Frederic Luddy

$1.31 B

Ranked #2819 in World

About Frederic Luddy

Fred Luddy, an American billionaire and ServiceNow's founder, has forged his mark in the cloud computing sector and beyond. Hailing from New Castle, Indiana, where he was born to an accountant father and a Catholic-school teacher mother, Luddy's early exit from Indiana University to focus on programming set the stage for his illustrious career. Despite a significant setback in 2004, losing a $35 million net worth due to accounting fraud at Peregrine Systems, Luddy rebounded remarkably, establishing ServiceNow shortly before his 50th birthday. Transitioning from CEO to a focus on product development and advisory roles by 2016, his perseverance has culminated in a $1.2 billion net worth as of October 2023. Additionally, Luddy's endeavors span into sports, owning a major stake in the San Diego Aviators and World Team Tennis, as well as into philanthropy, significantly contributing to Indiana University. His achievements were recognized with the 2023 Horatio Alger Award, honoring his significant contributions to technology and society. This narrative encapsulates the journey and impact of one of the tech industry's leading figures, targeting finance readers interested in the intersection of technology, business success, and philanthropy.

Born

November 24, 1954

Age

71 years

Source Of Wealth

Software

Industries

Technology

Citizenship

United States

Residence

San Diego, California

Education

Drop Out, Indiana University

Fred Luddy, an American billionaire businessman and founder of ServiceNow, a cloud computing company, was born and raised in New Castle, Indiana. His father was an accountant, while his mother was a Catholic school teacher. Luddy attended Indiana University but dropped out due to his growing interest in computer programming.

Frederic Luddy: Family

Luddy comes from a family with a strong academic background. His mother was a Catholic school teacher, while his father was an accountant. Luddy's sister and two brothers are also Indiana University alumni.

Frederic Luddy: Career Highlights

Luddy's career has been marked by both successes and challenges. He lost his $35 million net worth in 2004 due to accounting fraud at his previous company, Peregrine Systems, where he served as the Chief Technology Officer (CTO). However, he bounced back and founded ServiceNow just two weeks before his 50th birthday. Luddy stepped down as CEO of ServiceNow in 2011 to focus on product development and later transitioned to an advisory role in 2016.

Frederic Luddy: Companies

Luddy is best known for founding ServiceNow, a cloud computing company that provides software-as-a-service (SaaS) solutions for enterprise IT management. He also acquired a majority ownership of the San Diego Aviators, a World Team Tennis (WTT) franchise, in 2015 and currently serves as the Chairman of the Board for the team.

Frederic Luddy: Major Achievements

Luddy's major achievements include building ServiceNow into a successful cloud computing company and leading its growth and expansion. He is also recognized for his contributions to the field of enterprise IT management and his philanthropic efforts, such as the establishment of Luddy Hall at Indiana University.

Frederic Luddy: Awards & Achievements

Luddy's accomplishments have been recognized through various awards and honors. In 2023, he received the prestigious Horatio Alger Award, which recognizes individuals who have overcome adversity to achieve success and make significant contributions to society.

Frederic Luddy: Personal Life & Legacy

Luddy is known for his dedication to his work and his commitment to philanthropy.

He has made significant contributions to Indiana University, including the establishment of Luddy Hall, which honors the many IU alumni in the Luddy family. Luddy's legacy is one of resilience, innovation, and generosity.

Frederic Luddy: Trivia

Luddy is an avid sports fan and enjoys playing tennis and golf. He is also a supporter of the arts and has served on the board of directors for the San Diego Symphony.

Wealth History

Timeline

Early Life

Fred Luddy grew up in New Castle, Indiana, the son of an accountant father and a Catholic-school teacher mother. He attended Indiana University but dropped out due to his interest in computer programming.

2004

Fred Luddy lost his $35 million net worth due to accounting fraud at his previous company, Peregrine Systems, where he was the CTO.

Two weeks before his 50th birthday

Fred Luddy founded ServiceNow.

2011

Fred Luddy stepped down as CEO of ServiceNow, focused on product development, and moved to an advisory role in 2016.

October 2023

Fred Luddy's net worth is estimated at $1.2 billion.

2015

Fred Luddy acquired a majority ownership of the San Diego Aviators in World Team Tennis.

2017

Fred Luddy became part of a purchase of World Team Tennis from Billie Jean King and is now a majority owner with Eric Davidson.

N/A

Luddy Hall at Indiana University was named in recognition of Fred Luddy's donation, honoring the many IU alumni in the Luddy family.

2023

Fred Luddy received the Horatio Alger Award.

Frederic Luddy : FAQs

What is Frederic Luddy's current net worth?

Frederic Luddy's current net worth is $1.31 billion.

What is Frederic Luddy's current global rank among billionaires?

Frederic Luddy holds the 2819th position globally among billionaires.

What is Frederic Luddy's current ranking within the United States?

Frederic Luddy holds the 851st position in United States.

What was the change in Frederic Luddy's net worth compared to the previous year?

Frederic Luddy's net worth decreased by 41.32 million dollars compared to the previous year 2025, when his net worth was 1.35 billion dollars.

What is the recent change in Frederic Luddy's net worth?

Frederic Luddy's net worth decreased by 1.64 million dollars recently, a 0.12% decrease, with his net worth standing at 1.31 billion dollars.

What are Frederic Luddy's main sources of wealth?

Frederic Luddy's main source of income comes from Software.

In which industry does Frederic Luddy primarily operate?

Frederic Luddy is primarily involved in the Technology industry.

What is Frederic Luddy educational background?

Frederic Luddy is a dropout from Indiana University.

How old is Frederic Luddy?

Frederic Luddy is 71 years old.

How many children does Frederic Luddy have?

Frederic Luddy has 1 children.

Who is Fred Luddy and what is he known for?

Fred Luddy is an American billionaire businessman, best known as the founder of ServiceNow, a leading cloud computing company.

What prompted Fred Luddy to drop out of Indiana University?

Fred Luddy dropped out of Indiana University due to his growing interest in computer programming, choosing to pursue his passion over traditional education.

What is Fred Luddy's involvement in World Team Tennis?

Fred Luddy acquired a majority ownership of the San Diego Aviators in 2015, became the Chairman of the Board of the team, and in 2017, he became a majority owner of World Team Tennis with Eric Davidson.

What philanthropic achievement is Fred Luddy recognized for at Indiana University?

Fred Luddy is recognized for his philanthropy at Indiana University through the naming of Luddy Hall, honoring his family's legacy and contribution to the institution.