24.8 C
Nairobi
Sunday, April 14, 2024

Income Level and How It Affects Feelings of Happiness

There are a lot of conversations, arguments, and statements on the topic of the correlation between happiness and income. Even celebrities don't miss the...
HomeWealth2019: Huawei Founder Net Worth, Number Of Employees, Shareholders, Controversies And Family

2019: Huawei Founder Net Worth, Number Of Employees, Shareholders, Controversies And Family

In 2018, Huawei dislodged Apple to become the second largest smartphone maker after Samsung. Huawei went on to be featured in the Forbes annual ranking of the world’s Most Valuable Brands 2018. It was the only brand-with a value of US$8.4 billion-from China to make it to the list. Interestingly, the Chinese smartphone marker has been facing restrictions over the years in the US market. And the Trump led government barred American companies from doing business with Huawei without approval. The smartphone maker relies on Google (GOOGL) services for its devices that include Android system and the Google Play app store. The Trump administration accused the company of engaging in bank fraud in obtaining embargoed U.S. goods and services in Iran and moved money through international banking systems. Huawei has rubbished these claims.

Founder Of Huawei
Away from the smartphone issues, Huawei Technologies Co. Ltd was founded in 1987 by Ren Zhengfei. The multi-billion dollar company was started with just about US$5,000 before it became the second largest smartphone maker in the world. The company has its presence in 170 countries and has 180,000 employees, reports Forbes. Before birthing Huawei, Ren was as a technician in China’s military and worked with Shenzhen South Sea Oil.

Shareholders
Ren is the current deputy chairman of the Board of Directors of the company. Reports that Huawei employees own 99 percent shares while Ren has only 1 percent stake in the company have been disputed. The Wall Street Journal questions why Ren Zhengfei continues to call the shots-like who sits on the board-if he indeed the company is wholly owned by Huawei employees. Fears are rife in Europe and U.S that Huawei is owned by the Chinese government and its handsets and networking equipment is used to spy on its citizens and governments.

Controversies
The growth of Huawei has been phenomenal. This has, however, not come with its fair share of scandals. Ren’s daughter Meng Wanzhou was arrested in Canada and faces extradition to the U.S. Meng, who is Huawei’s CFO, is accused of fraud linked to alleged violations of Iran sanctions, bank fraud and theft of technology. Following the arrest of Ms Meng, China accused Canada of being part of a US-led “witch-hunt” against Huawei. In an interview on CNBC, Ren said that the arrest of his daughter will make a strong.

“I think my children have grown up without experiencing much hardship. Struggling a bit can be good for them. Cuts and bruises toughen her up, and even since ancient times, heroes were born of hardship. I think this challenge will be good for my daughter,” Ren told CNBC.

“These difficulties will make her stronger and prepare her for even greater things ahead. So I’ll let her face what she is facing….”

Asked if Huawei has ever been used by the Chinese government to spy in China and elsewhere, he answered:

“There’s no way we can possibly penetrate into other people’s systems and we have never received such a request from the Chinese government…”

Family
The Huawei president was married to Meng Jun and the couple had two daughters: Meng Wanzhou and son Ren Ping.
After divorcing Meng Jun, he married Yao Ling and the union resulted in another daughter-Annabel Yao.
He went on to marry Su Wei, his former secretary.

Net Worth
Ren Zhengfei net worth is US$1.7 billion according to Forbes.
Will Hauwei Survive the onslaught by the US government
Ren rubbished U.S decision to include it on its entity list saying “the US politician underestimates our strength”. He went on to say it would take upto 3 years to catch up with Huawei’s 5G technology.