The Epic Games vs. Apple lawsuit has given the public perhaps the most intimate look at the inner workers of Cary-based Epic Games, the privately held video game company behind Fortnite.
Details that would have likely remained private for the foreseeable future have been brought to the surface, from revenue numbers to its dealings with other companies, like Sony.
One detail to emerge in the second day of the planned three-week trial is that Epic Games’ soaring valuation has minted a new billionaire in the Triangle.
It was revealed during Epic Games CEO Tim Sweeney’s testimony that his co-founder, Mark Rein, owns a 4% stake in the company.
At its most recent valuation, which was pegged at $28.7 billion in April, Rein’s stake would be worth around $1.1 billion.
Sweeney also saw a spike in his net worth after Epic Games raised $1 billion from investors last month.
Sweeney, who owns a controlling share of Epic Games, now sports a net worth of $7.4 billion, according to Forbes’ most recent calculations. His net worth jumped from $4.7 billion to $7.4 billion after Epic’s last raise, making him the wealthiest North Carolinian.
Epic Games declined to comment.
Co-founder of Epic Games
Rein co-founded Epic Games with Sweeney in 1991 and serves as its vice president of business development. Originally from Canada, Rein moved to Raleigh in 1999, when Epic Games decamped from Toronto to North Carolina.
He became a part-owner of the Carolina Hurricanes of the National Hockey League in 2013 but no longer is part of the ownership group, according to a team spokesperson.
Rein also is a partial owner of three “show jumping” horses that compete on the international circuits, according to a 2020 profile in Horse Sport Magazine.
Along with his wife, Tara Dow-Rein, he has been an active investor in the Triangle’s real estate market as well, The Triangle Business Journal reported.
Rein is listed as a potential witness in the Epic Games vs. Apple trial, meaning he could take the witness stand in the coming days and weeks.
Epic Games is trying to prove that Apple’s App Store has violated antitrust laws by requiring apps to use Apple’s payment system, which comes with a 30% fee, and only allowing apps to be downloaded from the App Store.
This story was produced with financial support from a coalition of partners led by Innovate Raleigh as part of an independent journalism fellowship program. The N&O maintains full editorial control of the work. Learn more; go to bit.ly/newsinnovate