David Sun Net WorthReal Name: David Sun
Date of Birth: 1/1/1948
Place of Birth: Taiwan, China
2017 Net Worth: $5 Billion
Profession: Co-Founder Kingston Technology Company
David Sun Biography
Sun and his business partner, John Tu, recognized that there was a dire shortage in the market for memory chips in the mid 1980’s. Together, these two engineers developed the SIMM (Single in Line Memory Model), most often referred to as a SIM Card, for memory storage. They called their company Kington Technology Company in 1987. This company started off very small, with their first headquarters being Sun’s garage, but by 1996, they were seeing revenues of $1 billion. This attracted the attention of several buyers and a Japanese company, Softbank, bought an 80 percent share of the company for $ 1.5 billion. Three short years later, Softbank sold their share of Kingston back to its founders for $500 million. Kingston now has factories on six continents and employs more than 4,000 people. The company remains privately owned and is based in Fountain Valley, California. Kingston is well known for beating its competitors on price using a minimum of packaging and close monitoring of its inventory. Kingston is one of the largest privately held companies in the world, with annual sales of more than $5.4 billion.
Sun has again noticed that storage abilities are lacking and with the growth of tablets and mobile devices, Sun is moving his company towards wireless memory storage solutions and cloud-based storage solutions. He is known for being a tireless worker who truly cares about his employees. When Sun first sold his majority stake to Softbank, he took $100 million from the sale and distributed the money as bonuses to the 500 employees they employed at the time. Some of these bonuses were more than twice the employee’s annual salary. Sun has stated that he was afraid that his employees might lose their jobs and he wanted something for them to fall back on.
Sun has a current net worth of $5 billion and with his continued creativity and business savvy, his earnings and net worth are sure to increase in the near future.