Ted Waitt - Fortune - Billionaire list

Ted Waitt

Theodore Waitt ( Ted Waitt) is the founder and chairman of Gateway Computers. He is a self-made billionaire. He founded the company on his family's farm in Iowa in 1985 with $10,000 he borrowed from his grandmother. Originally the company was called Gateway 2000, dropped the "2000" from its name in 1998. It was one of the first widely successful direct order companies, utilizing a sales model similar to that of Dell. Gatway was famous for shipping the computers in Cow-spotted boxes.

Gateway struggled after the dot-com bust and tried several strategies to return to profitability, including withdrawal from international markets and opening a chain of retail stores called Gateway Country across the United States, then shutting down a number of them, and entering the consumer electronics business. n January 30, 2004, Gateway purchased low-cost PC maker eMachines, in hopes that its manufacturing process would help them cut costs and that eMachines' profitable retail business would help its bottom line.

Waitt moved to La Jolla, California where he resides currently with his wife Joan and children. He is married with 4 children. Education: University of Iowa, Drop Out.

Fortune
$1.4 billion as of 2005.