Entrepreneur Arthur Blank capitalized on America's do-it-yourself home improvement movement in the late 1970s and early 1980s by establishing Home Depot. (High Definition) Later in life, he focused on building a sports empire and purchasing large tracts of land in Montana.
That's how Blank founded Home Depot and leveraged that success into other investments that became… Blank family of companies.
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Who is Arthur Blank?
Blank is a businessman, philanthropist and sports team owner. He was born in Flushing, Queens, New York, in 1942 and received a degree in business administration, cum laude, from Babson College in 1963.
After founding home goods retailer Home Depot in 1979, Blank served as co-chairman until his retirement in 2001.
What is Arthur Blank's net worth?
Blank's net worth comes from several sources, including his shares in Home Depot. His family of businesses range from sports to real estate to retail. Forbes estimated Blank's net worth at $8.1 billion as of the end of July 2024.
A year after retiring from Home Depot, Blank became owner of the Atlanta Falcons football team for $545 million in 2002. According to Sports Business Journal, he owns a 70% stake in the Falcons, and Forbes pegged the team's value at $4.7 billion. Based on the stake, Blank's ownership in the Falcons would be valued at $3.3 billion.
Blank also owns a stake in Major League Soccer team Atlanta United FC, which plays on the same field (Mercedes-Benz Stadium) as the Falcons.
When did Arthur Blank found Home Depot?
Arthur Blank, along with Bernie Marcus, founded Home Depot in the late 1970s after they were reportedly laid off from a home improvement company where Marcus was CEO and Blank was vice president of finance. In a Los Angeles coffee shop in 1978, they hatched a plan to create a large do-it-yourself store that would offer a variety of products at affordable prices and would have employees who would help customers with their home improvement or repair projects.
Blank and Marcus sought help from investment banker Kenneth Langone, who provided financing, and marketing expert Pat Farrah, who helped them develop their business plan. The first two Home Depot stores opened in Atlanta in 1979.
In 1981, despite a period of rising consumer prices known as the Great Inflation, Home Depot went public. The home goods retailer today operates more than 2,000 stores in the United States and more than 300 in Canada and Mexico.
How has Home Depot stock performed since the company went public in 1981?
Home Depot stock has made significant gains since going public in 1981. A $10,000 investment in the company on its first day of public trading would be worth more than $116 million by the end of July 2024.
How does Arthur Blank spend his money?
Blank donates to charities and spends his money on a variety of investment opportunities. In 2012, Blank joined the Giving Pledge movement (whose donors include billionaire investor Warren Buffett and major amazon shareholder Mackenzie Scott) and pledged to give away more than half of his wealth.
Blank has donated more than $1 billion to charities, primarily in Georgia and Montana, using money from his own family and his Atlanta-based foundation, the Arthur M. Blank Family Foundation.
According to a 2022 tax filing prepared by ProPublica, a nonprofit organization dedicated to investigative journalism, the Blank Foundation, which was established in 1994, made charitable contributions worth $101 million. The foundation’s initiatives included combating childhood obesity in Georgia and renewable energy projects.
More information on the founders' net worth:
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Blank owns and operates four ranches in Montana spanning tens of thousands of acres, through his holding company AMB West. Mountain Sky Guest Ranch is a luxury guest ranch catering to wealthy tourists and covers more than 17,000 acres near Yellowstone National Park.
The 6,600-acre West Creek Ranch serves as a destination and gathering place for people focused on leadership development and community building, among other goals. The 9,300-acre Paradise Valley Ranch is focused on conservation, while the 6,278-acre Dome Mountain property features accommodations for guests to experience the wilderness near Yellowstone National Park.
Blank's family of businesses also includes PGA TOUR Superstore, a golf retailer with dozens of stores nationwide selling golf equipment, apparel, accessories and lessons.
In politics, Blank, a purportedly lifelong Democrat, donated to President Joe Biden's 2020 campaign as well as his 2024 re-election bid before Biden decided to forgo a second term.
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