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Home Wealth & Lifestyle Billionaire Watch

Nike’s founder & family gain $6.5 billion in a day, hold more than $11 billion in cash

Olumide Adesina by Olumide Adesina
June 29, 2021
in Billionaire Watch, Spotlight
Nike’s founder & family gain $6.5 billion in a day, hold more than $11 billion in cash
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Phil Knight, the shoe king, and his family are the world’s 23rd richest with a net worth of $58.8 billion. The 83-year-old American billionaire is the co-founder of Nike, the world’s leading athletic shoes and sports apparel company.

At the end of Friday’s trading session, Phil Knight & family earned $6.48 billion in a day as investors weighed positively on the sports apparel stock after its impressive showing at the world’s largest economy.

Their cash reserves stand at $11 billion while the rest of their net worth is vested in the company. Nike’s range of brands includes Jordan and Converse.

READ: Meet Zhou Qunfei, the factory worker who built a $19 billion lens company from scratch

As social mobility gathers momentum, the shoe apparel company relies on shoppers splurging on its new products like the Jordan brand and fashion-forward sweatsuits.

The company’s brand loyalty remains very strong, with Nike enjoying a gross margin of 45.8% in its fiscal Q4 as Nike’s digital efforts continues to pay off. Nike also repurchased 50 million of its shares for $4.7 billion during its fiscal fourth quarter.

The billionaire and his family own about 230 million shares through their holding firm known as Swoosh. Phil Knight directly owns about 35 million shares according to an October 2020 filing. Travis Knight, his son, owns about 41 million shares.

READ: Jeff Bezos now worth over $200 billion

Recent chart patterns reveal investors are increasingly buying Nike shares as it posts gains of more than 15%, hitting a high after the shoemaker forecasted full-year sales reaching $50 billion. Nike’s North American business division shows signs of strength rising from the lows of the worst pandemic in human history.

The Oregon-based company currently has a market valuation of about $244 billion, posting yearly returns of about 66%. The New York Stock Exchange-listed company has more than 1,100 stores worldwide.

Phil Knight and his family control about 20% of the business entity.

Presently, Phil Knight and his family’s net worth can buy 32.9 million troy ounces of gold or 772 million barrels of crude oil.

Related

Tags: NikePhil Knight

Comments 9

  1. Eat the rich says:
    June 27, 2021 at 2:18 pm

    That’s healthy for society, not!

    Reply
    • Anonymous says:
      June 27, 2021 at 5:00 pm

      Nike does not own Cole Haan any more.

      Reply
  2. David says:
    June 27, 2021 at 8:23 pm

    Olu, thanks so much for the info… In all honesty, these guys are not #vcrypto investors even with their net worth.
    They are such extraordinary in the shoe biz.

    Reply
  3. Joe says:
    June 27, 2021 at 11:58 pm

    Love to get donation for our softball field!

    Reply
  4. Ellomay Ricketts says:
    June 28, 2021 at 8:30 am

    I’m so happy for him .I could get a donation from one of these guys I would be grateful I love what do for living now I have to give it up because I don’t got the money to keep it going. Sadly

    Reply
  5. Janette Chisom says:
    June 28, 2021 at 4:28 pm

    I’m 65 years old, I’m on SSI can hardly pay my bills. But want to get enough money to fix my house up good enough to help Foster children. To give them a nice home to live and to help them in their young life’s. And to show them the love they have never had growing up. And with Gods will let me adopt a few to get them on the right track. Thank you for your time Janette Chisom

    Reply
  6. Andre Mack says:
    July 3, 2021 at 5:19 am

    Kanye West is one of the smartest men in the world he came from the mud for real

    Reply
  7. Hustle Queen says:
    July 4, 2021 at 9:55 am

    Most of you are asking for a hand out. Do you know this guys was burning rubber on a waffle iron, just trying to be creative and make something out of nothing for his family. Get on his level, instead of begging. Clearly times are tough and I’m not insensitive to that…. But try hard people!! As a whole… we can all try a little harder!! ❤️

    Reply
  8. Beverly Marsh says:
    July 5, 2021 at 2:27 pm

    Nike gift cards are being used by scammers on Facebook around the country and I got scammed too!

    Reply

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