Chad Hurley Net Worth | Celebrity Net Worth
What is Chad Hurley’s net worth?
Chad Hurley is an American tech entrepreneur who has a net worth of $700 million. Chad Hurley has earned his net worth as the co-founder and former CEO of the popular video sharing website YouTube, which was acquired by Google in late 2006 for $1.65 billion.
Chad Meredith Hurley was born on January 24, 1977, in Reading, Pennsylvania. As a child he was interested in computers and electronic media. In high school he won two state titles as a runner and was a member of the Technology Students’ Union.
For college he attended Indiana University of Pennsylvania, graduating in 1999 with a BA in Fine Arts.
After graduating from college, Chad took a job at startup PayPal. He helped become the PayPal logo. Two of his co-workers at PayPal were Javad Karim and Steve Chen.
PayPal was acquired by eBay in August 2002 for $1.5 billion in cash. Chad, Steve and Jawad stayed with PayPal for a few years. All three left the company in early 2005.
Around this time the trio began meeting at a local deli called Max’s Opera House to brainstorm ideas for startups. According to a legend, it was Jawad who suggested the trio to build a website where users could upload and share videos. In another version of the original story, Chad and Steve are frustrated that they are unable to easily post a video from a dinner party to the Internet. Whatever the reality, all three eventually came under the name YouTube.com.
Three mates went to work developing the website. The website YouTube.com went live in February 2005. On Saturday, April 23, 2005, at 8:27 p.m., Jawad posted the first video on YouTube, a video he took from a visit to the San Diego Zoo a few months earlier. .
Between November 2005 and April 2006, YouTube raised $11.5 million in venture capital funding from Sequoia Capital and Artis Capital Management.
His timing could not have been more perfect. MySpace recently took off and millions of people were adding video embeds from YouTube to their pages.
YouTube reached a turning point in December 2005 thanks to a “Saturday Night Live” sketch called “Lazy Sunday”. At the time, DVRs were still not in widespread use, so the day after “Lazy Sunday” aired and people wanted to see the video, they heard a lot from friends who caught it live, took to the Internet. YouTube has made videos easy to find and watch online. This temporarily caused a copyright conflict between YouTube and SNL, and the video was actually removed from the platform in February 2006. The clip would not reappear on YouTube until August 2013 when it was officially re-uploaded by the SNL account.
On October 9, 2006, Google announced that it had reached a deal to acquire YouTube for $1.65 billion in Google stock.
As CEO/Founder, Chad immediately received 694,087 shares of Google from the sale. He received 41,232 in trust to be earned over time. At the time of the closing of the deal, Google’s stock price was $470. At that level Chad’s shares were worth $345 million. If Chad still owned all of these shares by the end of 2021, they would be worth about $2 billion before taxes.
Steve Chen received shares worth $326 million. Jawad received shares worth $64 million. Sequoia received $442 million in shares and Artis received $83 million.
Chad remained as CEO of YouTube until October 2010.
In August 2013, Chad and Steve launched a new video site called MixBit. MixBit allowed users to edit videos using their smart phones. MixBit created an experience that would later be common in apps like Vine and Instagram.
MixBit was acquired by BlueJeans in August 2018.
Kim Kardashian / Kanye West Sue
Chad got into a bit of a feud with Kim Kardashian and Kanye West in 2013.
In October 2013, Kanye West made an elaborate marriage proposal to Kim Kardashian at the AT&T area in San Francisco. Everyone in attendance was required to sign a confidentiality agreement. According to a lawsuit that would be filed later, Chad was not invited, but somehow manipulated the event in his own way. Once inside he recorded the motion and uploaded the two-minute clip to MixBit. The video, in which Kanye is seen getting down on one knee with an orchestra and fireworks in the background, soon garnered over 1.64 million views and reposted to TMZ. They also issued a press release promoting the video on MixBit.
When Kim and Kanye found out, they were furious. He quickly filed suit against Chad. The trial went on for about two years. In the end Chad settles down with Kim and Kanye agreeing to pay $440,000.
Chad was a major investor in the now defunct US F1 team (Formula 1).
He is a minority owner of the NBA’s Golden State Warriors and MLS’ Los Angeles Football Club.
In 2000, Chad married Kathy Clarke. Cathy’s father Jim Clark is the billionaire tech investor behind companies such as Silicon Graphics, WebMD and Netscape. Jim’s wife (his fourth marriage) is Australian model Christie Hinge. Chad is three years older than Christie… who is technically her mother-in-law.
In 2013 Chad and Kathy paid an undisclosed amount for a 10-acre property in the Silicon Valley city of Woodside, CA. He sold this property in January 2019 for $14.25 million.
In 2013 he paid $9 million for an 8,600-square-foot mansion in Atherton, just a few cities from Woodside. Today this house is worth 15-20 million dollars.
Chad and Kathy also own two units in a New York City building.
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