When taking the current year into account, Phil Knight, 83, is enjoying a massive increase in his wealth, with global investors increasingly buying the stock at a record pace.
With a net worth of $62.3 billion, Knight, the founder of Nike became the nineteenth richest man in the world after his worth increased by $8.4 billion in 8 months according to data collated from Bloomberg Billionaires Index.
On June 24, Nike reported its quarterly financial results and its share price posted a substantial rally, breaking through $150 for the first time.
Over the past few months, the stock has extended its all-time high, with momentum continuing. On Thursday, the stock closed at $165.50
Knight stepped down as chairman of Nike in 2016 after 52 years with the company. Nike shoes were designed by Knight and his former track coach, Bill Bowerman, at the University of Oregon.
Nike, the world’s biggest manufacturer of athletic shoes and sports apparel, was founded by Knight, and he is Nike’s largest shareholder. Founded in Beaverton, Oregon, the company operates more than 1,100 stores. Nike’s name is derived from the Greek goddess of victory.
According to Bloomberg data, the Nike stock sale and dividends he earned have combined to generate billions of dollars for him. Taxes, market performance, and charitable donations, such as $400 million in February 2016 to Stanford University, figure into the value of his cash investments.
Currently, Phil Knight & family hold about $11 billion in cash, and his second son Travis is a Nike board member.