MrBeast says his mother controls his company’s bank account

Jimmy Donaldson aka “MrBeast,” the YouTuber with 239 million subscribers and numerous businesses generating between $500 million and $700 million in revenue, isn’t going into beast mode with his money, he said.

Despite the success of his YouTube channel and various other businesses, Donaldson does not consider himself a wealthy person, he said in an interview with Time after being named to the publication’s 100 Most Influential People of 2023 list.

“I mean, not now.” Donaldson said Time.

The reason Donaldson doesn’t believe he’s rich right now is because all the money he makes from his job is reinvested into making more videos. Donaldson’s YouTube channel, which is the most followed on the platform, has posted more than 750 videos since it launched in 2012. Most of its content features elaborately designed contest-style challenges or generous acts of charity like paying for cataract surgery or donating large sums of money to the homeless. Each video now regularly tops 100 million views and generates several million dollars in advertising revenue and brand sponsorships, according to Time.

He has also branched out into several other business ventures. Particularly in the packaged goods business with a line of candy bars called Feastables, which he says generates $100 million in revenue per year. A testament to his promotional power, Feastables was an instant hit, selling one million bars in the first 72 hours of its launch in 2022. The brand now has a jersey sponsorship with the Charlotte Hornets. Venture capitalist Marc Andreesen praised Donaldson and other influencers who have launched consumer product lines as the “future of brands.”

During the pandemic Donaldson launched a delivery-only burger restaurant called MrBeast Burgers. Donaldson also has two technology companies with service offerings that content creators might need: data analytics firm ViewStats and Creator Global, which performs language dubbing for online video content.

Donaldson did not respond to a request for comment.

All of Donaldson’s various businesses combine to bring in at least half a billion dollars, he said Time. Yet he doesn’t pocket the money and prefers to reinvest it in his companies, which is why he says he’s not rich. “Right now, whatever we do, we reinvest,” he said.

Going that route was a risky decision, according to Donaldson. “I reinvested everything to the point, you might say, of stupidity, simply believing that we would be successful,” he said. “And it worked.”

So far Donaldson’s various companies are unprofitable. Based on financial projections for this year, they are unlikely to turn a profit in 2024 either.

In 2022 Donaldson was reportedly seeking investors for his various business ventures. At the time, he was seeking at least $150 million to back a 10% stake in his business that would bring his overall valuation to $1.5 billion, a record for an influencer.

Despite being the face of an operation generating nine-figure revenues, Donaldson doesn’t control his finances. This responsibility falls on his mother Susan Parisher, who has worked for her son’s company since 2017 and currently serves as Chief Compliance Officer. “I don’t have access to any of my bank accounts,” Donaldson says. “I have a CFO and everything, but [my mom’s] the person who has access to the main bank account.”

The accounts Pariser controls could soon get even bigger. Donaldson is reportedly in talks with Amazon Prime Video for his own streaming show. Some reports peg a potential deal at around $100 million.

Sign up for the new Fortune CEO Weekly Europe newsletter to get corner office insights on the biggest business stories in Europe. Sign up for free.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *