Home » One of America’s richest Black CEOs, Craig Arnold faces $11.2-million wealth decline

One of America’s richest Black CEOs, Craig Arnold faces $11.2-million wealth decline

Arnold sees wealth decline amid Eaton Corporation share drop

by Feyisayo Ajayi
Craig Arnold

Key Point

  • Craig Arnold, CEO of Eaton Corporation, sees his wealth decline by $11.2 million amid a recent drop in company shares.
  • Eaton’s market cap slumps below $130 billion as its stock price dips 6.38% in the past 45 days on NYSE.
  • Despite recent setbacks, Eaton’s shares have surged 32% year-to-date, offering robust returns to investors.

Craig Arnold, celebrated as one of America’s leading Black CEOs, has experienced a significant decline in his wealth. The market value of his stake in Eaton Corporation has dropped by $11.2 million amid a recent decline in the company’s shares.

According to data tracked by Billionaires.Africa, Craig Arnold, chairman and chief executive officer of Eaton, has seen the market value of his holdings in the global intelligent power management company decline by $11.24 million over the past 45 days.

This setback follows a period of earlier gains of $5.03 million recorded between May 3 and 20, when Arnold’s stake in Eaton Corporation increased from $165.72 million to $170.75 million.

Eaton’s market cap slumps below $130 billion

Eaton Corporation, a multinational power management company headquartered in the U.S. and Ireland, recorded $5.94 billion in sales in the first quarter of 2024.

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 to its customers.

Recently, Eaton expanded its partnership with Palantir Technologies, a leader in artificial intelligence (AI) and big data analytics, co-founded by tech billionaire Alex Karp.

Over the past 45 days, Eaton’s share price on the New York Stock Exchange has declined 6.38 percent, falling from $340.89 on May 24 to $319.15. This decline has pushed the company’s market capitalization below $130 billion, resulting in losses for shareholders.

Craig Arnold’s Eaton stake drops

Arnold, who ranks among the world’s leading Black executives, holds a minority 0.13-percent stake in the power management company, equivalent to 517,061 shares. His investment portfolio includes another minority 0.0027-percent stake in Medtronic Plc worth $2.6 million.

With this recent downturn, the market value of Arnold’s stake in Eaton has declined by $10.21 million over the past 45 days, dropping from $176.26 million on May 24 to $166.05 million at the time of drafting this report.

Your Money and Your Life: Year-to-date performance strong

Despite the recent decline, Eaton shares remain among the many stocks that have returned impressive gains to investors since the start of the year.

The company’s shares on the New York Stock Exchange have surged over 32 percent year-to-date in 2024. A $100,000 investment in Eaton at the start of this year would be worth $132,526 at the time of drafting this report, representing a gain of $32,526.

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