Brian O’Kelley, founder of ad-tech company AppNexus, sold his startup to AT&T for $1.6 billion in 2018 but kept less than $100 million from his 10% stake, donating the remainder to charity, according to fortune.com. The Gen X entrepreneur said he and his wife decided on an amount they considered enough and gave away the rest to causes they support.
O’Kelley described billionaires with extreme wealth as “obnoxious” and said capping his wealth helps him stay grounded and connected to reality. After the sale, he and his wife had a conversation about how much money was sufficient for their lifestyle, which led to their decision to donate the majority of his proceeds. He is currently working on his third startup, Scope3, which focuses on supply-chain emissions data.
The sale of AppNexus marked a significant exit in the ad-tech space, with O’Kelley’s approach to wealth standing out amid typical startup acquisitions. His decision to give away most of his earnings contrasts with many tech founders who retain large fortunes. O’Kelley’s stance reflects a growing conversation around wealth distribution and philanthropy in the tech industry.
O’Kelley said he will never join the billionaire club, stating that even if Scope3 is highly successful, they will continue to give away excess wealth. This philosophy underscores his commitment to philanthropy following the AppNexus sale, as detailed in his exclusive interview with fortune.com.