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# 228 Tim Sweeney $7.23B

Random fact: Fortnite's celebrity fans include rapper Drake and NBA player, Josh Hart.

Overview

Sweeney is the founder and chief executive officer of Epic Games, the developer of Fortnite. The Cary, North Carolina-based company had more than $1.6 billion in revenue in 2018. A consortium of investors, including KKR, acquired a stake in the company in October 2018 valuing it at almost $15 billion.

As of :
Last change No change
YTD change +$75.0M ( +1.1%)
Industry Technology
Biggest asset Epic Games
Citizenship United States
Age 48
Wealth Self-made
View net worth over:   Max 1 year 1 quarter 1 month 1 week

Relative Value

Tim Sweeney's net worth of $7.23B can buy ...

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troy ounces of gold
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barrels of crude oil

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of the GDP of the United States
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of the total wealth of the 500 richest people in the world
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of the top 100 U.S. college endowments
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of the top 200 U.S. executives’ total awarded compensation
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of U.S. existing home sales
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times the median U.S. household income

Latest News

Net Worth Summary

Cash
Private asset
Public asset
Misc. liabilities
Confidence rating:

The majority of Sweeney's fortune stems from his stake in Epic Games, the video game developer he founded in 1991. The company's valuation is based on an October 2018 transaction where a consortium of investors, including KKR and Lightspeed Venture Partners, acquired a stake at a valuation of almost $15 billion.

Following the transaction, Sweeney's stake in the business is calculated at 44.7 percent. Before this, he was estimated to own 51 percent, based on the company's confirmation that Sweeney was the controlling shareholder. The analysis assumes that half the investment was funded through the sale of shares by existing shareholders -- primarily Sweeney -- and half through the issuance of new shares.

Sweeney's cash holdings are based on Epic shares he's estimated to have sold in that October transaction.

Nick Chester, a spokesperson for Epic Games, said the billionaire declined to comment on his net worth.

Biography

Birthdate: 12/1/1970
Family: Single, No children
Education: University of Maryland

Tim Sweeney was born in Maryland in 1970. Interested in computers from an early age, he began teaching himself to program on his family's Apple machine at the age of 11.

After graduating with a mechanical engineering degree from the University of Maryland, he started a one-man computer consulting business out of his parents basement. His early business evolved into a developer of video games, which Sweeney would create then mail out to customers on floppy disks.

Sweeney moved the business to North Carolina in 1999 and changed the name to Epic Games. Best known as the creator of mega-hit, Fortnite, Epic was also behind the influential best-seller, Gears of War. Epic also owns Unreal Engine, one of two widely used operating systems developers rely on for building games. Sweeney and his partners sold a 40 percent stake in Epic Games to Chinese internet company, Tencent, at an $825 million valuation in 2012.

Fortnite -- which Epic released as a paid game in 2017 before making it free -- became a global phenomenon shortly after its launch, with hundreds of millions of players around the world. Rapper Drake and the Los Angeles Lakers’ Josh Hart are among it's celebrity fans. Despite being free, the game had generated more than $1.5 billion in revenue by 2018 from users purchasing V-bucks, a virtual currency they can exchange during play for outfits, called skins, celebratory dances or special missions that can cost as much as $20 each.

Sweeney lives near the company's Cary, North Carolina-based headquarters. An active conservationist, he's helped preserve more than 7,000 acres of the state's mountains and forestland.

Milestones
  • 1981 Sweeney begins to teach himself to program on family's Apple computer.
  • 1991 Founds Epic Games from his parents' basement in suburban Maryland.
  • 2011 Epic Games announce it's working on a new game called Fortnite.
  • 2012 Epic Games sells 40 percent stake to Tencent for $825 million.
  • 2017 Fortnite is released to paid early access subscribers.
  • 2018 KKR leads consortium that acquires a $1.25 billion stake in Epic Games.