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Marvin Ellison, the head of Lowe’s Companies Inc., has seen a notable rise in his wealth due to the recent surge in his stake in the U.S. home improvement giant. His stake is now valued at $55 million, solidifying his position among America’s top executives.
According to data tracked by Billionaires.Africa Ellison, who is renowned as one of the top Black CEOs globally, has witnessed a $4.31 million increase in the market value of his Lowe’s stake over the past 23 days, propelled by the sustained rise in Lowe’s shares.
Lowe’s shares soar 8.51 percent since Feb. 20, market cap tops $140 billion
Lowe’s, a major home improvement retailer and Fortune 50 company, runs more than 2,200 stores across the U.S. and Canada, employing roughly 300,000 people.
Under Ellison’s guidance, the company flourished, pulling in $97.1 billion in revenue in 2022 and handling over 17 million customer transactions each week.
Since Feb. 20, Lowe’s shares on the New York Stock Exchange have surged by 8.51 percent, jumping from $225.51 to $245.31 as of the latest update. This boost has pushed its market value above $140 billion.
Marvin Ellison’s Lowe’s stake surges, solidifying his status among America’s richest Black CEOs
The rise in Lowe’s stock has boosted Ellison’s 0.038-percent stake significantly. His 224,800 shares jumped from $50.7 million to $55 million in just 23 days, marking a $4.31-million increase.
The recent $4.31-million surge in Ellison’s stake in Lowe’s further cements Ellison’s position as one of America’s richest Black CEOs and one of the world’s leading executives.
