Steve Ballmer, once an assistant to Bill Gates at Microsoft, is now ranking just a few spots away from his former boss on the list of the world’s richest people. According to Bloomberg, Ballmer’s net worth soared to $117 billion in October 2023, placing him as the fifth-richest globally, just $5 billion short of Gates’ wealth. Gates has donated a substantial part of his fortune to charity since leaving Microsoft.
According to Forbes’ real-time billionaires list on Nov.8, 2023, Steve Ballmer’s net worth has recently decreased to $108.7 billion, with Bill Gates maintaining a narrow lead at $113.9 billion.
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Despite a dip reported by Forbes, Ballmer’s net worth surge earlier in the year positioned him alongside esteemed billionaires such as Elon Musk, Bernard Arnault and Jeff Bezos. He ranks just after tech giants Larry Page and Mark Zuckerberg in wealth. Among these titans of industry, Ballmer stands out as the sole individual in the top 10 who isn’t a company founder.
His journey began at Harvard University, where he crossed paths with Gates. After graduating in 1977, Ballmer joined Microsoft as its 24th employee. Starting as a business manager, he climbed the ranks to become president and later CEO, taking the reins from Gates himself.
Even after stepping down as CEO and purchasing the Los Angeles Clippers in 2014, Ballmer’s fortunes are still heavily invested in Microsoft, where he holds about a 4% stake. Microsoft’s stock has surged, particularly in 2023, thanks to an AI-driven boost in the tech sector, greatly benefiting Ballmer’s financial portfolio.
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The strength of Ballmer’s wealth is significantly tied to Microsoft’s performance, with the company’s expansion into AI and cloud services boosting its market value and his personal net worth. His 4% stake in Microsoft is a testament to his enduring confidence in the company he helped elevate.
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Ballmer’s ownership of the Los Angeles Clippers adds a substantial non-tech asset to his portfolio. The Clippers’ valuation, combined with the NBA’s profitable broadcasting agreements, bolsters his financial standing.
In contrast, Bill Gates has shifted focus towards philanthropy and invested billions in health, education and climate change initiatives through his foundation. This philanthropic approach has redistributed a portion of Gates’ wealth, differing from Ballmer’s investment strategy.
While market changes and economic trends can affect the net worth of the world’s richest, Ballmer’s diversified investments and Microsoft’s ongoing success provide him with a stable position in the upper echelons of global wealth, showcasing the vast potential for growth among the tech elite.
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This article Bill Gates’ Former Assistant Is Now One Of The Richest People In The World And Could Even Surpass Him In Net Worth — But You Probably Have No Idea Who He Is originally appeared on Benzinga.com
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Source: finance.yahoo.com