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Kenneth Langone Net Worth, Biography & Wiki 2017
Born Kenneth Gerard Langone on the 16th September 1935, in Roslyn Heights, New York USA, he is a businessman and investor, best known to the world as one of the key people in founding The Home Depot, since he secured the necessary capital. Other than that, he is the CEO of Geeknet, among many other successful endeavors.
Have you ever wondered how rich Kenneth Langone is, as of mid- 2017? According to authoritative sources, it has been estimated that Langone’s net worth is as high as $3.2 billion, an amount earned through his successful career, which started in the early ‘60s.
Kenneth Langone Net Worth $3.2 Billion
Kenneth is Italian-American through both parents, and grew-up in a working-class family – his mother worked in cafeteria, while his father was a plumber. After finished high school, Kenneth enrolled at Bucknell University in Pennsylvania graduating with a BA, but had to work to support his studies. He held several odd jobs, including working as a caddy, ditch digger, and as a butcher’s assistant. He graduated in three and a half years and headed back to New York, where he enrolled at New York University Stern School of Business, taking classes by night and working during the day.
Soon after graduation, he joined the financial services company R.W. Pressprich. By the late ‘60s, he had already built a name for himself in the firm and took the job of handling Electronic Data System’s IPO in his hands., although he first had to convince Electronic Data Systems owner, Ross Perot in such an endeavor. As a result, Kenneth became president of Pressprich in 1969, just a year after the successful enterprise.
He left Pressprich in 1974 and started his own venture capital firm, which he named Invemed, and the company became extremely successful enabling Kenneth to invest in other business ventures.
He studied the home improvement business at the time, and bought a stake in Handy Dan, which is a home improvement chain. He then befriended Handy Dan’s CEO, and CFO, Bernard Marcus, and Arthur Blank, with whom he co-founded Home Depot. Prior to launching Home Depot, both Marcus and Arthur were fired from Handy Dan, after Kenneth sold his stake in Handy Dan to Sanford Sigiloff, CEO of The Daylin Corporation, which is Handy Dan’s parent company. Home Depot has subsequently grown into a national chain with more than 300,000 employees, which has significantly increased Kenneth’s net worth.
Aside from Home Depot, Kenneth had several other successful and less successful ventures; he wanted to buy the New York Stock Exchange, but the deal fell through. He also faced several charges after giving Richard Grasso a package of $139.5 million, when he left his position of chairman and chief executive of the New York Stock Exchange; however, charges were dismissed.
He is on the board of Database Technologies, and was a co-founder of ChoicePoint Inc., and has been a director of Yum! Brands since 1997, among other positions.
Regarding his personal life, Kenneth has been married to Elaine Langone since 1956, and the couple has three children together.
Kenneth is a devoted Roman Catholic and has received the Knight of St. Gregory honor by Pope Benedict XVI.
He is a well-known philanthropist; he has made numerous donations to universities, medical research centers, and other organizations. Some of his donations include $11 million to his alma mater, Bucknell University, and $6.5 million to NYU’s Stern School to fund the Kenneth G. Langone Part-time Evening MBA program. Also, he and his wife gave $200 million to the NYU Medical Center, which was soon renamed to NYU Elaine A. and Kenneth G. Langone Medical Center. Furthermore, he has donated to The Children’s Oncology Society, Harlem Children’s Zone, Damon Runyon Cancer Research Foundation, and many others that help improve lives of disadvantaged children. That isn’t the end of his philanthropic activities; he started the Ken’s Kids organization, through which he supports youths aged 18 to 21 with disabilities in Philadelphia.