Top Black CEO Marvin Ellison loses $2.2 million from Lowe’s shares

Marvin Ellison, the chairman, president, and CEO of Lowe’s Companies Inc. and a prominent Black executive in America, has experienced a decline in the market value of his stake in the U.S. home improvement giant during the first eight days of 2024.

According to data tracked by Billionaires.Africa, Ellison — recognized as one of the world’s highest-ranking Black CEOs — has experienced a $2.25 million decline in the market value of his shares in Lowe’s Companies Inc. over the past 8 days.

Lowe’s market capitalization dips below $125 billion

Lowe’s Companies Inc., a Fortune 50 home improvement powerhouse boasting a vast network of more than 2,200 stores and approximately 300,000 associates across the United States and Canada, has thrived under Ellison’s leadership. The company achieved revenue of $97.1 billion in 2022, processing more than 17 million customer transactions per week.

Since the start of the new year, Lowe’s shares listed on the New York Stock Exchange have declined by 4.51 percent — falling from $222.55 per share to $212.51 per share at the time of writing — reducing its market capitalization below the $125-billion mark.

Ellison’s stake slump below $50 million as Lowe’s shares decline

As a result of the single-digit slump in the company shares, the market value of Ellison’s 0.038-percent stake, which equates to a total of 224,800 shares in Lowe’s, has decreased by $2.25 million from $50.03 million on Jan. 1 to $47.77 million at the time of drafting this report.

Despite a $2.2 million reduction in Ellison’s Lowe’s stake, he retains his status not only as one of the world’s highest-ranking Black CEOs but also as one of the most affluent executives in the United States.