One of America’s richest Black CEOs, Craig Arnold’s stake in Eaton back above $150 million

Feyisayo Ajayi -

Key Points

  • Craig Arnold’s Eaton Corp. stake increases by $14.19 million in 17 days due to a 10% surge in shares, now valued above $150 million.
  • Eaton Corp. market cap nears $120 billion after a 10% stock price increase from $272.52 to $299.97, driving investor gains.
  • Eaton’s shares have surged 24.56% year-to-date, turning a $100,000 investment into $124,560, reflecting significant returns for investors.

Craig Arnold, one of America’s prominent Black CEOs, has witnessed a significant recovery in his wealth, with the market value of his stake in Eaton Corporation rebounding above $150 million thanks to a recent upswing in the company’s shares on the NYSE. 

Data tracked by Billionaires.Africa, Arnold, who is chairman and CEO of Eaton, has witnessed his holdings in the global power management firm rise by $14.19 million over the past 17 days. This offsets a prior decline of $11.24 million between May 24 and July 9.

Shares hike boosts market cap to nears $120 billion

Eaton Corporation, a multinational power management company, recently reported $6.35 billion in net sales for the second quarter of 2024, marking an 8.3 percent increase from the previous year. It continues to focus on providing energy-efficient solutions across more than 175 countries, enhancing its reputation for reliable and sustainable power management.

In recent times, the uptick in Eaton’s stock has been substantial, rising by over 10 percent, from $272.52 on Aug. 5 to $299.97. This rally has propelled the company’s market capitalization to nearly $120 billion, delivering significant gains to its shareholders.

Craig Arnold’s Eaton stake jumps over $14 million amid share rally

Craig Arnold, one of the world’s top Black executives, holds a 0.13 percent stake in Eaton, amounting to 517,061 shares. His portfolio also includes a 0.0027 percent stake in Medtronic Plc, valued at $3.14 million. 

The recent uptick in Eaton’s share price has boosted the value of Arnold’s Eaton holdings by $14.19 million over the past 17 days, with his stake in the multinational power management company increasing from $140.91 million on Aug. 5 to $155.1 million.

Your Money and Your Life

Eaton Corp. has been a standout performer on the NYSE in 2024. The company’s shares have surged 24.56 percent year-to-date, translating into substantial returns for investors. For instance, a $100,000 investment at the start of the year would now be worth $124,560, reflecting a gain of $24,560.