Craig Arnold, regarded as one of America’s most successful Black CEOs, has seen his fortunes plummet. The market value of his Eaton Corporation stock has decreased by $11.2 million since the company’s shares have recently declined.
Craig Arnold, Eaton’s chairman and CEO, has seen the market value of his shares in the worldwide intelligent power management firm fall by $11.24 million in the past 45 days.
Between May 3-20, Arnold’s position in Eaton Corporation went from $165.72 million to $170.75 million, resulting in a $5.03 million gain.
Eaton Corporation, a power management corporation based in the US and Ireland, reported $5.94 billion in revenue in the first quarter of 2024.
Under Arnold’s leadership, the company has remained devoted to offering energy-saving solutions to customers in over 175 countries, ensuring reliable, efficient, safe, and sustainable power management.
Eaton recently expanded its cooperation with Palantir Technologies, a leader in AI and big data analytics created by tech millionaire Alex Karp.
Eaton’s share price on the New York Stock Exchange has decreased by 6.38 percent in 45 days, from $340.89 on May 24 to $319.15 today. This fall has driven the company’s market capitalization below $130 billion, resulting in losses for investors.
Arnold, one of the world’s leading Black businessmen, owns a small 0.13 percent ownership in the power management company, which equates to 517,061 shares. His investing portfolio also includes a 0.0027 percent interest in Medtronic Plc worth $2.6 million.
With this latest dip, Arnold’s Eaton investment has lost $10.21 million in market value over the last 45 days, falling from $176.26 million on May 24 to $166.05 million as of the time of writing.
Despite the recent dip, Eaton shares are still among the several stocks that have given excellent profits to investors since the beginning of the year.
The company’s shares on the New York Stock Exchange have increased by over 32% year-to-date in 2024. A $100,000 investment in Eaton at the beginning of the year would be worth $132,526 at the time of writing, representing a $32,526 profit.