|Net Worth||$101 Billion|
|Date of Birth||Mar 24, 1956 (65 years old)|
|Height||Height: 6 ft 5 in (1.96 m)|
|Nationality||United States of America|
Steve Ballmer Net Worth and Salary:
Steve Ballmer Net Worth: Ballmer is a businessman and owner of sports teams whose net worth is $101 billion. The Los Angeles Clippers are owned by Steve Ballmer, who is most known for his association with Microsoft. One of the world’s wealthiest individuals due to his extremely high net worth. Microsoft shares are the primary source of his wealth.
Approximately 333.3 million Microsoft shares are the main source of Steve Ballmer’s net worth. His total stock sales and dividends totaled roughly $4.5 billion over the years.
Bill Gates was replaced as CEO of the company by Ballmer in 2000. His base salary as CEO was $1.35 million. Steve Ballmer announced on August 23, 2013, that he would step down from the position within 12 months. Satya Nadella replaced Ballmer on February 4, 2014.
In 1956, Steven Anthony Ballmer was born in Detroit, Michigan. The Ford Motor Company was managed by his father, Frederic Henry Ballmer. Ballmer reportedly still drives his father’s Ford to this day. Steve Ballmer attended the International School of Brussels while residing in Brussels from 1964 to 1967, even though he was originally raised in the affluent Farmington Hills community.
While attending Lawrence Technical University and Detroit Country Day School, Ballmer focused heavily on math and engineering before attending Harvard University, graduating with a Bachelor of Arts in applied mathematics and economics in 1977. Ballmer was an active member of his college’s newspaper and managed its football team. He also met Bill Gates while in college.
Following that, Ballmer was employed by Procter & Gamble as an assistant product manager. In an attempt to escape the corporate life, Ballmer tried to get two screenplays produced in Hollywood. By 1980, he was receiving his MBA from Stanford.
Career with Microsoft:
A year after Bill Gates convinced Ballmer to leave Stanford, Ballmer became the first manager of Microsoft. As their relationship grew, Gates and Ballmer developed a strong sense of commitment to one another – both professionally and personally. In addition to the .NET framework, he oversaw many Microsoft divisions.
Ballmer became the new CEO in 2000 after Gates’ position in the company had shifted. While Gates led the overall vision of Microsoft as chairman of the board, he continued to serve as CEO. The first tensions between the two developed almost inevitably. There have been mixed reviews about Ballmer’s handling of Microsoft. It is true that he doubled profits and tripled sales, but the company’s stocks did not increase. Furthermore, many have pointed out that Ballmer missed many big trends.
Microsoft did enter new territory under Ballmer, creating the Xbox division and popularizing Skype. Although Ballmer overlooked the smartphone trend, he infamously criticized the iPhone as a “waste of time.” Other companies he acquired, including Nokia, and products such as the Surface also lost billions of dollars. The pressure began to build for Steve Ballmer after several publications named him the worst CEO. He stepped down from Microsoft in 2013.
Net worth milestones of Steve Ballmer:
1986 (IPO Day) – $85 million
1987 – $270 million
1995 -$2 billion
1997 – $6 billion
1999 – $13 billion
2008 – $10 billion
2014 – $24 billion
2017 – $33 billion
2018 – $42 billion
2019 – $45 billion
2020 – $77 billion
2021 – $101 billion
Acquisition of the LA Clippers:
He was involved in an unsuccessful attempt to buy the Seattle Sonics in 2008 when he reportedly wanted to buy a basketball team. The Sacramento Kings were another attempt he made in 2012. After Clippers owner Donald Sterling was banned from the NBA for a lifetime for making racist comments, Ballmer finally got his chance in 2014.
Ballmer offered $2 billion for the LA Clippers to Sterling’s wife in exchange for the team. A short time later Ballmer became the owner of the Clippers.
He has 333.3 million shares of Microsoft stock, which make up the majority of his net worth. His stock sales have totaled $3,4 billion and he has received roughly $4.5 billion in dividends. A year after his hiring, Gates offered him a $50,000 salary – plus an 8.5% ownership stake in Microsoft in exchange for being the company’s business manager. In 1981, Ballmer incorporated his company, and the stock of the company skyrocketed. By becoming a billionaire by acquiring stock options for a company he did not create, Steve Ballmer became the second person to ever achieve this feat.
Ballmer earned an estimated $1.275 million in salary for his time as Microsoft CEO. About 666,600 in base salary, $600,000 in cash bonuses, and about $11,000 in other compensation were included.
The property, in Hunts Point, Washington, was reported to have been purchased by Ballmer for $9.8 million. Built-in 1902, this historic home offers roughly one acre of land and 3,790 square feet of living space. Ballmer hadn’t acquired Seattle real estate for the first time before. His wife Connie and he purchased another house nearby for $1.325 million in 1987. Until this point, the property had skyrocketed in value, and by 2020 it was estimated to be worth over $12 million.
In 2020, Ballmer also purchased the Forum in Inglewood for $400 million. The Forum was previously the home of the LA Lakers, although they later moved to the Staples Center. The Clippers are also currently playing their games at the Staples Center, but they will have the chance to return to their own venue after Ballmer redevelops the Forum.
Ballmer’s acquisition was a strategic one, as James Dolan (another NBA team owner) had been preventing Ballmer from constructing a separate arena nearby. The Forum in Inglewood was also purchased by Ballmer in 2020 for $400 million. The Forum was purchased by Dolan’s company, MSG, for $23.5 million in 2012. As a result of Ballmer’s successful purchase of Dolan’s interest in the Forum, a brand new stadium with 18,000 seats was built. Construction on this new stadium is expected to cost more than $1 billion, and it is scheduled to be completed in 2024.
Citation Information :
Article Title: Steve Ballmer Net Worth
Author: Kartik (odishapaper.com Editor)
Website Name: odishapaper.com
Access Date: September 26, 2021