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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."

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