Los Angeles Clippers franchise owner Steve Ballmer becomes 9th person to join $ 100 billion club
To own an NBA franchise, you need to have a lot of money. The NBA is one of the world’s premier sports leagues, and franchises typically run into the billions, which means only billionaires can afford it.
However, even among billionaires, there is an exclusive club for people who have reached a net worth of $ 100 billion. Los Angeles Clippers franchise owner Steve Ballmer recently joined the club, becoming the 9th person in the world to do so. Shalini Nagarajan of Markets Insider gave an insight into how Ballmer achieved this feat.
A surge in Steve Ballmer’s net worth saw the former Microsoft CEO carve out a place in the exclusive $ 100 billion club, boosted by gains in the software maker’s shares this year.
Ballmer’s fortune reached $ 101 billion, making him the ninth person to achieve that level of wealth, according to the Bloomberg Billionaires Index. The 65-year-old American businessman’s fortune has increased by $ 20 billion this year alone.
Windows maker Microsoft last month became the second US listed company to reach a valuation of $ 2 trillion, just behind Apple in reaching that milestone. Its shares have gained 25% year-to-date, outperforming their tech peers Apple and Amazon.
A self-proclaimed “loyal dude” who still owns shares of Microsoft, Ballmer is estimated to own a 4% stake in the company, or about 333 million shares, according to Bloomberg.
Ballmer, who joined Microsoft as the 30th employee in 1980, stepped down as CEO in 2014 after 14 years in the role. Over the years, he has gained a reputation in the tech community for being quirky and energetic.
He now owns the $ 2.6 billion Los Angeles Clippers basketball team and is involved in philanthropy with his wife, Connie.
There is no doubt that this is quite a feat for Ballmer. Making $ 20 billion in a year isn’t easy, and it shows Steve Ballmer’s business acumen. Steve Ballmer is one of the best franchise owners in the NBA and he’s been willing to spend to make the Los Angeles Clippers a contender. There is no doubt that the franchise has seen a turnaround following the takeover of Steve Ballmer, and it is clear that the ownership of Ballmer has been a factor in the evolution of the reputation of the franchise across the league.