Your Jewish News
July 18, 2013
There is a new young Jewish billionaire in New York after Yahoo announced its latest $1 billion purchase.
David Karp, who is the 26-year-old founder of blogging site Tumblr, just made a lot of money.
Yahoo’s board agreed over the weekend to buy the popular blogging platform, which has 100 million users and 90 million posts per day, for $1.1 billion in cash.
The agreement would make the native New Yorker a billionaire, despite publicly opposing, even last year, the sale of the company he founded inside his small Manhattan apartment of his mother in 2007.
On Sunday afternoon, it was revealed that Yahoo’s board approved the purchase of Tumblr, despite having revenues of just $13 million last year. Even that figure was only possible after $125 million in capital investments.
Karp grew up in the Upper West Side of Manhattan, the son of a composer who wrote songs for movies and TV, and a mother who was a teacher.
He taught himself how to code HTML at age 11 and began to establish his own consulting business shortly thereafter. His parents allowed him to quit high school at age 15 and he completed the rest of his education through homeschooling.
At age 17, he moved to Japan, where he cemented his skill as a programmer and started throwing his ideas around to technology companies.