Big data has translated into big money for business models built on collecting, interpreting, and leveraging vast amounts of information. From combating financial fraud to simplifying consumer decisions, these billionaires have amassed fortunes by using data in unprecedented ways.
Alexander Karp — Palantir
Net worth: $1.3 billion
Karp is the co-founder and CEO of Palantir Technologies, a data-mining company that received early backing from the CIA’s investment arm, In-Q-Tel. Palantir integrates data from sources such as DNA databases, surveillance records, social media activity, and informant tips to identify patterns and predict outcomes. Its platforms are used globally to combat terrorism, detect financial fraud, and anticipate threats ranging from roadside bomb placements to fraudulent transactions.
Reid Hoffman — LinkedIn
Net worth: $1.9 billion
Hoffman co-founded professional networking platform LinkedIn in 2003. Microsoft acquired the company in 2016 for $26.2 billion in cash, after which Hoffman joined Microsoft’s board. LinkedIn relies heavily on data-driven algorithms to recommend professional connections and refine its products based on user behavior. By 2018, more than 120 professionals were joining LinkedIn every minute.
Vincent Viola — Virtu Financial
Net worth: $2 billion
Viola founded electronic trading firm Virtu Financial in 2008 and took it public in 2015. The company’s model depends on real-time financial market data, using sophisticated algorithms to execute thousands of trades daily. Virtu often profits from minuscule price movements, leveraging speeds and frequencies impossible for human traders.
John Collison and Patrick Collison — Stripe
Net worth: $2.1 billion each
The Collison brothers co-founded Stripe, a digital payments company that allows businesses and individuals to accept online payments. Named Forbes’ top Cloud 100 company in 2019, Stripe uses its extensive payments data to automate processes such as fraud detection and credit assessment, replacing manual systems traditionally used by financial processors.
Evan Spiegel and Bobby Murphy — Snap
Net worth: $3.1 billion each
Spiegel and Murphy co-founded Snap in 2011 while students at Stanford University. Snapchat allows users to share disappearing photos and videos enhanced with captions, filters, and augmented reality effects. Location-based features such as Stories and Maps use user-generated data to help people discover events and places through geographically curated public content.
Reed Hastings — Netflix
Net worth: $3.4 billion
Hastings co-founded Netflix in 1995, which has grown into a global streaming platform with more than 158 million paying subscribers. Netflix’s data strategy centers on predicting viewer preferences. By tracking individual viewing habits, the company fine-tunes its recommendation algorithms to personalize content. In 2018, Netflix generated more than $15 billion in annual revenue.
Travis Kalanick — Uber
Net worth: $3.6 billion
Kalanick founded ride-hailing company Uber in 2009 and stepped down as CEO in 2017 following a series of controversies. Uber collects data on every trip taken through its platform, using it to predict rider demand, optimize routes, and set dynamic pricing. The company expects autonomous vehicles, equipped with cameras and sensors, to generate even more data in the future.
Brian Chesky — Airbnb
Net worth: $4.2 billion
Chesky co-founded Airbnb in 2008, creating a peer-to-peer marketplace for short-term lodging. The platform has been used by more than 500 million people across 191 countries. Airbnb has accumulated an estimated half a petabyte of data on travel behavior, which its machine learning systems analyze to identify trends, optimize listings, and anticipate peak demand periods.
Elon Musk — Tesla
Net worth: $23.4 billion
Musk founded Tesla in 2003, helping bring electric vehicles to the mass market. Tesla vehicles continuously collect data through internal and external sensors, capturing information on driver behavior, vehicle performance, and road conditions. The broader market for vehicle-generated data is projected to reach $750 billion annually by 2030.
Ma Huateng (Pony Ma) — Tencent
Net worth: $35.9 billion
Ma co-founded Tencent Holdings in 1998, building one of China’s largest technology companies. Tencent operates WeChat, the country’s dominant messaging platform, which uses social data to identify influencers within networks and target advertising accordingly. As of the second quarter of 2019, WeChat had more than one billion user accounts.
