On this day, October 8 in the year 1950, one of the richest self-made billionaires from Asia was born in Taipei, Taiwan. His name is Gou Tai-ming also known as Terry, the founder of Hon Hai Precision, one of the world’s largest electronic companies. According to forbes.com, his net worth is $6.2 billion as of October, 2020.
Terry Gou was the oldest of three sons of a police officer who fled China in 1949. He attended the Taipei College of Maritime Technology and after graduation, he worked as a clerk in a shipping company then transferred to a medicine plant.
In 1974, Terry Gou founded Hon Hai Precision with a $7,500 loan from his mother. His company went on to become of major supplier of electronic parts for television and computer products to such companies like Admiral TV, RCA, Zenith, Philips, and later IBM, Cisco Systems, Microsoft, Nokia, Sony, Hewlett-Packard and Apple.
In 1985, Terry Gou established a subsidiary in the United States. When orders started pouring in, he established factories in China and other countries in Southeast Asia. It became a publicly-listed company in 1991.
In 2016, Foxconn purchased Sharp Corporation for $3.5 billion. It also acquired the mobile phone business of Nokia from Microsoft for $350 million. Previously, it bought a stake in camera maker GoPro for $200 million.
Terry Gou married twice and has 5 children. In 2016, Foxconn is the 27th company in the Fortune Global 500 with revenues of $172 billion and employees numbering over 700,000. It is one of the largest exporters of China and it is considered the world’s largest contract manufacturer for electronic companies including Apple and Samsung.