Michael Kors Becomes A Billionaire As Stock Price Soars
Michael Kors officially became a billionaire this week when the stock price rose drastically for his company, Michael Kors Holdings.
The clothing designer owns about 2 percent of the company. So when the stock price rose 17.3 percent to $89.91 per share on Tuesday, Kors’s net worth crossed the billion-dollar mark.
The Michael Kors stock price jumped up on Tuesday in response to new earning reports. The report said profit rose 77 percent last quarter, and that the company adjusted its profit forecast this year to reflect the higher earnings.
Kors’s personal stake in the company rose to a worth of $390 million, a jump of about $34 million in a single day. Combined with cash and other assets valued at $650 million, his net worth was $1.04 billion as of Tuesday.
Kors’s new net worth puts him toward the top in the design world. There’s just a small set of billionaires in the fashion industry, such as designer Tory Burch and Spanx creator Sara Blakely, according to the New York Times.
His official net worth does not include assets like his New York apartment or his collection of luxury cars.