Career, Success and Net Worth
A serial entrepreneur, engineer and robotics expert, Kyle Vogt has been behind not one but multiple successful ventures.
He has been a part of the team at Justin.tv. He followed it up with Socialcam, which was acquired by Autodesk for a sum of around $60 million. He is the co-founder of Twitch, a company later acquired by Amazon for an impressive $970 million. His latest and most profitable start-up, Cruise, was acquired by General Motors in 2016 for $581 million. However, this is excluding the escrow cash, employee retention payouts, expected earn outs, and other related compensation that was not part of the deal. When you include all of them, the deal would easily cross $1 billion in value.
Kyle continues to serve in his role as CTO at GM Cruise. And, by virtue of this position, he is one of the youngest senior directors at GM ever. In 2018, GM Cruise received $2.25 billion in funding from Softbank and $1.1 billion from GM Cruise Holdings LLC.
Kyle Vogt was born in Kansas City, Kansas. Since he was a teen, Kyle took a special interest in self-driving cars. At a young age of 13, he built a BattleBot for the then-popular robot competitions. Though the robot was not much of a winner, it fanned the interest of a young boy in the field of robotics. With his newfound interest, Vogt entered the science fair with his dune buggy that could read the markings on the lanes using a webcam. This would help the dune buggy to trace a pre-set path. Primitive, yet quite similar to what a driverless car would do.
From Making History to Creating Future
It was this passion for driverless cars that encouraged him to take admission in the Massachusetts Institute of Technology. There, he studied computer science and electrical engineering. It was here that Vogt met Emmet Shear and Justin Kan through MIT’s listserv. They were looking for a hardware hacker for their new ‘video live streaming’ idea. They met Vogt over coffee. By the time the duo was back in San Francisco, Kyle Vogt had sent them an email with the complete hardware blueprint for their live streaming camera. Vogt dropped out of MIT while he was in his junior year. And the rest, as they say, is history. Today, he is one of the chief architects of the self-driving technology revolution.
The net worth of Kyle Vogt today stands at a staggering $270 million. The majority of this wealth comes from Cruise. His genius has earned him the trust of the market and that reflects in his net worth. His startup successes are evidence of his capability to deliver. He has attracted funding in billions from the likes of GM, Softbank and Honda. This confidence is only going to add to his net worth.
Vogt has been able to accelerate innovation in the field of driverless car technology, making GM stand at the forefront of this field. The only direct competition to them is Waymo, a company owned by Google. However, they have been developing the technology for almost a decade now. Cruise may not have had the resources to fight a fair battle with Google, but GM Cruise does. With over 100 cars in the fleet, Vogt is well on his way to ushering in an automated car revolution.