- Category:
- Richest Business › CEOs
- Net Worth:
- $25 Million
- Birthdate:
- Dec 21, 1965 (58 years old)
- Birthplace:
- Minneapolis
- Gender:
- Male
- Profession:
- Musician
What is Tim Westergren Net Worth and Salary?
Tim Westergren is an American composer and record producer who has a net worth of $25 million. Pandora went public in 2011. At the close of day on the IPO, Pandora had a market cap of $2.6 billion. The company achieved its highest market cap as a public company in mid-2014, when it topped roughly $7 billion in value. A year later the market cap had been cut in half to $3.5 billion. By December 2017 the market cap had fallen to $1.5 billion. In February 2019, Pandora was acquired by Sirius XM Holdings for $3.5 billion in stock.
In February
Stock Holdings
At his peak, Tim Westergren owned 2,214,991 shares of Pandora. In March 2017 when the the company's price per share was $12 and the market cap was $1.6 billion, Tim's stake was worth $26 million.
His shares would have converted into roughly $50 million worth of Sirius shares upon the February 2019 acquisition at a $3.5 billion valuation. Over the next three years, Sirius shares dropped roughly 30% in value.
Larry Busacca/Getty Images
Biography
Tim Westergren was born December 21, 1965 in Minneapolis, Minnesota. He co-founded of Pandora Radio in 2000. He served as the Chief Strategy Officer for Pandora Media, Inc. between July 2004 and February 2014.
Tim is also He is an award-winning composer and record producer with 10+ years of experience in the music industry. Westergren has recorded with indie labels, scored the music for feature films and performed extensively. He holds a bachelor's degree from Stanford University, where he studied computer acoustics and recording technology.
In 1999, he founded Pandora Media, along with co-founders Will Glaser and Jon Kraft, in Oakland, California. The company went public in 2011 and was acquired by Sirius in 2019. Tim stepped down as CEO in June 2017.
Westergren and Glaser also created the Music Genome Project, a mathematical algorithm to organize music, and the concept was marketed by Pandora Media. The software uses a mathematical algorithm to predict a person's musical taste based on a small musical sampling. In 2010, Tim Westergren was named one of the 100 most influential people in the world by Time magazine.
Point Reyes Mansion
In July 2008, Tim and his wife Smita paid $1.35 million for a 17-acre property in Point Reyes Station, California, in Marin County. The property featured a 2,000 square foot home that dated back to 1920 and was at one time occupied by monks.
In 2014 Tim and Smita drew ire from their neighbors after they submitted plans to build an 8,300 square foot compound on the plot. Over two dozen complaint letters were written and sent to the local development agency. Local residents were concerned that the size and number of planned buildings indicated he was actually creating more of a hotel.
