This Man Made $1.5 Billion In A Morning Just By Rearranging His Companies
Kinder Morgan announced a $70 billion mega-deal that would streamline all of its publicly traded entities into one company.
The stocks-Kinder Morgan, Kinder Morgan Energy Partners, El Paso Pipeline Partners and Kinder Morgan Management-are all higher on the news. The general view is that investors like the streamlined corporate structure, and that the company will now have a lower cost of capital.
Kinder is the largest shareholder of Kinder Morgan (KMI). He owns 243.1 million shares, or about a 24% stake, according to data from Bloomberg News.
Following the deal announcement, Kinder Morgan's stock was up $6.23 at the opening bell, Bloomberg News reported. That means Kinder made an additional $1.5 billion on his stake.
Kinder accepts a $1 per year base salary. The 69-year-old Texan already has an estimated networth of $10.1 billion, according to Forbes.
Adding $1.5 billion to your net-worth is not a bad way to start a Monday.