One of America’s richest Black CEOs, Craig Arnold loses $6.2 million from Eaton stake

Craig Arnold, celebrated as one of America’s leading Black CEOs, has experienced a substantial decrease in his wealth, with the market value of his stake in Eaton Corporation declining by $6.2 million amid the recent decline in the company’s shares.

According to data tracked by Billionaires.Africa, Arnold, who chairs and leads Eaton, has seen a $6.21-million decline in the market value of his holdings in the global intelligent power management company over the past eight days.

This setback comes after a significant uptick of $8.5 million recorded between March 15 and March 28. During that period, Arnold’s stake in Eaton Corporation climbed from $154.03 million to $162.56 million.

Eaton’s shares drop by 3.6 percent

Eaton Corporation, a multinational power management company headquartered in the United States and Ireland, recorded $20.75 billion in sales in 2022. Led by Arnold, the company remains committed to providing energy-efficient solutions across more than 175 countries, ensuring reliable, efficient, safe, and sustainable power management for its customers.

Eaton’s share price on the New York Stock Exchange has declined 3.63 percent over the past eight days, falling from $330.51 on April 5, 2024, to $318.50. This decline has pushed the company’s market capitalization below $130 billion, resulting in losses for shareholders.

Arnold’s investment in Eaton slumps below $165 million

Arnold, recognized as one of America’s leading executives, holds a beneficial 0.13-percent stake in the power management company, equivalent to 517,061 shares. His investment portfolio includes a minority 0.0027-percent stake in Medtronic Plc, valued at more than $3 million.

With this recent downturn, the market value of Arnold’s stake in the company has declined by $6.21 million over the past 8 days, dropping from $170.89 million on April 5 to $164.68 million at the time of drafting this report.

Despite the decline in Eaton’s stock price, Arnold’s strategic leadership, emphasizing the company’s commitment to innovation and sustainable power management solutions, continues to garner investor interest.