Kevin Systrom, co-founder and CEO of Instagram has joined the billionaire club.
After launching instagram in 2010 and then being acquired 2 years later by Facebook for a $1 billion.
Forbes reports that Kevin has seen the rise in his fortune due to the growth of his stock in Facebook. The original $1 billion was a combination of stock and cash. The stock was $18 a share when the deal was done and has since grown to a $120 a share. Due to the stock growth, Kevin`s net worth has risen to an estimated $1.1 billion.
Now, to bring this to a South Africa (African) context. One needs to consider the vast investments that have been made in growing the tech industry in the states and also look at how far Africa currently is from reaching these monumental milestones!
I firmly believe that we have to start slowly and grow from there. In this case, I mean we need to use the current structures we have to grow our tech industries. Why not invest in schools, to start teaching young kids how to code and package what they have coded. Each community needs to have its own social club, where these skills and more are shared with people who want to learn. Soon after that, we can have our own industry that caters for these skills and grows the market. Not only grow the market, but also build applications that tackle some if not all the issues that are facing the continent. The un -banked, social economic issues and so on.
Soon after that we can have our own billionaires form Africa doing great things across the continent and the world. Congratulations Kevin on all your hard work, you are a true inspiration.