhatsApp. That deal instantly takes WhatsApp cofounders Jan Koum and Brian Acton into the realm of 10-figure fortunes.

FORBES estimates that Koum held about a 45% stake in the company, while Acton’s stake was over 20%.

In a filing with the Securities and Exchange Commission, Facebook said it would be paying for the deal with nearly 184 million shares, $4 billion in cash and nearly 46 million restricted stock units (RSUs), valuing the acquisition at over $19 billion. After disregarding the RSUs, which are not immediately exercisable, and assessing taxes, FORBES estimates that Koum is worth $6.8 billion while Acton is worth at least $3 billion as of Facebook’s closing share price on Wednesday.

Messages left with WhatsApp were not immediately returned on Wednesday.

Facebook has already minted several billionaires, among them Mark Zuckerberg , whose estimated net worth is about $30 billion. Other members of the 10-figure club from the social network’s ranks include cofounders Dustin Moskovitz and Eduardo Saverin ; venture capitalists Peter Thiel and Jim Breyer ; former president Sean Parker ; and most recently Chief Operating Officer Sheryl Sandberg , who became a billionaire last month because of Facebook’s rising share prices.

Aside from Facebook’s chief, WhatsApp CEO Koum will be richer than all of them. At 37, he will join Facebook’s board once the deal closes and will continue to operate the Mountain View, Calif.-based messaging company independently of its parent.

“I’ve also known Jan for a long time, and I know that we both share the vision of making the world more open and connected,” Zuckerberg wrote on his Facebook page. “I’m particularly happy that Jan has agreed to join the Facebook board and partner with me to shape Facebook’s future as well as WhatsApp’s.”

Additional reporting from Parmy Olson in San Francisco and Brian Solomon and Alex Konrad in New York. 

Follow me on Twitter at @RMac18  or email me at rmac@forbes.com.

Source: Forbes Business

 
Update
10

7 weeks ago

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Jun 9 2014 7:54am CDT | Source: Business Times Malaysia

KUALA LUMPUR: About RM47 million of contributions in the Teachers Provident Fund (KWSG) still remain unclaimed, the ...
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7 weeks ago

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7 weeks ago

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KUALA LUMPUR: AN emergency motion to debate the losses incurred by Malaysia Airlines last year, amounting to RM1.2 billion was rejected by the Dew ...
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Update
7

7 weeks ago

MH370 Tragedy: Hisham: RM27.6 mil spent on 1st phase of SAR

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KUALA LUMPUR: Malaysia spent some RM27.6 million in its first phase of the search operations for missing Malaysia Airline flight MH370, said Acting Transport Minister, Datuk Seri Hishammuddin ...
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Update
6

7 weeks ago

9.1m litres of diesel seized in a month

Jun 8 2014 1:11am CDT | Source: Business Times Malaysia

PUTRAJAYA: The Domestic Trade, Cooperatives, and Consumerism ministry has seized some 9.1 million litres of diesel and property worth RM58 million since mounting ‘Operasi Diesel Selatan’ in the southern states la ...
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Update
5

7 weeks ago

Girl, 9, awarded RM2.78m compensation for medical negligence

Jun 6 2014 4:56am CDT | Source: Business Times Malaysia

KUALA LUMPUR: A nine-year-old girl who suffered brain damage during her birth at a government hospital was awarded over RM2.78 mi ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
4

7 weeks ago

Malaysia's total trade in April up 12pc

Jun 5 2014 11:52pm CDT | Source: Business Times Malaysia

KUALA LUMPUR: Malaysia's total trade in April 2014 rose by 12 per cent from a year ago to RM123.86 billion due to growing trading activities, International Trade and Industry ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
3

7 weeks ago

Works Ministry to spend RM20m for upgrading works at 50 accident black spots

Jun 4 2014 11:35pm CDT | Source: Business Times Malaysia

JOHOR BARU: The Works Ministry will implement upgrading works at 50 accident prone locations in the country that have been identified this year involving an allocation of RM20 mi ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
2

7 weeks ago

Najib launches loan scheme for Ramadan traders

Jun 4 2014 10:24pm CDT | Source: Business Times Malaysia

PUTRAJAYA: Prime Minister Datuk Seri Najib Razak today launches RM45 million Ramadan Baza ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
1

7 weeks ago

Residents bring up objection against Kidex to Suhakam

Jun 4 2014 4:49am CDT | Source: Business Times Malaysia

PETALING JAYA: A group of 20 Petaling Jaya residents held a meeting with the Human Rights Commission of Malaysia (Suhakam) over their objection against the proposed RM2.2 billion Kinrara Damansara Skyway (Kide ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 

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