Henry Blodget Net Worth

Henry Blodget’s Net Worth: A Look at the Business Mogul’s Wealth and Career

Henry Blodget is a prominent figure in the business and financial world. Best known as the founder of the influential website, Business Insider (now Insider.com), Blodget’s career has been marked by both triumphs and controversies. This article delves into Henry Blodget’s net worth, career, and the events that have shaped his financial standing and reputation.

Early Life and Education

Henry Blodget was born in 1966 in New York City. He received his early education at the prestigious Phillips Exeter Academy, a renowned independent school in New Hampshire. He then pursued higher education at Yale University, where he earned a bachelor’s degree in history, laying a foundation for his future career in the financial and media industries.

Career Beginnings

After graduating from Yale, Blodget initially explored different paths, including teaching English in Japan. He later transitioned to San Francisco, where he worked as a tennis instructor. Additionally, he contributed freelance writing to Harper’s Magazine, demonstrating an early interest in communication and writing that would later define his career.

Equity Research and Investment

Blodget’s career took a significant turn in 1994 when he joined Prudential Securities’ corporate finance training program. In 1996, he transitioned to equity research at Oppenheimer & Company, where he eventually became a senior Internet analyst. During the late 1990s, Blodget gained considerable attention for his bold predictions, including a forecast in late 1998 that Amazon’s stock would rise from $240 to $400 within a year. This prediction, considered audacious at the time, proved accurate, catapulting Blodget into the media spotlight.

Following this success, Blodget was appointed as the head of global Internet research at Merrill Lynch. During his tenure at Merrill Lynch, he reportedly earned a substantial $12 million in a single year. His presence on CNBC further solidified his reputation as a leading financial analyst. However, just before the dot-com bubble burst in 2000, Blodget invested $700,000 in tech stocks, which he largely lost in the ensuing market downturn. He left Merrill Lynch in 2001, accepting a buyout from the company.

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Securities Fraud and Consequences

In 2002, Henry Blodget’s career took a significant hit when New York State Attorney General Eliot Spitzer released incriminating emails from Merrill Lynch. These emails revealed that Blodget had privately given stock assessments that contradicted his public recommendations. As a result, the US Securities and Exchange Commission (SEC) charged him with civil securities fraud in 2003.

Blodget reached a settlement with the SEC, which included a permanent ban from the securities industry. He also paid a $2 million fine and was required to disgorge an additional $2 million, totaling $4 million. This incident significantly impacted his reputation and career trajectory.

After leaving the securities industry, Blodget returned to writing about finance and economics. He contributed to various publications, including Slate, Fortune, the New York Times, Euromoney, and the Financial Times. Additionally, he became the CEO of Cherry Hill Research, a research and consulting firm.

Business Insider

In 2007, Henry Blodget, along with Dwight Merriman and Kevin P. Ryan, co-founded Silicon Alley Insider. The website later evolved into BusinessInsider.com and eventually, Insider.com. Blodget served as the Editor-in-Chief and CEO, playing a pivotal role in the website’s growth and influence in the business and technology sectors.

On September 29, 2015, the German media conglomerate Axel Springer acquired 88% of Business Insider for $343 million, increasing its total stake to 97%. Jeff Bezos, through Amazon.com, held the remaining 3%.

At the time of the sale, Henry Blodget was estimated to own between 5% and 10% of Business Insider, which gave him a pre-tax windfall of $17 to $34 million.

Books

Henry Blodget continues to write articles for various prominent publications, including Newsweek and New York Magazine. His writing often focuses on the financial markets and investment strategies. In 2007, he published a book titled “The Wall Street Self-Defense Manual: A Consumer’s Guide to Intelligent Investing.” He also maintains a technology blog called Silicon Alley Insider, which features contributions from various authors.

Henry Blodget Net Worth Today

As of the current time, Henry Blodget’s net worth is estimated to be around $50 million. This figure reflects his diverse career, including his successful venture with Business Insider, his prior work in equity research, and his ongoing writing and consulting endeavors. While his career has faced setbacks, he has remained a significant voice in the business and financial landscape. His ability to adapt and reinvent himself has been a defining characteristic of his career.

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