Marvin Ellison, esteemed for his position as one of the world’s highest-ranking Black CEOs on the Fortune 500 list, has seen a remarkable boost in his wealth this year.
The surge is credited to the recent increase in the market value of his stake in the prominent U.S. home improvement company, Lowe’s Companies, Inc.
According to data compiled by Billionaires.Africa, Ellison, who serves as the chairman, president and CEO of Lowe’s, has witnessed the market value of his shareholdings soar by nearly $7 million since the start of the year.
The substantial gain is attributable to the significant rise in Lowe’s share price.
Lowe’s Companies Inc., a Fortune 50 home improvement giant boasting more than 2,200 stores and approximately 300,000 associates across the United States and Canada, has flourished under the leadership of Ellison.
The company achieved a staggering revenue of $97.1 billion in 2022, processing over 17 million customer transactions per week.
Since the start of the year, Lowe’s shares listed on the New York Stock Exchange have surged by an impressive 15.4 percent, ascending from $199.24 per share on Jan. 1 to $230.03 per share on July 19, propelling its market capitalization well beyond the $130-billion milestone.
As a result of this double-digit percentage surge in Lowe’s shares, the market value of Ellison’s minority 0.038-percent stake, which translates to a total of 224,800 shares, has skyrocketed by $6.92 million. At the time of reporting, Ellison’s stake is valued at $51.71 million, up from $44.8 million at the start of the year.
The recent $6.9 million boost in Ellison’s stake in Lowe’s further consolidates his status as not only one of the world’s highest-ranking Black CEOs but also as one of the wealthiest Black CEOs in the United States.
With Lowe’s shares now trading above the $230 per share mark, delivering substantial year-to-date gains to shareholders, including Ellison with his minority stake in the company, investors are eagerly anticipating strength from Lowe’s ahead of its next earnings release, scheduled for Aug. 22, 2023.