Wednesday, July 27, 2016
Vizio's William Wang Becomes SoCal's Latest Technology Billionaire
The $2 billion acquisition of Irvine-based Vizio on Monday has most likely resulted in the creation of another, technology billionaire in Southern California--Vizio founder William Wang. According to regulatory documents filed by Vizio last year in preparation for an IPO, Wang owned 54.4 percent of Vizio--or, $1.088 billion. There are also a number of other executives with major stakes in Vizio who are probably now multi-millionaires, thanks to the acquisition by Chinese television maker LeEco. LeEco's CEO, Jia Yueting, happens to also be behind mysterious Los Angeles electric car startup Faraday Future.