Theodore William "Ted" Waitt (born January 18, 1963) is an American
billionaire businessman and
philanthropist. Waitt is a co-founder of
Gateway, Inc.
Gateway, Inc., previously Gateway 2000, is an American computer hardware company. The company developed, manufactured, supported, and marketed a wide range of personal computers, computer monitors, servers, and computer accessories. It was acqui ...
[Executive Profile: Theodore W. Waitt Ph.D.](_blank)
Bloomberg Business (accessed December 28, 2015).
Career
On September 5, 1985, Waitt, his brother Norm Jr., and Mike Hammond started ''Gateway 2000'' with a $10,000 loan secured by Waitt's grandmother. The company began on Waitt's father's cattle ranch in
Sioux City, Iowa
Sioux City () is a city in Woodbury and Plymouth counties in the northwestern part of the U.S. state of Iowa. The population was 85,797 in the 2020 census, making it the fourth-largest city in Iowa. The bulk of the city is in Woodbury County ...
, moved to
Sergeant Bluff, Iowa
Sergeant Bluff is a city in Woodbury County, Iowa, United States. It is part of the Sioux City, IA– NE– SD Metropolitan Statistical Area. The population was 5,015 at the time of the 2020 census.
History
The city was named in honor o ...
and later to
North Sioux City, South Dakota
North Sioux City is a city in Union County, South Dakota, United States. The population was 3,042 at the 2020 census. It is part of the Sioux City, IA- NE-SD Metropolitan Statistical Area.
History
The southern tip of this land between the Mis ...
, where they continued to develop their "down-home" branding, complete with computer boxes printed in a black and white
Holstein cow
Holstein Friesians (often shortened to Holsteins in North America, while the term Friesians is often used in the UK and Ireland) are a breed of dairy cattle that originated in the Dutch provinces of North Holland and Friesland, and Schleswig-Ho ...
pattern.
Waitt led a move of the company's headquarters from
South Dakota
South Dakota (; Sioux: , ) is a U.S. state in the North Central region of the United States. It is also part of the Great Plains. South Dakota is named after the Lakota and Dakota Sioux Native American tribes, who comprise a large porti ...
to
Poway, California in 1998. Waitt relinquished his post as CEO of Gateway in late 1999 to
Jeffrey Weitzen, but returned to the post in January 2001.
In 2004, after the acquisition of
eMachines
eMachines was a brand of economical personal computers. In 2004, it was acquired by Gateway, Inc., which was in turn acquired by Acer Inc. in 2007. The eMachines brand was discontinued in 2013.
History
eMachines was founded in September 1998 by ...
, Waitt turned over day-to-day operations of
Gateway and the title of
CEO to
Wayne Inouye,
the former CEO of
eMachines
eMachines was a brand of economical personal computers. In 2004, it was acquired by Gateway, Inc., which was in turn acquired by Acer Inc. in 2007. The eMachines brand was discontinued in 2013.
History
eMachines was founded in September 1998 by ...
. In May 2005, he resigned as chairman of the company,
ending a near 20-year run with the company he co-founded.
Waitt has been featured on numerous lists by Forbes magazine. He has held a spot on both the Forbes 400 Richest in America as well as Forbes list of the World's Billionaires. He has also been listed on Fortune Magazines "40 Richest Under 40", a list of the 40 wealthiest self-made Americans under the age of 40 in the United States. The 2008 Forbes 400 List listed Waitt with a net worth estimated at $1.4 billion. Waitt fell off the Forbes 400 list in 2009 with a net worth estimate of $900 million. Forbes speculated that the drop from the previous year was as a result of "souring real estate" and a divorce settlement.
According to the September 2002 issue of Fortune Magazine, Waitt sold $1.1 billion in Gateway stock during the dot-com era. In August 2007, Gateway was acquired by
Acer Inc. for $1.90 per share or $710 million.
Labeled a maverick by national business and technology publications, he has gone on to form four enterprises that are his chief interests: Avalon Capital Group, Inc., a wholly owned, billion-dollar private investment company with diverse interests in technology, health care, energy, finance, and real estate; and the Waitt Foundation, Waitt Institute and Waitt Institute for Violence Prevention, nonprofit organizations dedicated to the improvement of mankind's knowledge through historical and scientific exploration.
Waitt served as chairman of the
Salk Institute for Biological Studies Board of Trustees from November 28, 2016, until November 20, 2017. He originally joined the Salk Board of Trustees in 2004 and has served in numerous roles while donating millions of dollars to the institute.
Personal life
Waitt is married to former model
Michele Merkin. He and his first wife Joan Theresa Peschel have four children, Hailey Peschel, Emily Rose, Maxwell Griffin, and Sophia Marie. The two have since divorced. Waitt's eldest daughter, Hailey, is married to former soccer player
Jordan Gafa
..Picture, Jordan C. Gafa (born June 19, 1990) is an American soccer player who most recently played for Jacksonville Armada FC.
Career
College and Amateur
Gafa spent his entire collegiate career at the University of North Carolina, Chapel Hill. ...
.
Waitt was romantically linked to
Ghislaine Maxwell
Ghislaine Noelle Marion Maxwell ( ; born 25 December 1961) is a British convicted sex offender and former socialite. In 2021, she was found guilty of child sex trafficking and other offences in connection with the financier and convicted sex o ...
, after she ended her relationship with
Jeffrey Epstein
Jeffrey Edward Epstein ( ; January 20, 1953August 10, 2019) was an American sex offender and financier. Epstein, who was born and raised in Brooklyn, New York City, began his professional life by teaching at the Dalton School in Manhattan, des ...
. Waitt owns homes in the Bird Streets area of
Hollywood Hills West, Los Angeles Hollywood Hills West is a neighborhood within Central Los Angeles, California. There are three city parks and one elementary school.
Geography
Hollywood Hills West touches Studio City on the north, Hollywood Hills on the east, Hollywood and West H ...
(put up for sale for $20 million in September 2015) and in
La Jolla, California (purchased in 2005 for $13.32 million and put for sale for $22.9 million in November 2015).
[Neal J. Leitereg]
Billionaire Ted Waitt lists his loaded estate in La Jolla for $22.9 million
''Los Angeles Times'' (November 24, 2015). Waitt also owns a home in
Beverly Hills, California.
Awards and honors
Waitt was awarded an honorary doctorate by the
University of South Dakota
The University of South Dakota (USD) is a public research university in Vermillion, South Dakota. Established by the Dakota Territory legislature in 1862, 27 years before the establishment of the state of South Dakota, USD is the flagship uni ...
.
Philanthropy
''Business Week'' named Waitt one of America's 50 most generous philanthropists due to his work with the Waitt Foundation.
The Foundation funds partnerships and projects, sometimes in conjunction or collaboration with the Waitt Institutes, focused on marine conservation.
Established in 1993,
the Foundation initially focused on
domestic violence prevention and community development. The Waitt Institute is a founding member, along with National Geographic Pristine Seas, Oceans 5, and Dynamic Planet, of the Blue Prosperity Coalition which aims to support governments in sustainable oceans management by providing financing, expertise, and tools to create
marine protected areas
Marine protected areas (MPA) are protected areas of seas, oceans, estuaries or in the US, the Great Lakes. These marine areas can come in many forms ranging from wildlife refuges to research facilities. MPAs restrict human activity for a conserv ...
(MPA).
On November 1, 2019, the Blue Prosperity Coalition announced a ten-year, $150 million commitment from the Waitt Foundation towards its ocean conservation efforts. On 15 Sept, 2016, the Waitt Foundation joined with the
Wildlife Conservation Society
The Wildlife Conservation Society (WCS) is a non-governmental organization headquartered at the Bronx Zoo in New York City, that aims to conserve the world's largest wild places in 14 priority regions. Founded in 1895 as the New York Zoological ...
(WSC), the blue moon fund (bmf), and the
Global Environmental Facility (GEF) to commit a combined $48 million towards expansion of the world's
marine protected areas
Marine protected areas (MPA) are protected areas of seas, oceans, estuaries or in the US, the Great Lakes. These marine areas can come in many forms ranging from wildlife refuges to research facilities. MPAs restrict human activity for a conserv ...
(MPA).
On 1 May 2008, the
Salk Institute for Biological Studies announced
the grant of $20 million from the Waitt Foundation to fund the creation of an Advanced Biophotonics Center. On 18 December 2008, th
William J. Clinton Foundationreleased a list of all contributors. It included Theodore Waitt, who gave between US$10–25 million.
Contributor Information to the William J. Clinton Foundation
On April 23, 2011, the Sioux City Public Museum had its grand opening. $4 million of its $13 million development budget was donated by the Waitt Foundation.
References
{{DEFAULTSORT:Waitt, Ted
1963 births
Living people
American billionaires
American computer businesspeople
American investors
American philanthropists
Businesspeople from San Diego
People from Sioux City, Iowa
University of Iowa alumni
American technology company founders
People from Union County, South Dakota
People from Poway, California