| Category | Information |
|---|---|
| Net Worth | $300 million |
| Salary | N/A |
| Birthdate | March 1927 |
| Birthplace | Portland, Oregon |
| Gender | Male |
| Height | N/A |
| Profession | Businessman and Philanthropist |
| Nationality | American |
What is Lorry Lokey’s Net Worth?
Lorry Lokey’s net worth is estimated to be $300 million. He has accumulated this wealth through his successful business ventures and philanthropic efforts.
Highlights
– Currently, Lorry Lokey has a net worth of $300 million.
– He sold his company Business Wire to Warren Buffett’s Berkshire Hathaway for $600 million in 2006.
– Lorry Lokey has made significant donations, primarily in the field of education, totaling over $400 million by 2007.
– He has donated nearly $140 million to the University of Oregon and has funded initiatives such as the Lorry I. Lokey Science Advancement and Graduate Education Initiative.
– The Stanford School of Medicine named the Lorry I. Lokey Stem Cell Research Building after him in recognition of his $75 million donation.
Early Life
Lorry Lokey was born in Portland, Oregon in March 1927. He served in the United States Army during World War II. Following his military service, Lokey attended Stanford University and graduated with a degree in journalism. During his time at Stanford, he served as the editor of the school newspaper, The Stanford Daily.
Career
After completing his education, Lorry Lokey began working for United Press. He later worked for the Longview Daily News in Washington before venturing into entrepreneurship. In 1961, he founded Business Wire, a news release service. The company had an impressive start, attracting seven clients on its first day of business. Over time, Business Wire expanded its operations to become an international wire service with 30 locations worldwide. By 2003, the company had an annual revenue of $110 million.
In 2006, Lorry Lokey sold Business Wire to Warren Buffett’s corporation, Berkshire Hathaway, for a reported $600 million. This transaction significantly contributed to his net worth.
Personal Life
Lorry Lokey is known for his philanthropic endeavors. Since 1990, he has been making substantial donations, with a particular focus on secondary and post-secondary education. By 2007, he had donated over $400 million through his foundation. Notably, he has contributed nearly $140 million to the University of Oregon, supporting various educational initiatives.
Net Worth Over Time
Lorry Lokey’s net worth has grown steadily over the years. In 2006, after selling Business Wire, his net worth received a significant boost with the reported $600 million acquisition. As of now, he has an estimated net worth of $300 million.
Components of Net Worth
Lorry Lokey’s net worth primarily consists of the proceeds from the sale of Business Wire. The reported $600 million acquisition by Berkshire Hathaway played a crucial role in building his wealth. Additionally, his philanthropic contributions have positively impacted his net worth, as he has donated over $400 million to various causes.
In conclusion, Lorry Lokey, an American businessman and philanthropist, has amassed a net worth of $300 million. Through his successful entrepreneurial ventures, specifically the sale of Business Wire, and his generous donations, he has made a significant impact in the business world and the field of education.