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Jimmy Wales banking on Wikia

The money pictured here would cover about 4 or 5 days of Jimmy Wales' monthly budget
The money pictured here would cover about 4 or 5 days of Jimmy Wales' monthly budget
2bgr8, released under the Creative Commons Attribution 3.0 Unported license

As reported by Examiner, the divorce records of Jimmy Wales reveal the net worth of the co-founder of Wikipedia to be just north of $470,000. Be that as it may, some of the more intriguing aspects of the divorce papers are found elsewhere in the financial affidavit.

For example, Wales is also the co-founder of Wikia, Inc., a for-profit enterprise spun off from Wikipedia. Gil Penchina is the CEO of Wikia. Jimmy Wales owes Penchina $30,000. Penchina, though contacted for comment, was "honestly, too busy to respond". Wales also owes over $61,000 on a loan payable to his previous company, Bomis, Inc. We cannot say why Wales has not repaid these debts, even though the public records indicate he has over $162,000 in cash sitting in a Citibank account.

Clearly, along with approximately $385,000 in home equity, Wales' private stock holdings in the Wikia enterprise are the foundation of his net worth. In 2008, Wales sold about 4% of his shares in Wikia, for $347,570. It is unknown whether his remaining 13.4 million shares are fully vested or not, nor whether their current value has risen or fallen from the 2008 value of 62 cents per share. Considering that Wikia has only about $14 million in venture capital invested in it, it is unlikely the investors would let Wales have free and immediate access to potentially $8.3 million of that capital via disbursement of his shares.

In the legal papers, Wales says that he spends about $20,870 per month. With a present monthly pre-tax income of $26,008, this means that after taxes Wales is burning through about $4,500 of his savings each month. His more pricey expenses include mortgage/rent ($3,000), monthly meals out ($600), monthly periodicals/books/tapes/CDs ($1,000), monthly vacations ($1,000), "miscellaneous" expenditures ($2,000), and of course, legal and professional fees ($2,760), which may be coming down now that the divorce is settled.

What will Jimmy Wales owe in alimony and child support to his ex-wife Christine and their daughter Kira? To find out, continue here.


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