Jimmy Donaldson, the YouTuber known as MrBeast, says he had to borrow money from his mom to pay for his upcoming wedding despite running a company valued at more than $5 billion. “We reinvest everything into content, and I don’t like to take money out of the business,” Donaldson, 27, said at the TIME100 Summit on April 22. His mother was happy to help, he added, noting that “it probably helps that I also spoiled her with a ton of money.”
Donaldson’s approach to money reflects how he has built Beast Industries, the media and consumer-products company behind his YouTube empire. His videos routinely give away large sums of cash and high-end prizes, while the business has expanded into food, toys and, more recently, financial services.
Earlier this year, Beast Industries acquired Step, a banking app aimed at users under 18. Donaldson said the goal is to teach young people about credit, investing and financial independence. The goal is “to give people tactual knowledge on how to be financially independent and build wealth, and stuff that would ideally be taught in school, but it’s not,” he said.
Donaldson has said he lacked financial literacy growing up, a sharp contrast to his current position atop a multibillion-dollar business. While he said he has no immediate plans to take Beast Industries public, he did not rule out a future IPO.
Much of Beast Industries’ success comes from YouTube. His main channel has nearly 480 million subscribers. Donaldson said the strategy is simple: create videos no one else can replicate, from spending 100 hours in the Giza pyramids to elaborate large-scale challenges. “The second something’s been done before, it’s a lot less interesting,” he said.
Still, the company’s growth has come with scrutiny. Yesterday, a former executive sued Beast Industries, alleging a toxic workplace and sexual harassment. The company denies those claims. Donaldson also faced legal challenges in 2024, when contestants from his Amazon-backed show Beast Games alleged unsafe conditions.
Asked about company culture, Donaldson acknowledged it has changed as the business scaled. “I started this business when I was 11, so obviously I didn’t know that word, and so it’s obviously evolved over the lifetime of the company,” he said.
He credited recent executive hires, including CEO Jeffrey Housenbold, with helping professionalize the organization. “I brought in more experienced people because, shocker, a person who’s studied YouTube videos and studied content isn’t maybe the best to set a culture of a company at this scale,” he said. “It’s been amazing to have people who have actually worked and run and built large teams point out things where I’m like, ‘Oh, that makes sense, that’s why I hired you.'”