The youngest billionaires on the Forbes 400 list for 2020. 12 under 40

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By the time most of America’s 400 richest people are big enough, twelve of them have not yet reached their fourth decade. Some of the youngest on the list have inherited their wealth, such as Lukas Walton, the grandson of Walmart founder Sam Walton. But most made billions by founding a technology or social media company, including Snap co-founders Evan Spiegel and Bobby Murphy, as well as Dustin Moskovitz and Mark Zuckerberg, the world’s richest man under 40.

One of those millennials is newcomer Trevor Milton, a 38-year-old who left college to start electricity and hydrogen-powered trucking company Nikola in 2015.

Prior to that, Nikola founded four companies, including dHybrid Systems, a startup that designed power supplies for gas trucks. He sold his business to metal maker Worthington Industries in 2014 for $ 15.9 million and used that money to start Nikola a year later.

In September 2019, Nikola secured a $ 250 million investment from the Dutch group CNH Industrial by raising its valuation to $ 3 billion when its net worth was just $ 1.1 billion. In June, Nikola went public and its shares they made a strong start, almost tripling their value in four trading days. The stock has since fallen 68% to July 24, but Milton, Nikola’s largest shareholder, is entering the Forbes 400 with $ 3.3 billion, making a “triple jump” in less than a year.

The number of people on the list under 40 in 2020 has decreased by one compared to the previous year. Beer heir Julio Mario Santo Domino III left the list of the 400 richest Americans this year after the fall in the value of his share in Anheuser – Busch. Former Facebook chairman and Spotify CEO Sean Parker turned 40 in December.

The 12 youngest members of the Forbes 400. His fortune is estimated until July 24, 2020:

  1. Evan Spiegel
    Age: 30 years old
    Wealth: $ 11 billion
    Revenue: Snap, self-generated
Evan Spiegel

In June, Snap’s chief executive was attacked by Trump’s campaign after the company announced that it would no longer promote President Trump’s account in Snapchat’s Discover section. Spiegel, the youngest billionaire, posted a 2,000-word note saying the US experiment was failing by demanding higher taxes on the rich and consideration of black Americans’ compensation.

  1. Bobby Murphy
    Age: 32
    Fortune $ 4.7 billion
    Revenue: Snap, self-generated
Bobby Murphy

Snap co-founder and head of technology donated $ 5 million in April to help 60,000 Los Angeles residents facing financial hardship due to the coronavirus.

3.Lukas Walton
Age: 33
Wealth: $ 15.4 billion
Revenue: Walmart, heir

What we know about Lukas Walton, a billionaire from the Walmart family -  Business Insider

Walmart founder Sam Walton’s grandson inherited his fortune when his father, John, died in a plane crash in 2005. Walton is chairman of the Walton Family Foundation environmental committee, which recently donated $ 1.25 million to National Fish and Wildlife Foundation to support reforestation and wetlands in the lower Mississippi Valley

  1. Mark Zuckerberg
    Age: 36
    Wealth: $ 85 billion
    Revenue source: Facebook, self-created
Does Mark Zuckerberg Want To Run For President?

The CEO of Facebook, who surpassed Warren Buffett, became the third richest man in America. The social media giant’s shares rose nearly 60% from a March low as Facebook usage and ad revenue rose during the pandemic. More than a thousand advertisers, however, took part in a boycott in mid-June to protest the media’s lax policy of rhetorical hatred and misleading policy posts. Zuckerberg announced in late June that Facebook would begin banning more hate speech ads.

  1. Dustin Moskovitz
    Age: 36
    Wealth: $ 14.2 billion
    Revenue source: Facebook, self-created
Dustin Moskovitz of Asana & Facebook: Nurture these Two Things to Craft a  Great Work Culture | by The Startup Grind Team | Startup Grind | Medium

The Facebook co-founder left social media in 2008 to start Asana. Most of his fortune comes from the 2% he owns in Facebook, however Asana is also growing thanks to the strengthening of telework. Until November 2018, its value amounted to $ 1.8 billion, while in the fall it is expected to be listed on the stock exchange.

  1. Scott Duncan
    Age: 37
    Wealth: $ 4.8 billion
    Source: Pipelines, heir
Meet Them. The World's Youngest Billionaires: 29 Under 40 – WhitePagesng

Duncan and his three older brothers inherited their stake in their father Dan’s pipeline company, Enterprise Product Partners, in 2010. Their fortune fell from $ 6.3 billion last year as oil prices plummeted and its shares plummeted. companies also recorded a decline.

  1. Nathan Blecharczyk
    Age: 37
    Wealth: $ 3.1 billion
    Revenue: Airbnb, self-generated
Η Airbnb βάζει το IPO στον πάγο | Crisismonitor.gr

Blecharczyk founded Airbnb in 2008 with Brian Chesky and Joe Gebbia, who are also under 40 years old. The pandemic hit the rental company hard, with debts rising by $ 2 billion and investors cutting the company’s valuation to $ 26 billion in April from $ 35 billion in 2018. This resulted in the founders’ fortunes shrinking. $ 1.1 billion each In May, Airbnb laid off a quarter of its workforce as a pandemic hit the travel industry. In August, the company announced that it had submitted its dossier for listing on the stock exchange.

  1. Ernest Garcia III
    Age: 38
    Wealth: $ 4.2 billion
    Revenue: Used cars, heir and successor
Ernest Garcia, III.

Garcia founded the Carvana used car online store as a subsidiary of DriveTime owned by his father, billionaire Ernest Garcia II. Thanks to customers who bought cars online during the pandemic, Carvana became the fourth largest seller of used vehicles in the United States from eighth last year.

  1. Trevor Milton
    Age: 38
    Wealth: $ 3.3 billion
    Source of revenue: Nikola Motor, self-made
Nikola's Trevor Milton hits Forbes list with $5.5 billion net worth -  Business Insider

Milton, the youngest newcomer to the list, announced on Twitter in late August that he would give 6 million of his shares to Nikola’s top 50 employees.

10.Lynsi Snyder
Age: 38
Wealth: $ 3 billion
Revenue: In-N-Out Burger, heir and successor

What In-N-Out heiress Lynsi Snyder's life is like - Business Insider

Snyder inherited the iconic burger chain In-N-Out from her grandparents and became a billionaire in 2017 when she received the last part of her inheritance on her 35th birthday. In-N-Out, which claims to have invented the drive-thru window, survived the pandemic thanks to Drive-thru. Despite the recession, the chain plans to open three new stores in Colorado this fall, the first in eastern Arizona.

  1. Brian Chesky
    Age: 39
    Wealth: $ 3.1 billion
    Revenue: Airbnb, self-generated
Airbnb just started the IPO process — meet CEO Brian Chesky - Business  Insider
  1. Joe Gebbia
    Age: 39
    Wealth: $ 3.1 billion
    Revenue: Airbnb, self-generated
Joe Gebbia

Chesky is CEO and Gebbia is product manager at Airbnb. The company secured a $ 2 billion loan in April to survive the pandemic. In August, it banned parties and imposed rental limits in a bid to curb the spread of Covid-19.

This article was originally published on: https://www.capital.gr/

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