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Craig Arnold, celebrated as one of America’s leading Black CEOs, has seen his wealth decline further as the market value of his stake in Eaton Corporation tumbled by $7.5 million amid a recent downturn in the company’s share price.
According to data tracked by Billionaires.Africa, Arnold, who chairs and leads Eaton, witnessed a $7.49-million reduction in the market value of his holdings in the global intelligent power management firm over the past three days.
This setback follows a period of notable loss of $6.2 million between April 5 and 13, when Arnold’s stake in Eaton Corporation decreased from $170.89 million to $164.68 million.
Eaton stock falls after $23-billion year
Eaton Corporation, a multinational power management company headquartered in the U.S. and Ireland, recorded $23.2 billion in sales in 2023. Under Arnold’s leadership, 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 dropped by 4.43 percent over the past three days, falling from $326.51 on April 29, 2024, to $312.03 at the time of this report. This decline has pushed the company’s market capitalization below $125 billion, resulting in losses for shareholders.
Arnold, recognized as a leading American executive, holds a 0.13-perccent 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.
Arnold’s Eaton stake drops $7.49 million
Arnold, a recognized American executive, holds a 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 Eaton has slumped by $7.49 million within three days, sliding from $168.83 million on April 29 to $161.34 million at the time of this report.
Despite the decline in Eaton’s stock price, Arnold’s focus on innovation and sustainable power management solutions continues to attract investor interest in Eaton.
