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Monday, Mar 20, 2023

Wealthiest Angelenos: 9, Sean Parker

NET WORTH: $5.8 billion

LAST YEAR: Not on list

AGE: 35

RESIDENCE: Holmby Hills

SOURCE OF WEALTH: Facebook, Plaxo, Spotify and angel investing

THE MONEY: Parker served as president of Facebook Inc. from 2004 to 2005, but it was enough to earn him nearly 70 million shares. He later sold about 3.7 million shares on secondary market for more than $100 million. Beyond Facebook, he has been an angel investor in numerous startups.

BUZZ: Parker’s wealth grew as Facebook’s share price rose 38 percent over the last 12 months. Before Facebook, he was famous – or infamous – for joining with Shawn Fanning to create music-sharing service Napster. Parker has a knack for searching out good ideas and finding his way into up-and-coming companies. He also has knack for getting kicked out of companies: he has been fired by three companies he helped co-found or grow: Napster, Plaxo and Facebook. Those who work with him say his insights, enthusiasm and creative ability push companies forward; his erratic behavior gets him pushed out. Parker invested $16 million for 5 percent stake in Spotify in 2012; it now boasts an $8 billion valuation. He is also invested in software maker Asana, e-cigarette maker Njoy and L.A. community organizing platform NationBuilder. An asthma sufferer, he donated $24 million for an allergy research center at Stanford. Los Angeles became home in July, when he paid $55 million for talk-show host Ellen DeGeneres’ home.

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