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One of America’s top Black CEOs, Marvin Ellison, the chairman, president, and CEO of Lowe’s Companies Inc., has suffered a significant decline in the market value of his holdings in the U.S. home improvement giant in recent times.
Ellison, recognized as one of the world’s most affluent Black executives, has seen his stake in Lowe’s Companies Inc. plummet by $4.61 million over the past 18 days, following the recent decline in the company’s shares on the New York Stock Exchange (NYSE).
This recent setback comes on the heels of a previous surge in Ellison’s wealth between Feb. 20 and April 1, when his stake in Lowe’s increased by $6.63 million, from $50.69 million to $57.33 million.
Lowe’s stock slumps by over 8 percent
Lowe’s Companies Inc., a Fortune 50 home improvement giant with more than 2,200 stores and 300,000 associates across North America, has prospered under CEO Marvin Ellison’s leadership. The company generated $86.4 billion in revenue in 2023, processing more than 17 million customer transactions weekly.
Lowe’s shares have recently fallen 8.22 percent, slipping from $249.28 on April 1 to $228.79 at press time. This decline pushed Lowe’s market capitalization to roughly $140 billion.
Ellison’s stake in Lowe’s drops below $55 million
The recent share price decline has impacted the market value of Ellison’s 0.038-percent stake in Lowe’s, which translates to 224,800 shares. Over the past 18 days, his stake has decreased by $4.61 million, dropping from $56.04 million on April 1 to $51.43 million.
Despite this decrease, Ellison remains one of the wealthiest Black CEOs in the United States and a leading figure among global Black CEOs.
