The “Craig” on Craigslist is none other than Craig Newmark. His website has been one of the most popular classified ad websites for over a decade now. Before becoming an internet entrepreneur, he worked as a programmer for firms like Charles Schwab, Bank of America, and IBM. As of 2022, Craig Newmark has a net worth of $800 million.
On December 6, 1952, Craig Alexander Newmark was born to a salesman named Lee and a bookkeeper named Joyce. He was raised in Morristown, New Jersey, with his younger brother, Jeff.
When he was 13, his father died, and the rest of the family settled in Jacob Ford Village. Then, he went to Morristown High School, where he joined the honor society, physics club, debate team, and school choir.
After graduating in 1971, he attended Case Western Reserve University to study computer science. The New Jersey native got his bachelor’s degree in 1975 and his master’s degree two years later.
Craig’s first job was as a systems engineer for the tech giant IBM. During his 17 years with the company, he was assigned to several cities, including Pittsburgh, Boca Raton, and Detroit.
When Craig was hired by The Charles Schwab Corporation in 1993, he relocated to San Francisco, California. It was during his time at the finance firm that he learned about the nature of the world wide web.
Around this time, he received occasional invitations to serve as a contract computer programmer for a range of enterprises, such as Sun Microsystems and Bank of America.
In an effort to foster some sense of community, Craig Newmark began sending an email list of upcoming events to a select group of friends in 1995. During this time he was still working for Charles Schwab.
More and more people wanted to be on his list, so he launched Craigslist.org in 1996. Newmark continued to work as a programmer and ran it as a hobby until he decided to turn the website into a full-time venture.
Despite Craigslist making hundreds of millions every year, it has never gone public on the stock market. Craigslist is one of the most popular classifieds sites for jobs, services, housing, gigs, and more. This also helped Newmark become a notable philanthropist and board member of over 20 non-profit organizations.
Net Worth and Earnings
Craigslist is without a doubt Newmark’s biggest source of income. The website makes money through changing users listings fees that range between $3 and $75. Before the pandemic, Craigslist made over $1 billion in annual revenue, according to CNBC.
Yahoo! Finance reported that the firm made $660 million in 2020, which is still a massive figure. Though its original founder stepped down as CEO back in 2000, he still works closely on Craigslist’s daily operations. This is why Craig Newmark’s fortune is around $800 million.
The internet businessman married a woman named Eileen Whelpley in 2012. The couple owns two houses. One is an apartment in Greenwich Village, New York, while the other is a historic property in Cole Valley, San Francisco.