The “Craig” on Craigslist is none other than Craig Newmark. His basic looking website has been one of the leading 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 2023, Craig Newmark has a net worth of $800 million.
Craig Newmark was born on December 6, 1952. His father Lee was a salesman and his mother Joyce was a bookkeeper. Newmark was raised in Morristown, New Jersey, with his younger brother, Jeff.
Sadly his father passed away when he was 13 years old, 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 a 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. It was during his time at the finance firm that he explored about the early days of the internet. Around this time, he worked as a freelance computer programmer for companies such as Sun Microsystems and Bank of America.
In an effort to foster some sense of community, Craig Newmark began sending out an email of upcoming events to a select group of friends in 1995. During this time he was still working for Charles Schwab.
Over time, more people wanted to be on the list, so he launched Craigslist.org in 1996. Newmark continued to work as a programmer and ran it as a hobby until he got serious and quit his job.
Despite making hundreds of millions every year, the company only has around 50 employees and has remained a private company. Craigslist is a popular classified ad site 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 wealth. The website makes money through charging 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. Although 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 Eileen Whelpley in 2012 and the couple have two houses. One is an apartment in Greenwich Village, New York, while the other is a historic property in Cole Valley, San Francisco.