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Newly minted 'appy teen millionaire

Newly minted 'appy teen millionaire
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A 17-year-old has become the internet’s latest millionaire.

Nick D’Aloisio has sold Summly, his app that edits internet news items to make them more user friendly for mobile phones.

It has been bought by Yahoo, reportedly for the equivalent of 23 million euros.

However, D’Aloisio seems more interest in the business opportunities than the cash.

“It’s been put in a trust fund and will be invested in due course, but beyond that side of things the thing that’s really excited me about this deal is going to join Yahoo and working with Marissa Mayer, the new CEO, and the team over there. It’s going to be really exciting,” he said.

Yahoo has been acquiring similar small companies since Mayer took over, as she tries to bolster the Web portal’s mobile services where it is weak.

D’Aloisio – who taught himself to write computer code at 12 and developed his first app at 15 – advises that if you have the right idea, you should be able to find an investor.

“If you have a good idea, or you think there’s a gap in the market, just go out and launch it because there are investors across the world right now looking for companies to invest in,” he said

Despite his new wealth, D’Aloisio is not giving up on his studies, but will combine school work with a job at Yahoo’s London offices, where he will be company’s youngest employee.

The British based teenager is the majority owner of Summly, which is backed by Chinese investor Li Ka-Shing and attracted so-called angel investors including Hollywood actor Ashton Kutcher, British broadcaster Stephen Fry and artist Yoko Ono, the widow of Beatle John Lennon.

The start-up also works closely with another investor Rupert Murdoch’s News Corp.