Jamie Siminoff's net worth is estimated at $300 million.
Jamie Siminoff's net worth stats
|Source of wealth:
|Date of birth:
|October 18, 1976
|Place of birth:
|Chester, New Jersey
How did Jamie Siminoff build his net worth?
Jamie Siminoff's net worth can be directly attributed to his invention of the Ring doorbell.
In 2001, he co-founded an online calling service in Bulgaria with a tech-savvy partner who quit, resulting in a merger. He later sold his stake for $1 million.
This tech-savvy genius first developed PhoneTag in 2003, a first in the world of technology that transcribed voicemail into text. It was revolutionary, and he sold it in 2009 for $17 million.
And in 2011, he drew inspiration from his annoyance at being unable to hear his doorbell when in his garage office and having to travel a fair bit to get to the front door. An app was the answer.
Originally called Doorbot, it was essentially a doorbell that connected you to a view of your external front door via a video app on your smartphone. It enabled you to see who was at your front door without moving from your workstation. It famously became known as the “Ring.”
Seeking funding, Siminoff pitched his invention on "Shark Tank" and although impressed, he left the tank without a deal. However, being on the show generated colossal publicity, which generated a lot of sales and attracted the attention of big-time investors, including Richard Branson, who was very interested in backing the young tech genius.
Wouldn’t you have loved to be a fly on the wall when any of the millionaires on the TV show “Shark Tank” realized they had turned down the opportunity to climb on board with Jamie Siminoff’s brilliant creation of the first Wi-Fi video doorbell?
Amazon eventually bought him out to the tune of over $1 billion in 2018. Later that year, he was invited back to the show as a guest Shark alongside Kevin O'Leary, Lori Greiner, and Daymond John. What a turnaround!
How has Jamie Siminoff spent his wealth?
What did Jamie Siminoff spend his wealth on after being bought out by Amazon? Not an expensive car or a new home, but... wait for it... a mountain bike. Siminoff had been eyeballing this specialized S-Works Epic mountain bike for some time. At $8,000, Siminoff called it a “total splurge.”
He spends his money on reinvesting in inventing, designing, and bringing his countless new ideas to fruition.
How rich is Jamie Siminoff?
Based on several sources, Finty estimates Jamie Siminoff to be worth around $300 million.
Is Jamie Siminoff a billionaire?
Despite the sale of his Ring doorbell invention to Amazon for $1 billion, Jamie Siminoff is not himself a billionaire.