The true property agency Compass went public not too long ago at $18 per share. By the top of the primary day of buying and selling the inventory was at $20.15, giving the rising firm a market cap of $7.9 billion.
We clearly don’t know the place the inventory will go over time, however, the public itemizing places its 41-year-old co-founder, Robert Reffkin, in a prime place to doubtlessly grow to be America’s subsequent black billionaire. If all goes to plan, Reffkin would even be the youngest black billionaire within the elite group.
Or the inventory might plummet!
As of this writing, listed here are America’s six black billionaires:
#6: Jay-Z Internet Value: $1.3 billion
#5. Michael Jordan Internet Value: $2.2 billion
#4. Oprah Winfrey Internet Value: $3.5 billion
#3. David Steward Internet Value: $3.9 billion
#2. Robert F. Smith Internet Value: $6.5 billion
#1. Kanye West Internet Value: $6.6 billion
[We do not yet count Tyler Perry as a billionaire as another publication has declared. But it’s possible that by the time Reffkin reaches billionaire status, Tyler will have as well…]
Reffkin co-founded Compass in 2012 with Ori Allon. He previously was a government at Goldman Sachs. Reffkin owns $480.7 million value of Compass shares at present and has one other $186.5 million that might be disbursed to him over the subsequent 4 years. So at present’s costs, Reffkin is actually valued around $670 million on paper proper now.
Reffkin’s stake within the firm makes him one of the crucial profitable actual property entrepreneurs within the nation after practically a decade of being a fringe participant within the trade.
Reffkin obtained his bachelor’s diploma and MBA from Columbia and went into the world of consulting with gigs at McKinsey, Lazard, and within the administration of George W. Bush (he was fellow within the Treasury Division). Whereas with Goldman Sachs he rose by way of the ranks to grow to be chief of employees to agency president and COO, Gary Cohn.
Compass just isn’t but worthwhile. Since its 2012 founding, the corporate has misplaced around $1 billion. Compass misplaced $270 million in 2020 alone.
That stated, the corporate’s income has additionally grown by greater than 20 occasions since 2016 when it had $187 million in income. Income in 2020 topped $3.7 billion. In response to the company’s S-1 submission with the SEC, Compass’s market share rose from 1% to 4% from 2018 to 2020. Compass is rising roughly 10 occasions quicker than the typical U.S. actual property firm.
Reffkin was impressed to discovered Compass by his mom, Ruth, who’s a longtime actual property agent. She now works for her son’s agency. On a private entrance, he has raised greater than $1 million for charity. One of many charities, America Wants You, (he’s the founder) goals to assist younger individuals who dwell under the poverty line and are the primary individual of their household to go to varsity.