Fired from Facebook, man starts tech company, earns Rs 27 crore a year: 'I just want money'

CEO and co-founder of AppSumo Noah Kagan used to work as a product manager for Facebook. (Image: LinkedIn)

Noah Kagan was in his early twenties when he was fired from Facebook. Now, the 41-year-old CEO and co-founder of AppSumo, earns approximately $3.3 million a year.

The son of immigrant parents, Kagan had also worked with other tech giants such as Intel and Mint.com before he decided to use his experience and start his own tech company, CNBC Make It reported.

"I never spent money," he told the publication. "I would say even until I was about 40 did I really start enjoying money."

Growing up, Kagan was frugal with money but he always dreamed of being rich.

"As a kid, I always dreamed of being rich. I didn't know how to get it (money) or what to do to get it but I was like 'Man, I just want money," he said.

Kagan's father was an immigrant from Israel who did not speak English and earned a living by selling copiers door-to-door while his mother night nurse and his stepfather was a computer engineer.

"What I was taught and what I had seen on the news was that materialism was bad but through therapy, I started feeling more worthy (of spending the money)," he said.

That's when Kagan decided to switch to a better lifestyle.

"It definitely makes me happier every single day," he said.

Elaborating on how he decides on his compensation, Kagan started by revealing that his company made $80 million in gross sales last year.

"The way I have always done my salary is that I pay myself relatively low. Historically, it's been around $200,000 in annual salary. And at the end of the year, after we have paid the team, after we have taken everyone out for an all-expenses-paid vacation and done other distributions to people in the company, then I take a profit share," he told CNBC Make It. "Last year, I took a $3 million profit share for my salary."

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