Nigerian-born tech wizard Chinedu Echeruo sold his company to Apple back in 2013. But it's now being reported just how much he banked. And the amount is SERIOUS. Get the deets inside and find out why Kimora Lee Simmons is leaving JustFab.com.
Chinedu Echeruo is reportedly a VERY wealthy man. Well...he was already wealthy but we're talking Tyler Perry/Oprah Winfrey figures (or more) now.
Tech giant Apple acquired Chinedu Echeruo’s HopStop.com for $1 Billion, according to African Leadership Magazine. Yep, $1 BILLION.
Apple is notoriously private about how much money they spend n acquisitions, so it's unclear the source for this report. Interestingly, Google acquired HopStop's competitor, Waze, for a reported $1.1 billion.
If you live outside of one of the 300 cities where HopStop is a must-have, it's a must-have mobile app that helps people get public transportation directions using nearby subway and bus stops. If you're ever in NYC - you won't want to go about your day without it.
Chinedu founded HopStop in 2005 and industry execs suspect that Apple bought the company to bolster its map offerings and location services. Mr. Echeruo, who grew up in Eastern Nigeria, is an alum of Kings College, Lagos., Syracuse University and the Harvard Business School.
Thanks to his venture capitalist skills, he raised $8 million to create the smart app (as well as a second app called Tripology). Now, he's gone from being an analyst at investment banks and hedge funds to now the Chairman of the Board for HopStop.
He also spent several years in the Mergers & Acquisitions and Leveraged Finance groups of J.P Morgan Chase. And as far as we can tell.....he may not married either....
In other game changing news...
Kimora Lee Simmons has yet another change in her life. After getting married to her man Tim Leissner and giving birth to their new son, Wolfe Lee Leissner, she has a new gig too....or at least a new focus.
Via Instagram, the Baby Phat founder and world-renown fashionista has announced that she's leaving her job at JustFab.com to focus on her KLS high-end line and her charitable works.
She posted,
"I’m happy to share with you that I have decided to step away from JustFab and focus on my own business and philanthropic ventures. I look forward to the many exciting aspects of this new chapter in my life, growing my family and investing in new innovative businesses in the fields of fashion, entertainment, consumer goods and technology."
Kimora has new "hires" as well. On the KLS side of things, she's hired Jacqui Wenzel as president of KLS Kimora Lee Simmons. He told WWD,
“Kimora herself played a big role in convincing me [to take the job]. She was very inspiring. I’d never met her before I came into the meeting, and I was completely taken up by all her plans.”
P.S. The first KLS store is set to open on Beverly Drive in Los Angeles in about four weeks.
Congrats Kimora!
Photo via Kimora's Instagram
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