Wealth Blog

Finance Blogs » Wealth » Teen earns millions with app

Teen earns millions with app

By Judy Martel · Bankrate.com
Wednesday, March 27, 2013
Posted: 6 am ET

A British teen is a multimillionaire before he's even old enough to vote and, what's more, he's self-made.

Nick D'Aloisio, 17, reportedly earned close to $30 million for a news-reading iPhone app named Summly that he developed and sold to Yahoo Inc.

Considered a computer prodigy, the teen taught himself to write software when he was 12 and developed Summly when he was 15.

The app, which originally had financial backing from a venture capital firm called Horizons Ventures, automatically summarizes news stories for the small screen from 250 online publishers.

Rather than spending his fortune on the good life and early retirement, D'Aloisio is going to work for Yahoo's London office while he continues with school at night. His money is being held in a trust and managed by his parents; his mother is an attorney and his father is an energy financier.

Although he says he wants to buy a new computer and a pair of Nikes, D'Aloisio -- like a true entrepreneur -- says money was not his motivation when developing Summly. "Technology has really been the driver behind this whole deal," he said in an interview. At Yahoo, he added, his aim is to "take the core of the technology and find different fits for it and make it as ubiquitous as possible on the Web."

Keep up with your wealth and mortgages and follow me on Twitter.

Get more news, money-saving tips and expert advice by signing up for a free Bankrate newsletter.

«
»
Bankrate wants to hear from you and encourages comments. We ask that you stay on topic, respect other people's opinions, and avoid profanity, offensive statements, and illegal content. Please keep in mind that we reserve the right to (but are not obligated to) edit or delete your comments. Please avoid posting private or confidential information, and also keep in mind that anything you post may be disclosed, published, transmitted or reused.

By submitting a post, you agree to be bound by Bankrate's terms of use. Please refer to Bankrate's privacy policy for more information regarding Bankrate's privacy practices.