Marvin Ellison, chairman, president, and CEO of Lowe’s Companies Inc., one of America’s top Black CEOs, has seen a large boost in the market value of his ownership in the US home improvement giant as share prices have risen recently.
Ellison, a top-ranking Black CEO on the Fortune 500, has seen his stock in Lowe’s increase by $5.67 million in the last 21 days.
This comes after a $3.78 million setback between May 17 and 30, when his investment dropped from $231.1 million to $214.3 million.
Lowe’s Companies Inc., a Fortune 50 corporation and a prominent participant in the home improvement industry, runs over 2,200 locations and employs roughly 300,000 people in the US and Canada.
Since July 1, Lowe’s shares on the New York Stock Exchange have increased by 11.81 percent, climbing from $213.56 to $238.79, bringing its market capitalization above $135 billion.
Because of the recent jump in Lowe’s shares, the market value of Ellison’s 0.038% investment, which amounts to 224,800 shares, has increased from $48.01 million on July 1 to $53.68 million, a $5.67 million increase in the last 21 days.
This increase in Ellison’s ownership strengthens his position as not only one of the world’s most powerful Black CEOs, but also one of the wealthiest Black CEOs in the United States.
After recovering from a 3.72 percent year-to-date loss, Lowe’s has entered the ranks of firms whose stock has produced outstanding returns for investors.
The company’s shares have gained 9.1 percent year to far, which means that a $100,000 investment at the start of the year is now worth $109,211, representing a $9,100 profit.