Kevin Plank Net Worth | Celebrity Net Worth

Kevin Plank Web Price | Movie star Web Price

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What’s Kevin Plank’s Web Price?

Kevin Plank is an American businessman and philanthropist who has a web price of $2 billion. Kevin Plank is the founder, former CEO and present chairman of Below Armour Inc. which manufactures attire, footwear and equipment for sports activities.

Kevin additionally operates an actual property agency named Sagamore Growth, and based the whiskey distillery Sagamore Spirit. Past his entrepreneurship, Plank has made quite a few charitable contributions to organizations all through Baltimore and Washington, DC.

Whereas in faculty, he launched his first enterprise, a Valentine’s Day associated rose vendor. After faculty, he developed an concept for a shirt that will wick away sweat, and commenced looking for a fabric that will do what he needed. After a number of prototypes, he hit on the artificial materials that appeared to work finest, and he despatched samples to his pals, a lot of whom have been faculty or skilled athletes. They wore the shirts and handed them on to colleagues. In 1999, his firm, now known as Below Armour, positioned an advert in ESPN Journal, and over $1 million in orders poured in.

Kevin Plank Billionaire Standing

As Below Armour’s largest particular person shareholder, Plank’s web price has soared (and soured) for the reason that firm went public in 2005. On the inventory’s peak, Plank’s web price was $6 billion. Between 2016 and 2018, UA inventory dropped from an all-time excessive of $50 to an all-time low of $8. With the drop, round $4 billion in web price was shaved from Kevin’s pockets.

In October 2019, Kevin stepped down as CEO of Below Armour. On the time his web price was $1.8 billion. By mid 2020 his web price had dropped to $1.1 billion.

Early Life and Training

Kevin Plank was born on August 13, 1972 in Kensington, Maryland because the youngest of 5 boys of William, a Maryland land developer, and Jayne, a former mayor of Kensington who later labored at the USA Division of State below President Ronald Reagan. Rising up, Plank performed youth soccer with the Maplewood Sports activities Affiliation. He went to Georgetown Preparatory College, however dropped out attributable to behavioral points and poor tutorial efficiency. Plank subsequently attended St. John’s Faculty Excessive College, from which he graduated in 1990. He went on to enroll at Fork Union Navy Academy, the place he performed soccer for a yr whereas attempting to get the eye of colleges within the NCAA Division I. Failing to be recruited by collegiate soccer applications, Plank enrolled on the College of Maryland, Faculty Park, graduating in 1996 with a bachelor’s diploma in enterprise administration.

Below Armour

Whereas on the College of Maryland, Plank created the seasonal enterprise Cupid’s Valentine, which offered roses on Valentine’s Day. He then used the $3,000 he earned from the enterprise as seed cash for his sports activities gear firm Below Armour, which he based in 1996. Plank had the concept for the corporate when he performed for the Maryland Terrapins, and grew annoyed over his cotton T-shirts’ lack of ability to wick the sweat from his physique. He went on to seek for artificial supplies that will hold athletes dry and cozy. Initially, Plank ran Below Armour from his grandma’s townhouse in Georgetown, and offered his first shirt from his automotive. He subsequently despatched T-shirts to his pals who performed skilled sports activities, and made his first main workforce sale with Georgia Tech.

Plank had a watershed second late in 1999, when he used virtually all of his firm’s earnings to take out a $25,000 commercial in ESPN The Journal. An enormous coup for Below Armour, the advert resulted in $1 million in direct gross sales in 2000, and spurred athletes and groups to purchase his merchandise. Ten years later, the corporate reached $1 billion in annual income for the primary time, and in 2011, Plank turned a billionaire. Between 2014 and 2016, Below Armour expanded its attain to buy makers of diet- and activity-tracking cell apps. Plank stepped down as CEO in October of 2019, and was succeeded by COO Patrik Frisk.

Different Enterprise Ventures

Amongst his different enterprise pursuits, Plank has an actual property agency known as Sagamore Growth. In 2007, he bought the historic 630-acre Sagamore Farm in Reisterstown, Maryland, a property at one time owned by Alfred Gwynne Vanderbilt. With the acquisition, Plank sought to revive the farm and inject new life into Maryland’s horse racing tradition by elevating a Triple Crown winner. He additionally renovated the previous Recreation Pier constructing in Baltimore’s Fells Level neighborhood, which was initially constructed in 1914 to retailer port cargo. Plank’s renovations reworked the constructing into the Sagamore Pendry Resort. In 2013, Sagamore Growth started main a $5 billion mixed-use challenge within the Port Covington district of Baltimore, the place it acquired about 235 acres for the development of places of work, retail areas, parks, residential areas, and extra. Additionally in 2013, Plank based the whiskey distillery Sagamore Spirit; its first bottles have been offered in shops in 2016.

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Philanthropic Endeavors

All through his profession, Plank has been considerably concerned in philanthropy within the Baltimore and Washington, DC areas. In 2014, he gave $25 million to his alma mater the College of Maryland for use for a proposed athletics and tutorial constructing. The challenge resulted in a soccer facility, sports activities medication middle, and pupil entrepreneurship lab. Plank can also be a longtime supporter of the Robert H. Smith College of Enterprise and the Dingman Middle for Entrepreneurship at Maryland, and helped develop the Cupid’s Cup enterprise competitors. Moreover, he has given again to his different alma mater, St. John’s Faculty Excessive College; in 2015, he gave $16 million to the varsity to fund tutorial, athletic, and entrepreneurship initiatives. The subsequent yr, Plank donated $1 million by way of his charitable group Cupid Basis to the group CollegeBound.

Plank is lively in a lot of organizations. He’s a member of the Higher Baltimore Committee and Higher Washington Partnership, and can also be a member of the Board of Trustees for Residing School rooms, a nonprofit that gives hands-on training to youth in pure and concrete environments. By means of the Cupid Basis, Plank donated $5 million to assist set up the UA Home at Fayette, a neighborhood middle run by Residing School rooms.

Private Life and Politics

In 2003, Plank wed Desiree Guerzon, with whom he has two kids. The household lives in Lutherville, Maryland.

Plank has drawn controversy for his political allegiances. In 2017, he was criticized for calling Donald Trump a “actual asset” to the enterprise neighborhood. Plank additionally sat on Trump’s American Manufacturing Council, however stepped down after the president endorsed the white supremacist violence in Charlottesville, Virginia. Later, Plank was one of many Fortune 500 CEOs to signal a pledge calling for higher office inclusion and variety.

Actual Property

In 2013 Kevin and his spouse Desiree paid $8 million for a 12,000 square-foot dwelling in Washington D.C.’s Georgetown neighborhood. They spent tens of millions on numerous renovations and tried to promote the property sooner or later for $30 million. They lastly discovered a purchaser in June 2020 for $17.3 million.

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