Stock trading attracts most investors globally, and we can’t discuss this without mentioning Philip Falcone. He is an American businessman and investor who has amassed vast wealth trading stocks and is known to own over 20,000 units of New York Times Co Stock. Who exactly is Philip Falcone? What is Philip Falcone net worth? Let’s find out.
The life of Philip Falcone
Philip Falcone was born in Chisholm, Minnesota, on March 29, 1963. His father worked as a sa utility superintendent, while his mother worked for 80 cents at the local shirt factory. Falcone was the first student in his high school to attend Harvard. He benefitted from financial aid, undertook a Bachelor of Arts in Economics degree, and graduated in 1984.
In college, Philip loved hockey and played professional hockey in Sweden. However, he ended his hockey career after a leg injury. He is married to Lisa Velasquez and has two children.
Philip Falcone Career
Falcone started his career at Kidder, Peabody & Co. in 1985 and worked at Wachovia. He held various positions and was a senior high-yield trader at First Union Capital Markets in Charlotte. That’s not all; Falcone served as CEO of the AAB manufacturing company from 1990 to 1995. He headed High Yield trading at Gleacher Natwest from 1997 to 1998 and worked with Barclays Capital from 1998 to 2000.
He later founded Harbinger Capital in 2000. Philip Falcone gained prominence as the founder and former CEO of Harbinger Capital, a hedge fund that focused on distressed debt and special situations investments. He is popular for his successful bet against the subprime mortgage market. Outside of his hedge fund activities, Falcone has been involved in various business ventures, including investments in the telecommunications sector.
He launched a wireless communications company, LightSquared, aiming to build a high-speed wireless network. However, LightSquared faced significant regulatory and technical challenges, ultimately leading to bankruptcy proceedings.
Philip Falcone Net Worth & Ownership
Philip is one of the renowned wealthy businessmen in the US. He has the last 14 years traded in stock worth over $121,061. His estimated net worth is $89.3 Million as of March 2019. A significant sum of his wealth is in stocks, and he owns thousands of units in the New York Times Co Stock.
Philip is the CEO and president of Innovate Corp. He owns about 2,715,275 shares of innovative Corp stocks worth over $5 Million. Also, he is the chair ta the Inseego Corp, where he owns about 28,333 shares of stock worth over $21,332.
Falcone owns 25 companies, including Innovative Corp, Spectrum Brands Holdings Inc, Inseego Corp, etc.
Philip Falcone’s Largest stocks
Philip has conducted over six trades of the New York Times Co stock since 2015. The 20,000 stocks bought in March 2019 were worth $53,400. One of his largest trades was buying 540,000 units of New York Times Co stock in 2015. On average, Falcone trades about 32,408 units after every 46 days since 2009.
Philip Falcone is a renowned stock trader and a role model in the stock trading arena. He has risen from a humble background to show others it’s possible to achieve your goals
through his net worth.