Who started Vero and how much is the net worth of the CEO? Here’s everything to know about Ayman Hariri.
What is Vero? Vero is a new social media app boasting an ad-free and “more authentic” user experience. The app takes its name from the Italian word for “truth.” The parent company of the app is Vero Labs, Inc.
The image- and video-focused app is similar to Instagram, drawing the attention of photographers, videographers, and social media influencers popular there. It’s also drawing fans because posts are displayed in chronological order, instead of being sorted by an algorithm like the one Instagram recently adopted.
Vero officially launched in 2015, according to Slate. But the app is gaining popularity over the past couple of weeks thanks to word of mouth among hardcore social media users. It’s now the second most popular app in Apple’s App Store and sits at the top of Google Play’s free apps chart.
The has been compared to Instagram and Facebook with many asserting that Vero is the best place for photographers, music lovers, and creatives in general.
The app’s founder has been revealed as one billionaire whose father was prominent and one of the leaders Lebanese. So, who is the CEO of Vero and how much money does he have?
Who is the Vero CEO?
Vero’s CEO is Ayman Hariri, also a co-founder of the company. Vero was founded in 2013 and launched in 2015. Hariri is a billionaire and the son of former Lebanese Prime Minister Rafic Hariri, who was assassinated in 2005. According to a Vero spokesperson, Ayman Hariri was living in the United States at the time of the incident and afterward went back to Saudi Arabia to support his family.
Ayman Hariri previously served as deputy CEO and deputy chairman of Saudi Oger, a construction company founded by his father. There were reports of Saudi Oger workers going unpaid and left stranded in cramped living quarters with little food money, water, or medical care, per Reuters. The Saudi Arabian government stepped in and the company shut down in 2017 due to “mismanagement,” according to Bloomberg.
A Vero spokesperson said Hariri left Saudi Oger in 2013 “to pursue other initiatives” and since then had no operational, management, or board oversight of the company and was not involved in any decision making.
Vero’s content feed resembles Instagram’s although users can share a wider variety of content and the app has a chronological content feed whereas Facebook and Instagram’s feeds are algorithm based. Vero’s business plan is also distinct from similar social media apps. Whereas its competitors such as Facebook or Instagram make money from in-app advertising revenue and the sale of user data, Vero’s business plan was to invite the first one million users to use the app for free and then charge any subsequent users a subscription fee.
The app was entirely funded by its founder and generated additional revenues by charging affiliate fees when someone buys a product they find on Vero.
What is Ayman Hariri’s net worth and salary?
Ayman Hariri has a net worth of $1.4 billion and he is the 2076th billion in the world. In February 2018, Forbes estimated his net worth at US$1.33 billion.
Ayman Hariri’s source of wealth is construction, investments, and Technology. He currently lives in Paris, France despite being a citizenship Lebanon.
He inherited a stake in his father’s Saudi-based construction company Saudi Oger and sold it to his brother Saad in 2014.
In 2017, he sold his 42% stake in family holding company GroupeMed, which has interests in banking and real estate, for $535 million.
He invests in startups through New York-based firm Red Sea Ventures; among its investments was the smart thermostat Nest, now part of Google.
He’s a co-founder and CEO of Vero, an ad-free social media platform that lets users share music, videos, and photos.
Does Vero cost money?
Vero previously said that its first million users will get free access to the app, then it would introduce a subscription fee. But after the app recently passed the million-user mark, Vero announced it would extend its “free for life” offer due to “service interruptions” until further notice. (Vero has had some technical trouble over the past several days, likely due to the sudden surge in interest.)
Vero has not yet said how much any future subscription plan might cost. But the company says that information will be available soon.
Vero’s subscription-based business model is meant to allow the app to remain ad-free, according to Vero. In its manifesto, Vero argues that its customers are users rather than advertisers. By contrast, most social media companies like Facebook and Instagram make money via advertising.