A British schoolboy's hobby has turned
him into one of the youngest self-made multi-millionaires in the world.
Yahoo! announced on Monday that Nick
D'Aloisio, 17, had sold his news-condensing mobile app Summly to the US tech
giant for an undisclosed sum, reported to be £20m ($30m).
D'Aloisio created Summly when he
was 15 as "a hobby" while revising for a history exam in London and
it attracted financial backers including US actor Ashton Kutcher and Japanese
artist Yoko Ono, widow of Beatles singer John Lennon.
D'Aloisio said that there were no
copyright concerns about Summly, which works by running a statistical analysis
of the text to guess which bits are the most relevant to cut the content down.
He said international media companies
such as News Corporation had collaborated on making their content more Summly
friendly and that shortening software would ultimately be a win-win for content
providers.
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