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Marvin Ellison, the chairman, president, and CEO of Lowe’s Companies, has witnessed a substantial increase in his wealth, with gains surpassing $1 million from his stake in the company. This is linked to the recent surge in Lowe’s shares on the New York Stock Exchange.
According to data tracked by Billionaires.Africa, Ellison — recognized as one of the world’s highest-ranking Black CEOs on the Fortune 500 list — has seen the market value of his stake in Lowe’s Companies Inc. increase by $1.2 million over the past 15 days.
This recent upswing comes on the heels of a previous downturn in Ellison’s wealth between April 1 and 19, during which his stake in Lowe’s decreased by $4.61 million, dropping from $56.04 million to $51.43 million.
Lowe’s share price surge propels market cap above $130 billion
Lowe’s Companies Inc., a major player in home improvement and a Fortune 50 company, operates a vast network of over 2,200 stores with around 300,000 associates in the United States and Canada. Under Ellison’s leadership, the company thrived, achieving a revenue of $86.4 billion in 2023 and handling over 17 million customer transactions weekly.
Over the past 15 days, Lowe’s Companies’ share price on the New York Stock Exchange has climbed by 2.41 percent, rising from $227.52 on May 1 to $233.01, pushing the company’s market capitalization above $130-billion.
Ellison’s Lowe’s stake climbs $1.2 million amid share surge
Marvin Ellison owns a 0.038-percent stake, equivalent to 224,800 ordinary shares, in Lowe’s Companies Inc. As a result of the recent surge in the company’s shares, Ellison’s stake in Lowe’s has soared by $1.23 million over the last 15 days, escalating from $51.15 million on May 1 to $52.38 million.
The recent uptick in Ellison’s stake in Lowe’s further solidifies his position as one of the wealthiest Black CEOs in the U.S. and among the world’s highest-ranking Black CEOs.
