Edward Thorp is a renowned American mathematician, author, hedge fund manager, and blackjack player. Known for his contributions to the fields of mathematics and finance, Thorp has achieved significant success throughout his career. With his mathematical expertise and innovative strategies, he has amassed a considerable net worth.
In this article, we will explore Edward Thorp net worth, his background, and the factors that have contributed to his financial success.
Quick Facts
| Full Name | Edward Thorp |
| Popular Name | Edward Thorp |
| Gender | Male |
| Birth Date | August 14, 1932 |
| Age | 90 |
| Birth Place | Chicago, Illinois |
| Nationality | American |
| Ethnicity | Not available in the provided context |
| Education | Ph.D. in Mathematics |
| Marital Status | Married |
| Sexual Orientation | Not available |
| Wife/Spouse | Vivian |
| Children | Not available |
| Dating | Not available |
| Net Worth | $800 million dollars |
| Source of Wealth | Financial markets and blackjack |
What is Edward Thorp Net Worth and Salary in 2023?
Edward Thorp’s net worth is estimated to be around $800 million. Throughout his career as a mathematician, author, and hedge fund manager, Thorp has made substantial investments and achieved considerable financial success.
His expertise in mathematics and finance has allowed him to develop unique investment strategies that have yielded substantial returns. Additionally, Thorp’s books and publications have enjoyed significant success, contributing to his net worth.
Why is Edward Thorp Famous?
Edward Thorp gained fame and recognition due to his revolutionary work in the fields of mathematics and finance. He is best known for his attempts to beat the casinos at blackjack, which led to the development of the card counting technique.
Through his mathematical prowess, Thorp was able to devise strategies that tilted the odds in his favor and allowed him to consistently win in blackjack. His accomplishments in the realm of gambling earned him international acclaim and made him a prominent figure in the world of finance.
Edward Thorp Biography Overview
Early Life
Edward Thorp was born on August 14, 1932, in Chicago, Illinois. He grew up in a middle-class family and demonstrated exceptional aptitude for mathematics from a young age. Thorp’s interest in probability and statistics eventually led him to pursue a career in academia and finance.
Education
Thorp received his Bachelor’s degree in Physics from the University of California, Los Angeles (UCLA) in 1953. He then went on to pursue a Ph.D. in Mathematics from UCLA as well, which he completed in 1958. His doctoral dissertation focused on probability theory and random processes, laying the foundation for his future work in finance.
Career and Awards
Edward Oakley Thorp is a renowned American mathematics professor, author, hedge fund manager, and blackjack researcher. His career is marked by significant contributions to various fields, including mathematics, finance, and gambling.
Thorp’s academic journey began at the University of California, Los Angeles (UCLA), where he earned his Ph.D. in mathematics in 1958.
He then worked at the Massachusetts Institute of Technology (MIT) from 1959 to 1961 before becoming a professor of mathematics at New Mexico State University from 1961 to 1965.
Thorp’s career took a turn when he joined the University of California, Irvine, where he served as a professor of mathematics from 1965 to 1977 and a professor of mathematics and finance from 1977 to 1982.
During his tenure at MIT, Thorp invented the first wearable computer in collaboration with Claude Shannon, the father of information theory. This device was designed to predict the outcome of roulette rounds, marking a significant breakthrough in the world of gambling.
Thorp’s interest in blackjack led him to become the father of card counting, a strategy that gives players an edge over the house. His 1962 book, Beat the Dealer, outlines betting and playing strategies for optimal play, making it a seminal work in the field of blackjack literature.
Thorp’s research in blackjack was so influential that it bypassed the traditional academic peer review process, reaching the public directly.
In addition to his contributions to gambling, Thorp also made significant strides in the financial markets. He pioneered modern applications of probability theory, harnessing very small correlations for reliable financial gain.
Since the late 1960s, Thorp has used his knowledge of probability and statistics in the stock market, discovering and exploiting pricing anomalies in the securities markets. His personal investments reportedly yielded an annualized 20 percent rate of return averaged over 28.5 years.
Thorp’s career is a testament to his innovative spirit and his ability to apply mathematical principles to diverse fields. From academia to gambling to finance, Thorp’s work has left an indelible mark, making him a respected figure in each of these domains.
Personal Life
Edward Thorp married Vivian in January 1956, and they have shared a fulfilling life together. While Thorp’s professional achievements have garnered significant attention, he has managed to maintain a private personal life.
Social Media Accounts
FAQs about Edward Thorp
What is Edward Thorp’s most famous book?
Edward Thorp’s most famous book is “Beat the Dealer,” published in 1962.
How did Edward Thorp revolutionize the gambling world?
Edward Thorp revolutionized the gambling world by introducing the card counting technique, which gave players an edge in blackjack.
What is Edward Thorp’s age?
Edward Thorp is 90 years old as of 2023.
Where does Edward Thorp live?
Edward Thorp resides in Chicago, Illinois, in the United States.
Who invented card counting in blackjack?
Edward Thorp is widely regarded as the father of card counting in blackjack. His book, Beat the Dealer, outlines betting and playing strategies for optimal play.
What did Edward Thorp invent?
Edward Thorp is known for inventing the first wearable computer, which he developed in collaboration with Claude Shannon. This device was used to predict the outcome of roulette rounds.
Conclusion
Edward Thorp is a remarkable figure who has made significant contributions to the fields of mathematics, finance, and gambling. From his invention of the first wearable computer to his groundbreaking work in card counting, Thorp has left an indelible mark on these industries.
With an estimated net worth of $800 million in 2023, his achievements continue to inspire and influence generations of mathematicians, gamblers, and investors. Thank you for reading.
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