Ted Waitt
Encyclopedia
Theodore "Ted" Waitt is an American
billionaire
who was a co-founder of Gateway, Inc.
and attended the University of Iowa
. Waitt and Mike Hammond started Gateway 2000 on September 5, 1985 with a $10,000 loan secured by Waitt's grandmother. The Company began on Waitt's father's cattle ranch in Sioux City, Iowa
, moved to Sergeant Bluff, Iowa
and later to North Sioux City, South Dakota
, where they continued to develop their "down-home" branding, complete with computer boxes that patterned with black and white Holstein cow
patterns.
He led a move of the company's headquarters from South Dakota
to Poway, California
in 1998. Mr. Waitt released the reins as CEO of Gateway in late 1999 to Jeffrey Weitzen, but returned to the post in January 2001.
In 2004, after the acquisition of eMachines
, Waitt turned over day-to-day operations of Gateway
and the title of CEO to Wayne Inouye
, the former CEO of eMachines
. In May 2005, he resigned as chairman of the company, ending a near 20-year run with the company he co-founded.
Waitt has been featured on numerous lists by Forbes magazine. He has held a spot on both the Forbes 400 Richest in America as well as Forbes list of the World's Billionaires. He has also been listed on Fortune Magazines "40 Richest Under 40", a list of the 40 wealthiest self-made Americans under the age of 40 in the United States. The 2008 Forbes 400 List listed Waitt with a net worth estimated at $1.4 billion. Waitt fell off the Forbes 400 list in 2009 with a net worth estimate of $900 million. The $500 million drop from the previous year was explained by "souring real estate" and a divorce settlement.
According to the September 2002 issue of Fortune Magazine, Waitt sold $1.1 billion in Gateway stock during the dot-com era. In August 2007, Gateway was acquired by Acer Inc. for $1.90 per share or $710 million.
Labeled a maverick by national business and technology publications, he has gone on to form two enterprises that are his chief interests: Avalon Capital Group, Inc., a wholly owned, billion-dollar private investment company with diverse interests in technology, health care, energy, finance, and real estate; and the Waitt Foundation, Waitt Institute and Waitt Institute for Violence Prevention, nonprofit organizations dedicated to the improvement of mankind’s knowledge through historical and scientific exploration.
Established in 1993, the Foundation initially focused on domestic violence
prevention and community development, knowing that building stronger families and societies will help foster the vision of a better world. The creation of the Waitt Institutes in 2005—the Waitt Institute, and the Waitt Institute for Violence Prevention—has allowed the Foundation to broaden its program interests to the global community.
Waitt serves as the Chairman of the Founding Fathers campaign of the Family Violence Prevention Fund, just one of the efforts that he supports in the fight to prevent domestic violence. Waitt was appointed by Congress to serve on the Advisory Commission on Electronic Commerce and has served on numerous other corporate and philanthropic boards of directors, including the Advisory Council of the National Geographic Society
and as Vice Chair of the Board of Trustees of the Salk Institute for Biological Studies
.
On 1 May 2008, the Salk Institute for Biological Studies
announced the grant of $20 million from the Waitt Foundation to fund the creation of an Advanced Biophotonics Center. On 18 December 2008, the William J. Clinton Foundation released a list of all contributors. It included Theodore Waitt, who gave between US$10–25 million. On April 23, 2011, the Sioux City Public Museum had its grand opening. $4 million of its $13 million development budget was donated by the Waitt Foundation.
Mr. Waitt resides in La Jolla, California, with his family.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
billionaire
Billionaire
A billionaire, in countries that use the short scale number naming system, is a person who has a net worth of at least one billion units of a given currency, usually the United States dollar, Euro, or Pound sterling. Forbes magazine updates a complete list of U.S. dollar billionaires around the...
who was a co-founder of Gateway, Inc.
Gateway, Inc.
Gateway Computer Corporation, is a computer hardware company headquartered in Irvine, California, USA which develops, manufactures, supports, and markets a wide range of personal computers, computer monitors, servers, and computer accessories...
Biography
Waitt was born and raised in Sioux City, IowaIowa
Iowa is a state located in the Midwestern United States, an area often referred to as the "American Heartland". It derives its name from the Ioway people, one of the many American Indian tribes that occupied the state at the time of European exploration. Iowa was a part of the French colony of New...
and attended the University of Iowa
University of Iowa
The University of Iowa is a public state-supported research university located in Iowa City, Iowa, United States. It is the oldest public university in the state. The university is organized into eleven colleges granting undergraduate, graduate, and professional degrees...
. Waitt and Mike Hammond started Gateway 2000 on September 5, 1985 with a $10,000 loan secured by Waitt's grandmother. The Company began on Waitt's father's cattle ranch in Sioux City, Iowa
Sioux City, Iowa
Sioux City is a city in Plymouth and Woodbury counties in the western part of the U.S. state of Iowa. The population was 82,684 in the 2010 census, a decline from 85,013 in the 2000 census, which makes it currently the fourth largest city in the state....
, moved to Sergeant Bluff, Iowa
Sergeant Bluff, Iowa
As of the census of 2000, there were 3,321 people, 1,137 households, and 891 families residing in the city. The population density was 1,668.7 people per square mile . There were 1,176 housing units at an average density of 590.9 per square mile...
and later to North Sioux City, South Dakota
North Sioux City, South Dakota
As of the census of 2000, there were 2,288 people, 916 households, and 621 families residing in the city. The population density was 1,021.7 people per square mile . There were 953 housing units at an average density of 425.6 per square mile...
, where they continued to develop their "down-home" branding, complete with computer boxes that patterned with black and white Holstein cow
Holstein (cattle)
Holstein cattle is a breed of cattle known today as the world's highest production dairy animal. Originating in Europe, Holsteins were bred in what is now the Netherlands and more specifically in the two northern provinces of North Holland and Friesland...
patterns.
He led a move of the company's headquarters from South Dakota
South Dakota
South Dakota is a state located in the Midwestern region of the United States. It is named after the Lakota and Dakota Sioux American Indian tribes. Once a part of Dakota Territory, South Dakota became a state on November 2, 1889. The state has an area of and an estimated population of just over...
to Poway, California
Poway, California
Poway is a city in San Diego County, California. Originally an unincorporated community in San Diego County, Poway officially became a city in December 1980. Even though Poway lies geographically in the middle of San Diego County, most consider its relative location as north county inland...
in 1998. Mr. Waitt released the reins as CEO of Gateway in late 1999 to Jeffrey Weitzen, but returned to the post in January 2001.
In 2004, after the acquisition of eMachines
EMachines
eMachines is a brand of entry level PCs, based in Irvine, California. eMachines employed about 135 employees and sold between 1 to 2 million computers each year before its purchase on January 30, 2004, by rival Gateway Computers...
, Waitt turned over day-to-day operations of Gateway
Gateway, Inc.
Gateway Computer Corporation, is a computer hardware company headquartered in Irvine, California, USA which develops, manufactures, supports, and markets a wide range of personal computers, computer monitors, servers, and computer accessories...
and the title of CEO to Wayne Inouye
Wayne Inouye
Wayne Inouye formerly served as Gateway's president & CEO. Inouye announced his departure from Gateway on February 9, 2006.-Biography:...
, the former CEO of eMachines
EMachines
eMachines is a brand of entry level PCs, based in Irvine, California. eMachines employed about 135 employees and sold between 1 to 2 million computers each year before its purchase on January 30, 2004, by rival Gateway Computers...
. In May 2005, he resigned as chairman of the company, ending a near 20-year run with the company he co-founded.
Waitt has been featured on numerous lists by Forbes magazine. He has held a spot on both the Forbes 400 Richest in America as well as Forbes list of the World's Billionaires. He has also been listed on Fortune Magazines "40 Richest Under 40", a list of the 40 wealthiest self-made Americans under the age of 40 in the United States. The 2008 Forbes 400 List listed Waitt with a net worth estimated at $1.4 billion. Waitt fell off the Forbes 400 list in 2009 with a net worth estimate of $900 million. The $500 million drop from the previous year was explained by "souring real estate" and a divorce settlement.
According to the September 2002 issue of Fortune Magazine, Waitt sold $1.1 billion in Gateway stock during the dot-com era. In August 2007, Gateway was acquired by Acer Inc. for $1.90 per share or $710 million.
Labeled a maverick by national business and technology publications, he has gone on to form two enterprises that are his chief interests: Avalon Capital Group, Inc., a wholly owned, billion-dollar private investment company with diverse interests in technology, health care, energy, finance, and real estate; and the Waitt Foundation, Waitt Institute and Waitt Institute for Violence Prevention, nonprofit organizations dedicated to the improvement of mankind’s knowledge through historical and scientific exploration.
Philanthropy
Through the Waitt Foundation, Waitt has become one of America’s 50 most generous philanthropists, according to Business Week. The Foundation funds partnerships and projects, sometimes in conjunction or collaboration with the Waitt Institutes, that seek a deeper understanding of human history and improve mankind’s knowledge through historical and scientific exploration.Established in 1993, the Foundation initially focused on domestic violence
Domestic violence
Domestic violence, also known as domestic abuse, spousal abuse, battering, family violence, and intimate partner violence , is broadly defined as a pattern of abusive behaviors by one or both partners in an intimate relationship such as marriage, dating, family, or cohabitation...
prevention and community development, knowing that building stronger families and societies will help foster the vision of a better world. The creation of the Waitt Institutes in 2005—the Waitt Institute, and the Waitt Institute for Violence Prevention—has allowed the Foundation to broaden its program interests to the global community.
Waitt serves as the Chairman of the Founding Fathers campaign of the Family Violence Prevention Fund, just one of the efforts that he supports in the fight to prevent domestic violence. Waitt was appointed by Congress to serve on the Advisory Commission on Electronic Commerce and has served on numerous other corporate and philanthropic boards of directors, including the Advisory Council of the National Geographic Society
National Geographic Society
The National Geographic Society , headquartered in Washington, D.C. in the United States, is one of the largest non-profit scientific and educational institutions in the world. Its interests include geography, archaeology and natural science, the promotion of environmental and historical...
and as Vice Chair of the Board of Trustees of the Salk Institute for Biological Studies
Salk Institute for Biological Studies
The Salk Institute for Biological Studies is a premier independent, non-profit, scientific research institute located in La Jolla, California. It was founded in 1960 by Jonas Salk, the developer of the polio vaccine; among the founding consultants were Jacob Bronowski and Francis Crick. Building...
.
On 1 May 2008, the Salk Institute for Biological Studies
Salk Institute for Biological Studies
The Salk Institute for Biological Studies is a premier independent, non-profit, scientific research institute located in La Jolla, California. It was founded in 1960 by Jonas Salk, the developer of the polio vaccine; among the founding consultants were Jacob Bronowski and Francis Crick. Building...
announced the grant of $20 million from the Waitt Foundation to fund the creation of an Advanced Biophotonics Center. On 18 December 2008, the William J. Clinton Foundation released a list of all contributors. It included Theodore Waitt, who gave between US$10–25 million. On April 23, 2011, the Sioux City Public Museum had its grand opening. $4 million of its $13 million development budget was donated by the Waitt Foundation.
Mr. Waitt resides in La Jolla, California, with his family.