Jimmy Donaldson, the YouTuber known as MrBeast, says he had to borrow money from his mother to pay for his upcoming wedding despite running a company worth more than $5 billion. “We’re reinvesting everything in content, and I don’t like to take money out of the business,” Donaldson, 27, said at the TIME100 Summit on April 22. He added that his mother was happy to help, noting that “it might have been useful if I also spoiled her with a large amount of money.”
Donaldson’s approach to money mirrors the way he built Beast Industries, the media and consumer products company behind his YouTube empire. His videos routinely hand out large sums of cash and high-end prizes, while his business has expanded into food, gaming, and, most recently, financial services.
Earlier this year, Beast Industries acquired Step, a banking app targeting users under the age of 18. The goal is to teach young people about credit, investing and financial independence, Donaldson said. The goal, he said, is to “provide people with real-world knowledge about how to be financially independent and build wealth, things that are best taught in school, but aren’t.”
Donaldson said he lacked financial literacy growing up, a sharp contrast to his current position at the head of a multibillion-dollar company. While he said he has no immediate plans to take Beast Industries stock public, he did not rule out an IPO in the future.
Much of Beast Industries’ success comes from YouTube. His main channel has nearly 480 million subscribers. The strategy is simple: Create videos that no one else can replicate, by spending, Donaldson said 100 hours at the Pyramids of Giza to set large-scale challenges. “The second thing has been done before, and it’s much less interesting,” he said.
However, the company’s growth has come with scrutiny. Yesterday, a former executive filed a lawsuit against Beast Industries, alleging a toxic workplace and sexual harassment. The company denies these allegations. Donaldson also faced legal challenges in 2024, when contestants on his Amazon-backed show took part Monster games Alleged unsafe conditions.
When asked about the company culture, Donaldson acknowledged that it has changed as the business has expanded. “I started this business when I was 11 years old, so I obviously didn’t know that word, and obviously it’s evolved over the life of the company,” he said.
He credited the new executive staff, including CEO Jeffrey Hosenbold, with helping to professionalize the organization. “I brought in more experienced people because it’s shocking that someone who has studied YouTube videos and studied content is probably not the best person to establish a company culture at this scale,” he said. “It’s been amazing to have people who have actually worked and managed and built great teams point out things that I’m like, ‘Oh, that makes sense, that’s why I hired you.’”
