Tom Perkins Net Worth

The Life and Legacy of Tom Perkins: A Venture Capital Pioneer

Thomas J. Perkins, a name synonymous with Silicon Valley innovation and venture capital, left an indelible mark on the business world. As the co-founder of Kleiner Perkins, one of the earliest and most influential venture capital firms, he played a pivotal role in shaping the technology landscape. This article delves into the life, career, controversies, and ultimate net worth of this remarkable entrepreneur.

Early Life and Education

Born on January 7, 1932, in White Plains, New York, Tom Perkins embarked on a journey that would lead him to the pinnacle of the business world. His pursuit of knowledge began at the Massachusetts Institute of Technology (MIT), where he earned a Bachelor of Science degree in electrical engineering and computer science in 1953. Perkins further honed his business acumen at Harvard University, obtaining a Master of Business Administration (MBA) in 1957. These academic foundations provided the bedrock for his future success.

Career Beginnings at Hewlett-Packard

Perkins’s career took off in 1963 when he was invited by Bill Hewlett and David Packard to join Hewlett-Packard (HP). He became the administrative head of the research department and soon rose to become the first general manager of HP’s computer divisions. In this role, Perkins was instrumental in steering the company into the burgeoning minicomputer market. During the 1960s, Perkins also launched University Laboratories, where he co-developed the first low-cost He-Ne laser, a significant innovation at the time. University Laboratories was later merged into Spectra-Physics.

Kleiner Perkins: A Venture Capital Powerhouse

In 1972, Perkins co-founded Kleiner Perkins with Eugene Kleiner. This venture capital firm quickly became a cornerstone of Silicon Valley’s success, with its office located on the iconic Sand Hill Road. The firm, which later added Frank J. Caufield and Brook Byers as partners, focused on investing in early-stage and growth companies. Kleiner Perkins’s impact on the tech industry is immeasurable. The firm backed numerous giants, including:

• America Online
• Amazon
• Compaq
• Electronic Arts
• Google
• Netscape
• Twitter

By 2019, Kleiner Perkins had raised approximately $9 billion across 19 venture capital funds and four growth funds. The firm’s influence and reputation are undeniable, with The New York Times calling it “perhaps Silicon Valley’s most famous venture firm,” and the Wall Street Journal describing it as one of the “largest and most established” venture capital firms. The firm continues to be a major player in funding innovation.

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Other Executive Roles and Board Positions

Beyond his leadership at Kleiner Perkins, Perkins held numerous executive positions and board memberships, demonstrating his diverse influence in the business world. He served as a director for several prominent companies, including:

• Compaq
• Corning Glass
• Applied Materials
• Genentech
• HP
• Philips Electronics

Perkins also served as the only chairman of Tandem Computers, which merged with Compaq in 1997. His involvement extended to the media industry as well, as he sat on the board of directors of Rupert Murdoch’s News Corporation.

The HP Resignation and Controversy

In May 2006, Perkins resigned from the HP board. This decision was prompted by actions taken by HP’s general counsel and chair, Patricia C. Dunn. She had employed a team of independent security experts to investigate board members and journalists secretly to uncover the source of an information leak. The team used “pretexting” to obtain phone records, which raised ethical and legal concerns. The scandal surrounding this investigation contributed to Perkins’s departure from the company’s board.

The “Kristallnacht” Comment Controversy

In early 2014, Perkins faced significant criticism after writing a letter to the Wall Street Journal comparing the Occupy movement to Kristallnacht, the infamous night of violence against Jews in Nazi Germany. The letter, which generated widespread outrage, was condemned by major news publications, bloggers, and even his colleagues in Silicon Valley. Despite apologizing for the comparison to Nazi Germany, Perkins largely stood by the sentiments expressed in his letter, which created lasting controversy.

Perkins’s Real Estate and Yachts

Perkins was known for his extravagant lifestyle, which included extensive real estate holdings and a fleet of luxurious yachts. He owned multiple homes in Belvedere, California, and a penthouse in San Francisco’s Millennium Tower. His international property included Plumpton Place, an Elizabethan manor in East Sussex, England.

Perkins’s passion for luxury extended to yachts. In the summer of 2006, he launched the Maltese Falcon, a 289-foot sailing yacht that was, at the time, the largest privately owned sailing yacht in the world. He sold the yacht in 2009 for £60 million. Later, he acquired a Japanese fisheries training vessel and converted it into a yacht called Dr. No.

Following his death, Perkins’s estate listed his Belvedere, California mansion for $16 million. It was sold in March 2017 for $14.46 million.

Involuntary Manslaughter Conviction

In 1996, Perkins faced legal trouble when he was charged and convicted of involuntary manslaughter in France. The charges stemmed from a yachting accident where his vessel collided with a smaller boat, resulting in a fatality. He was fined $10,000 for the incident.

Author and Philanthropist

Perkins was also an author. His first book, “Classic Supercharged Sports Cars,” was published in 1984 and showcased his collection of vintage cars. Later, he turned to fiction, releasing “Sex and the Single Zillionaire” in 2006. In 2007, he published his memoir, “Valley Boy: The Education of Tom Perkins,” which offered insights into his life and career. Beyond his business ventures and writing, Perkins was also known for his philanthropic endeavors, supporting various causes throughout his life.

Personal Life and Death

Perkins’s personal life included two marriages. His first wife was Gerd Thune-Ellefsen, with whom he had two children. She passed away in 1994. In 1998, Perkins married the romance novelist Danielle Steel, but they separated the following year and divorced in 2002.

After a long illness, Tom Perkins died on June 7, 2016, at his home in Belvedere, California. He was 84 years old. His death marked the end of an era in Silicon Valley, leaving behind a legacy of innovation, wealth, and controversy.

Tom Perkins’ Net Worth at the Time of Death

At the time of his death, Tom Perkins’s net worth was estimated to be $8 billion. This significant wealth reflected his successful career in venture capital, his investments, and his diverse business interests.

Legacy

Tom Perkins’s legacy is complex. He is remembered for his significant contributions to the venture capital industry, his role in shaping the tech landscape, and his entrepreneurial spirit. His association with Kleiner Perkins and the companies it backed, along with his leadership roles at various prominent companies, underscores his profound influence on the modern business world. While his career was marked by achievements, controversies, and personal setbacks, his impact on technology and finance is undeniable.