Jamie Siminoff Net Worth – Richest Businessmen

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James Siminoff net worth: James Siminoff is an American entrepreneur who has a net worth of $300 million. James Siminoff is the founder and CEO of the Ring doorbell. He famously appeared on Shark Tank in November 2013 to pitch his firm which was then known as DoorBot. DoorBot was pitched as a wifi-enabled “video doorbell” that synced as much as the consumer’s smartphone permitting them to see who was ringing their door in actual time. The DoorBot additionally got here geared up with a burglary-deterrent characteristic that allowed customers to faux they had been in the home after they really weren’t. When Jamie appeared on the present he was already doing round $1 million in annual gross sales. A really spectacular small enterprise. He was searching for an funding to take his product to the following stage. He requested the sharks to take a position $700,000 for a 10% funding in his firm. That’s a $7 million valuation. He acquired 4 rejections. His one supply, from Kevin O’Leary, was a sophisticated mortgage/royalty deal that Jamie rejected. After showing on Shark Tank, DoorBot modified its identify to Ring and proceeded to promote $5 million value of product. They additionally attracted traders like Richard Branson and Goldman Sachs who ultimately pumped $200 million into the corporate. On February 27, 2018 it was revealed that Amazon was shopping for Ring for $1.2 – $1.eight billion. It is believed that Jamie owns 20-30% of Ring. That would imply Jamie grossed someplace between $360 and $540 million earlier than taxes. After taxes his lower could be round $180 – $270 million. Oh and btw, that $700,000 funding for 10% of the corporate finally would have been value $120 – $180 million.

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