To own an NBA franchise, one must have a lot of money. The NBA is one of the premier sports leagues in the world, and franchises are generally valued in the billions, which means only billionaires can afford them.
However, even among billionaires, there is an exclusive club for people who have reached a net worth of 100 billion dollars. Los Angeles Clippers' franchise owner Steve Ballmer has recently joined the ranks of that club, becoming the 9th person in the world to do so. Shalini Nagarajan of Markets Insider provided some insight on how Ballmer achieved this feat.
A jump in Steve Ballmer's net worth has landed the former Microsoft CEO a spot in the exclusive $100 billion club, spurred by gains for the software-maker's shares this year.
Ballmer's fortune has risen to a hefty $101 billion, making him the ninth person to reach that level of wealth, according to the Bloomberg Billionaires' Index. The 65-year-old American businessman's fortune grew by $20 billion this year alone.
Windows-maker Microsoft last month became the second US-listed company ever to hit a $2 trillion valuation, second only to Apple in reaching that milestone. Its shares have gained 25% year-to-date, outperforming tech peers Apple and Amazon.
A self-described "loyal dude" who still owns Microsoft stock, Ballmer is estimated to own a 4% stake in the company, or about 333 million shares, according to Bloomberg.
Ballmer, who joined Microsoft as its 30th employee in 1980, stepped down as CEO in 2014 after 14 years in the role. Over the years, he acquired a reputation in the tech community for being eccentric and high-energy.
He now owns the Los Angeles Clippers basketball team, valued at $2.6 billion, and is involved in philanthropy with his wife, Connie.
There's no doubt that this is quite an achievement for Ballmer. Gaining 20 billion dollars in a year isn't easy, and it shows Steve Ballmer's business savvy. Steve Ballmer is one of the best franchise owners in the NBA, and he has been willing to spend to make the Los Angeles Clippers a contender. There is no question that the franchise has experienced a turnaround after Steve Ballmer took over, and it is clear that Ballmer's ownership was a factor in the franchise's changing reputation across the league.
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