
Overnight Billionaire, eBay Founder Pierre Omidyar is Giving His Fortune Away, But Why?

8In the computer and tech revolution of the late 1900s, companies were racing to build platforms that would be an integral part of the IT infrastructure of the future.
One such company was eBay, founded by Pierre Omidyar who overcame numerous obstacles and challenges to build an e-commerce company that made him an overnight billionaire when it went public in September 1998.

Pierre Omidyar comes from humble beginnings
$9 Billion Dollars Overnight
Pierre’s net worth skyrocketed from almost nothing to roughly $9 billion practically overnight. So what do you think the tech mogul decided to do with his newfound billions? Buy an island in the Bahamas? Treat himself to a super expensive yacht? On the contrary, Pierre decided to give it all away.
Born in Paris, France in 1967 to Iranian immigrant parents, Pierre and his family migrated to the U.S at an early age where he showed an immediate interest in computers, going on to graduate with a degree in Computer Sciences before starting a small computer company.
After selling his company, Pierre was looking for inspiration to start the next chapter of his life, and it was at a time when his wife was looking to sell her collection of Pez candy dispensers.
The Birth of E-Commerce
Pam would frequently complain about the difficulty of find buyers through conventional commerce methods and this was Pierre’s “a-ha” moment- if only there was an electronic source on the internet for buying and selling collectible items; a virtual space where buyers and sellers could congregate.

Pam is the founder of eBay
The first iteration of eBay was born in 1995 and was called “Auction Web” which was subsequently changed to eBay in 1997, with the name being adopted from Pierre’s consultation firm Echo Bay.
Pledging 99% of His Fortune By 2020
After making his billions, Pierre immediately got to work to use his newfound wealth for social causes. He worked with Kiva group to facilitate micro-financing to support impoverished regions like India, Africa, etc.
Pierre and his wife Pam have a long term philosophy when it comes to social welfare and are committed to empowering the masses through education and financial assistance rather than short term goals like feeding the hungry or providing shelter for the homeless.

Pierre and his wife Pam have a long term philosophy when it comes to social welfare
The Omidyar family has pledged to donate 99% of their family fortune to charity by the year 2020- in 2018 alone the family donated $470 million to causes that they believed in.
That’s a staggering half a billion dollars in charity in a single year! In light of his philanthropic activities and donations, Pierre still maintains a net worth of $7.8 billion as of 2019, which means he has a lot of work to do if he intends to give 99% of it by the end of this year!
More in Self-Care
-
`
You Totally Have No Idea That These Celebrities Have Equally Good-Looking Twins!
We hate to break it to you but Lindsay Lohan doesn’t have a twin despite what we saw in the Disney...
May 3, 2025 -
`
A Clip of Tom Hanks Eating Vegemite Has Made Fans Furious. What Could He Be Doing Wrong?
The World Health Organization announced that the Covid-19, which has been steadily and drastically spreading across the nation, is already a pandemic,...
May 3, 2025 -
`
Child Stars Who Beat the Odds and Made It Big in Hollywood Even After Growing Up
In Tinseltown, actors come in different shapes, sizes, and … ages. While some started acting as teens or adults, some have...
May 3, 2025 -
`
Is Will Smith Being Pressured into Staying Married to Wife Jada Pinkett Smith?
In recent years, Will Smith and Jada Pinkett Smith’s marriage has been plagued with rumors and both parties have been rightfully...
May 2, 2025 -
`
The Best Size-inclusive Brands that Will Up Your Fashion Quotient
Whether traveling or remaining close to home, a dress that’s both stylish and comfortable, will always remain an asset. Since long,...
May 2, 2025 -
`
This Hidden Culprit in Your Diet Could be Causing Your Insomnia, Study Shows
We all know that processed carbs are refined sugars aren’t good for your weight loss progress or health in general. This food...
May 2, 2025 -
`
The Best Free Movie Streaming Websites for Complete Entertainment
Movies are among the best forms of entertainment. But where can you access movies online for free? There are a few...
May 2, 2025 -
`
Watch out Hollywood! Tom Brady’s Looking to Score a Touchdown with This New Project
Tom Brady has been dominating in the football field for years now. Lately, he’s set his eyes on a different industry...
May 1, 2025 -
`
Jared Leto Got the Shock of His Life After Returning from a 12-Day Desert Meditation
Taking a step back from one’s regular life and disconnecting from everything for a while can be a good thing. But...
May 1, 2025
You must be logged in to post a comment Login