Category: Entrepreneurs

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Paul Allen Net Worth

Paul Allen net worth as of 2019

Paul Allen net worth
Paul Allen

Date of Birth: January 21st, 1953

Death– October 15th, 2018

Age: 65

Country: United States

Wealth Source: Businessman/ Investor/ Researcher

Net Worth: $20 Billion

Biography

Paul Gardner Allen was a famous American business mogul known to be the co-founder of Microsoft Corporation with Bill Gates in 1975.

In 2018, Forbes ranked Paul Allen as the 44th richest person in the world, with a net worth of slightly over $20 billion.

He and his sister Jody Allen also co-founded Vulcan Inc, a company that managed several businesses.

His wealth comes from his colossal investment portfolio ranging from media companies, technology, real estate, spaceflights, and research.

Young Paul Allen

Paul Allen was born in Seattle, Washington, on January 21st, 1953. His parents were Kenneth Allen and Edna Faye Allen.

He attended Lakeside School, where he became friends with Bill Gates. Their friendship grew stronger as both shared a common trait- computer enthusiasts. They later did several projects together in their teenage years, including making traffic counters and class scheduling system.

Allen then joined Washington State University, after which he dropped out in his second year. At that time, Gates was in Havard. Allen, therefore, managed to convince him to drop out for them to start Microsoft.

Career

Microsoft

Allen alongside Bill Gates founded Microsoft in 1975 in Albuquerque, New Mexico. Their first product was the BASIC programming language interpreter.

Microsoft breakthrough came when they secured a contract with IBM to supply Dirty Operating System (DOS) to be run on IBM computers.

Paul and Gates

However, Gates and Allen’s relationship stalled. They overall argued about everything. As a result, in 1982, Allen was diagnosed with Hodgkin’s Lymphoma; therefore, he left Microsoft but retained his position as the vice-chairman of the board of directors.

Initially, The share percentage split between Gates and Allen was 60-40. Later, Gates increased his shares to 64-36.

As soon as Microsoft went public, Paul Allen became a billionaire. In 2002, he resigned from his position as the vice-chairman of the board of directors. 

As of 2014, Paul Allen had 100 million shares in the company.

Paul Allen’s Wealth

Paul Allen Net Worth come from the following sources.

Businesses and Investments

Vulcan Inc.

Vulcan Inc

Paul Allen and his sister Jody Allen formed Vulcan Inc, responsible for overseeing the family business and philanthropic activities.

The company is subdivided into several groups depending on the business activity.

Vulcan Capital

Vulcan Capital was founded in 2003 with its headquarters in Seattle. Jo Allen Patton is the CEO. It is responsible for and manages Paul Allen’s wealth.

Companies the Vulcan Capital has an investment in include Charter Communications, Alibaba Group, $INFO, DreamWorks, Tri Alpha Energy Inc, Redfin, and Magic Leap.

Vulcan Real Estate

Vulcan Real Estate is responsible for the development and management of the real estate portfolio.

So far, Vulcan Real Estate has developed over 6.7 million square feet of real estate across America. Such developments are residential, retail, office, and research spaces.

Apart from redeveloping the South Lake Union neighborhood, Vulcan sold 1,800,000 square feet of office to Amazon in Seattle.

It has also developed a five-building complex near Lake Union Park for Google.

Vulcan Arts+ Entertainment

Launched in 2017, its current development portfolio includes Seattle Cinerama, Upstream Music, Seattle Art Fair, The Hospital Club, Museum of Pop Culture, and Living Computers.

Research

Vulcan Inc started a project called the Allen Brain Atlas. The project was keen to understand the connection between brain functioning and genes. As a result, the Allen Institute of Brain Science was founded with an initial donation of $100 million.

Later, Project Halo came. It was due to the need to understand the importance and potential of Artificial intelligence.  As a result, Allen School for Artificial Intelligence was created.

Vulcan Production

The Vulcan Production house produces movies and films, outreach initiatives, and digital programs.

Its projects include Ghost Fleet, The Memphis Belle, The Cold Blue, Going To War, Ballet Now, The Ivory Game, Unseen Enemy, Live From The Deep, Naledi, Body Team 12, We the Voters, Girl Rising, Ocean Warriors, and Racing Extinction.

Mobile Applications

Allen financed the start-up of Saga, a mobile application used to stream sports events live and a social platform for fans.

He is also behind to development of a content-management app called Fayve

Ticket Master

Allen bought 80% of the company in 1993 for $243 million. Later in 1997, he sold 47.5% of his share to Home Shopping Network for $209 million.

Sports Teams

Seattle Seahawks

In 1997, Allen acquired Seattle seahawks for $200 million from Ken Behring. As of August 2014, the team had a value of $1.33 billion according to Forbes.

Portland Trail Blazers

Allen purchased Portlands Trail Blazers in 1988 for $70 million from Larry Weiberg, a real estate developer. This came as a result of Allen buying the Moda Center.

Moda Centre

Later in 2015, Forbes estimated that Portland Trail Blazers are valued at 940 million.

Seattle Sounders FC

Allen, through Vulcan Sports and Entertainment, owns Seattle Sounders FC alongside Joe Roth, Drew Carey, and Adrian Hanauer. Eventually, Seattle Sunders began playing in 2009 in the Major League Soccer (MLS).

Personal Life

Paul Allen neither got married, nor does he have children. He had earlier canceled his marriage plans with his first girlfriend, Rita because he thought he wasn’t ready to marry. He was 23.

Allen also loved playing the guitar. Thanks to the inspirations he got from Pauli Hendrix. In 2013, he released Everywhere At Once.

Paul Allen, as a billionaire, also loved yachting.

Allen’s Yacht

His 414 feet yacht named Octopus trails 20th on the list of longest yachts in the world. Octopus is big enough to accommodate two helicopters, a swimming pool, a basketball court, and a submarine.

Death

Paul died of cancer on October 15th, 2018. Upon his death, his sister Jody Allen took over as the trustee and executor of Paul’s wealth.

Philanthropy and Charity

Over the years, Paul Allen has donated more than $2 billion towards charity, environmental conservation, community services, education, wildlife conservation, arts, and exploration.

Paul Allen’s first philanthropic act was in 1983 when he, alongside Bill Gates, donated $2.2 million to their former school Lakeside School.

In 1989, he donated $2 million for library construction at the University of Washington called Allen Library. The University of Washington has since received a total of 90 million from Paul Allen for different projects in the university.

Allen also donated $20 million to Stanford University and Tufts University for the creation of Allen Discovery Centers.

Allen has also gifted over $100 million to promote and support arts.

Also in 2014, he pledged $100 million that will be geared towards fighting the Ebola virus in Africa.

Furthermore, Allen donated about $10 million to fund the elephant census in Africa

Paul Allen’s Memoir

Idea Man: A Memoir by the Cofounder of Microsoft. It was put together and published by Portfolio, a Penguin Group subsidiary company. The book made to the list of New York Times Best Seller.

Honourary Degrees

Washington State University

Nelson Mandela Metropolitan University

Watson School of Biological Sciences.

École Polytechnique Fédérale de Lausanne

Awards and Accolades

Collier Trophy- SpaceShipOne- 2004

National Air and Space Museum Trophy- SpaceShipOne- 2005

Time 100 Most Influential People in The World- 2007-2008

Vanguard Award- 2008

Oregon Sports Award- the long-time owner of the Portland Trail Blazers- 2009

W. J. S. Krieg Lifetime Achievement Award- 2010

Seattle Sports Commission Sports Citizen of the Year- 2011

Eli and Edythe Broad Award for Philanthropy- 2012

Super Bowl ring- 2014

Lifetime Achievement Award- Seattle Business magazine- 2014

Philanthropist of the Year- Inside Philanthropy- 2014

International Space Hall of Fame- 2014

Ischia Humanitarian Award- 2015

Andrew Carnegie Medal of Philanthropy- 2015

Champion for Global Health Award- 2015

2016 MLS Cup- 2016

Seattle Seahawks Ring of Honor- 2019

Famous Quotes by Paul Allen

“What should exist? To me, that’s the most exciting question imaginable. What do we need that we don’t have? How can we realise our potential?”

“For the most part, the best opportunities now lie where your competitors have yet to establish themselves, not where they’re already entrenched.”

“In my experience, each failure contains the seeds of your next success– if you are willing to learn from it.”

n my own work, I’ve tried to anticipate what’s coming over the horizon, to hasten its arrival, and to apply it to people’s lives in a meaningful way.”

“The possible is constantly being redefined, and I care deeply about helping humanity move forward.”

Allen on Bill Gates

As of 2019, Paul Allen net worth is estimated to be around $20 Billion

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