Valve CEO Worth Over One Billion Dollars

By Beyhan Moustafa on March 8, 2012, 11:14AM EDT

Business publication Forbes has just released their current list of the richest people in the world. One name which stands out is that of Gabe Newell, the CEO of Valve. He is said to be worth over $1.5 billion and is ranked 854th out of the 1,226 billionaires in the world.

Newell co-founded Valve back in 1996 with money he had earned whilst working at Microsoft. In recent times, Valve has been responsible for the popular digital distribution service, Steam which has single handedly revitalized the PC gaming scene.

Based on consultation by industry insiders, equity analysts, investment bankers and technology analysts, Forbes has estimated that Valve is worth over $3 billion. Newell holds over 50 percent of the company's privately-held shares.

Recently, Valve has been rumored to be behind a hardware peripheral called the "Steam Box" which is said to be a gateway to the steam store directly from the comfort of the living room.

Source: CVG

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