Ken Langone

Langone was born in Roslyn Heights, New York, to Italian American parents. His father was a plumber and his mother a cafeteria worker.{{Cite news|url=https://www.cnbc.com/2018/05/22/why-home-depot-co-founder-kenneth-langone-is-a-frugal-billionaire.html|title=This multibillionaire still calls the cable company when he thinks his bill is too high|last=Clifford|first=Catherine|date=2018-05-22|work=CNBC|access-date=2018-10-31}} He was a student at Bucknell University and the New York University Stern School of Business.

In the early 1960s, Langone began his career at a Wall Street financial services company named R.W. Pressprich, where he helped develop new business. In 1968 Langone met and persuaded Ross Perot to let Pressprich handle Electronic Data Systems's IPO. In 1969, Langone was named Pressprich's president.{{Cite news|last=Reborn|first=Peter|url=https://www.nytimes.com/1974/04/12/archives/r-w-pressprich-co-high-roller-of-the-sixties-tries-to-regain-its.html|title=R. W. Pressprich & Co., High Roller of the Sixties, Tries to Regain Its Traditional Bond-House Role|date=1974-04-12|work=The New York Times|access-date=2020-02-18|language=en-US|issn=0362-4331}}

In 1974, Langone formed the venture capital firm Invemed. Langone organized financing for Bernard Marcus and Arthur Blank to found Home Depot. Now an international chain with over 450,000 employees, it is Langone's most notable business venture.{{Cite web|url=https://www.forbes.com/sites/walterloeb/2018/07/24/the-story-of-ken-langone-the-visionary-behind-home-depot/|title=The Story Of Ken Langone, The Visionary Behind Home Depot|last=Loeb|first=Walter|website=Forbes|language=en|access-date=2020-02-18}}

Langone was a member of the board of directors of General Electric from 1999 to 2005.Matthew J. Belvedere, [https://www.cnbc.com/2018/02/28/ken-langone-ge-destruction-happened-after-jack-welch-left-as-ceo.html Ex-director Ken Langone: GE's 'destruction' happened after Jack Welch and it could now be 'busted up'], CNBC (February 28, 2018).Berkeley Lovelace Jr., [https://www.cnbc.com/2018/12/19/ex-ge-director-ken-langone-blasts-fallen-giant-as-unfortunate-disaster.html Ex-GE board member Ken Langone blasts the fallen industrial giant as an unfortunate 'disaster'], CNBC (December 19, 2018). He defended Jack Welch's tenure as chief executive of GE, blaming Welch's successors for the company's steep decline.

Langone was a member of the boards of Geeknet,[http://geek.net/press/geeknet-elects-kenneth-g-langone-chairman-of-the-board-of-direct/ Geeknet Elects Kenneth G. Langone Chairman of the Board of Directors], Geek.net, July 8, 2010, loaded July 8, 2010 Database Technologies,[http://southflorida.bizjournals.com/southflorida/stories/2005/03/21/story1.html Database pioneer ready for new adventure], South Florida Business Journal, March 21, 2005, loaded April 2, 2007 ChoicePoint Inc., Unifi, and Yum! Brands, Inc.{{Cite web|url=https://unifi.com/board-of-directors/kenneth-g-langone|title=Kenneth G. Langone – Board of Directors|last=Unifi|date=2020-02-17|website=Unifi|language=en|access-date=2020-02-18}}

Langone was chairman of the New York Stock Exchange's Compensation Committee from 1999 to 2003. In 2004, New York Attorney General Eliot Spitzer filed a lawsuit against the New York Stock Exchange's former Chairman Richard Grasso to return $100 million to the NYSE that were part of his $139.5 million pay package.{{Cite news|last=Thomas|first=Landon Jr.|url=https://www.nytimes.com/2004/03/14/business/the-man-behind-grasso-s-payday.html|title=The Man Behind Grasso's Payday|date=2004-03-14|work=The New York Times|access-date=2020-02-18|language=en-US|issn=0362-4331}} The lawsuit named Langone, who had approved the pay package. Langone denied that the pay packages were illegal considering that the NYSE had direct knowledge of the board's decision. On July 1, 2008, the New York State Court of Appeals dismissed all claims against Grasso because the NYSE had changed its status from a nonprofit to a for-profit organization, which meant that the Attorney General had lost standing to sue Grasso.{{Cite web|url=https://www.law.cornell.edu/nyctap/I08_0098.htm|title=No. 12: People v Grasso|website=www.law.cornell.edu|access-date=2020-02-18}}

According to Forbes magazine, Langone's net worth as of 2024 is approximately $8 billion.[https://www.forbes.com/profile/ken-langone/?sh=2f177945385c Ken Langone: $8B Real Time Net Worth as of 1/21/24, #301 in the world today], Forbes.

Langone is a major donor to the Republican Party. He describes himself as a "loyal, enthusiastic Republican"Matthew J. Belvedere, [https://www.cnbc.com/2013/10/30/invemeds-ken-langone-says-shutdown-gave-gop-a-black-eye.html Shutdown gave GOP a 'black eye,' Langone says], CNBC (October 30, 2013). and opposes single-payer healthcare, free college tuition, and guaranteed minimum income, deeming these policies to be a form of "socialism."Martin Pengelly, [https://www.theguardian.com/us-news/2022/jan/28/joe-manchin-republican-donor-donation Billionaire Republican backer donates to Manchin after he killed key Biden bill], The Guardian (January 28, 2022).

A friend of Ross Perot, Langone was part of the "Business Brigade" of executives who supported Perot's 1992 presidential campaignBrett D. Fromson, [https://www.washingtonpost.com/archive/business/1992/06/28/perots-business-brigade/8a208853-668c-4489-afdf-82f616a9a282/ Perot's Business Brigade], Washington Post (June 28, 1992).Andy Kroll, [https://www.motherjones.com/politics/2012/03/ken-langone-home-depot-romney-donations/ The Home Depot Man Who Wants to Demolish Obama], Mother Jones (March/April 2012). and he was an advisor to the Perot campaign.[https://www.c-span.org/video/?33358-1/presidential-debate-analysis Presidential Debate Analysis], C-SPAN (October 20, 1992). He donated hundreds of thousands of dollars to the Republican National Committee and to Republican-aligned outside spending groups, such as Karl Rove's American Crossroads super PAC, and Norm Coleman's dark money group, the American Action Network. In 2008, Langone supported Rudy Giuliani's presidential bid, and was a bundler for the Giuliani's campaign.

Langone heavily donated to efforts to defeat Barack Obama in the 2012 presidential election. He led an effort by a group of wealthy Republican donors to draft Chris Christie to run; when he declined, Langone backed Mitt Romney. He criticized the Affordable Care Act championed by Obama,Matthew J. Belvedere, [https://www.cnbc.com/2013/10/30/obamacare-cant-make-health-care-cheaper-langone.html], CNBC (October 30, 2023). although he was also critical of Republican congressional leadership for triggering a government shutdown in an effort to block the ACA. In 2014, Langone likened populist appeals to raise taxes on the rich in the United States to Hitler's rhetoric in Nazi Germany in the 1930s.{{Cite web |title=Ken Langone Becomes Latest Billionaire Victim of Hitler's Nazi Tactics |url=https://nymag.com/intelligencer/2014/03/ken-langone-invokes-hitler-because-hes-rich.html|date=March 18, 2014|website=Intelligencer |language=en}} In July 2022, Langone helped found a group of U.S. business and policy leaders who share the goal of constructively engaging with China in order to improve U.S.-China relations.{{Cite news |last1=Greenberg |first1=Maurice R. |date=2022-07-07 |title=We Want to Rebuild U.S. Relations With China|url=https://www.wsj.com/articles/we-want-to-rebuild-us-china-relations-trade-business-economic-growth-antony-blinken-foreign-policy-11657141306 |archive-url=https://web.archive.org/web/20220707140754/https://www.wsj.com/articles/we-want-to-rebuild-us-china-relations-trade-business-economic-growth-antony-blinken-foreign-policy-11657141306 |archive-date=July 7, 2022 |access-date=2022-07-07 |newspaper=The Wall Street Journal}}

Langone initially endorsed Christie's campaign for the 2016 Republican presidential nomination; in early 2015, he donated $250,000 to a pro-Christie super PAC, but made no major further financial contributions to support Christie's campaign, and praised Donald Trump as "a very significant positive factor."Adam B. Lerner, [https://www.politico.com/story/2015/06/ken-langone-chris-christie-fundraising-119578 Christie-backer Langone: I'm not writing any $10 million checks], Politico (June 30, 2015).Daniel Strauss, [https://www.politico.com/story/2016/02/christie-megadonor-ken-langone-hops-on-the-kasich-train-219144 Christie megadonor Ken Langone hops on the Kasich train], Politico (February 11, 2016). After Christie dropped out of the race, Langone shifted his support to John Kasich. He also later donated to Donald Trump's 2016 presidential campaign.{{Cite web |last=Beer |first=Tommy |title=Billionaire Ken Langone Says He Feels 'Betrayed' By Trump, Vows To Support Biden |url=https://www.forbes.com/sites/tommybeer/2021/01/13/billionaire-ken-langone-says-he-feels-betrayed-by-trump-vows-to-support-biden/ |website=Forbes |language=en}} In 2019, Langone praised Trump for raising tariffs on China. In 2017, following the deadly far-right rally in Charlottesville, Virginia, Langone said Trump “completely mishandled the situation in Charlottesville" but continued to support Trump's economic policies.{{Cite web |last=Budryk |first=Zack |date=2021-01-13 |title=Billionaire Ken Langone knocks Trump's actions surrounding riot: 'I feel betrayed' |url=https://thehill.com/regulation/lobbying/533999-billionaire-ken-langone-knocks-trumps-actions-before-riot-i-feel-betrayed |access-date=2021-01-14 |website=The Hill |language=en}} On January 13, 2021, days after the January 6 attack against the U.S. Capitol, Langone said he felt "betrayed" by Trump's actions during the assault. He nevertheless continued to back Trump after the Capitol attack, and contributed $1 million to a fund working to defeat Democratic senators and $500,000 to Americans for Prosperity, the Koch family-backed group.

In December 2023, Langone endorsed Nikki Haley's campaign for the 2024 Republican presidential nomination,Ebony Davis, [https://www.cnn.com/2023/12/08/politics/ken-langone-nikki-haley-president/index.html Billionaire Ken Langone is latest GOP megadonor to endorse Nikki Haley], CNN (December 8, 2023). and became a major donor to a super PAC supporting Haley.Anna Massoglia and Jimmy Cloutier, [https://www.opensecrets.org/news/2024/01/outside-spending-on-2024-elections-tops-318-million/ Outside spending on 2024 elections tops $318 million], OpenSecrets (January 16, 2024). However, after the January 2024 Iowa caucuses, Langone said he would withhold further major financial support for Haley's candidacy unless she had a strong showing in the New Hampshire primary, and said that he believed Trump would likely win the nomination.Alex Rogers, [https://www.ft.com/content/4c474184-3806-4d7c-8c46-6090901c5253 Billionaire Nikki Haley donor says further support depends on New Hampshire vote], Financial Times (January 18, 2024). He said he would "probably" vote for Trump if he were the Republican Party's nominee.

He and his wife Elaine Langone have three children; Kenneth G. Jr., Stephen, and Bruce Langone. He lives in Sands Point, New York. He has lived on Elderfields Road in nearby Flower Hill,{{Cite web |title=LandRecord Lookup |url=https://lrv.nassaucountyny.gov/info/031390100670/ |access-date=2020-12-18 |website=lrv.nassaucountyny.gov}}{{Cite journal |title=Section 3, Block 139-01 |journal=Property Records, Section 3, Block 139-01 |publisher=Nassau County, New York}}{{Cite web |last=Hopper |first=Justin |date=2014-04-24 |title=10 Famous Port Residents |url=https://portwashington-news.com/10-famous-port-residents/ |access-date=2020-12-18 |website=Port Washington News |language=en-US}} and has maintained a winter home in North Palm Beach, Florida.

Langone is a devout Catholic who has financially contributed to the church and sat on the board of St. Patrick's Cathedral.[https://nwcatholic.org/news/catholic-news-service-c0d707ec-a664-47ba-8f59-2c063ded0999/rooneys-langones-receive-monan-medal-for-church-philanthropy Rooneys, Langones receive Monan Medal for church philanthropy], Catholic News Service (October 3, 2022). He was made a knight of the Order of St. Gregory the Great by Pope Benedict XVI. He has been critical of Benedict's successor, Pope Francis, taking issue with Francis's statements (for example, in the apostolic exhortation Evangelii gaudium) condemning the indifference of the prosperous toward the poor.Michael Hiltzik, [https://www.latimes.com/business/hiltzik/la-xpm-2014-jan-03-la-fi-mh-ken-langone-20140103-story.html Ken Langone vs Pope Francis: Fat wallet, thin skin], Los Angeles Times (January 3, 2014).Michelle Caruso-Cabrera, [https://www.cnbc.com/2013/12/30/pope-francis-wealthy-catholic-donors-upset-at-popes-rhetoric-about-rich.html Pope’s sharp words make a wealthy donor hesitate], CNBC (December 30, 2013).

Langone and his wife were early signatories to The Giving Pledge.[https://www.philanthropyroundtable.org/magazine/interview-with-ken-langone/ Interview with Ken Langone], Philanthropy Roundtable (summer 2019).

Langone has donated $300 million to the NYU School of Medicine and NYU Medical Center (later named NYU Langone Health in his honor); this includes a $100 million pledge in 2018 toward a $450 million program to make tuition free for all medical students at the NYU School of Medicine.{{cite news |title=Surprise Gift: Free Tuition for All N.Y.U. Medical Students|url=https://www.nytimes.com/2018/08/16/nyregion/nyu-free-tuition-medical-school.html |work=The New York Times|date=August 16, 2018 |access-date=16 August 2018|last1=Chen |first1=David W. }} Langone has been a member of the boards of trustees of NYU Langone Health, the Harlem Children's Zone, the Robin Hood Foundation, and the Center for Strategic and International Studies. He was a member of the Bucknell University board of trustees from 1981 to 1996; he and his wife gave $11 million to the university in 1999, to fund a new athletics center,[https://www.philanthropy.com/article/bucknell-u-gets-11-million-for-new-athletics-center-other-donations/ Bucknell U. Gets $11-Million for New Athletics Center; Other Donations], Chronicle of Philanthropy (July 29, 1999). and approximately $42 million to the university between 2013 and 2017.[https://philanthropynewsdigest.org/news/bucknell-receives-30-million-gift-tops-500-million-campaign-goal Bucknell Receives $30 Million Gift, Tops $500 Million Campaign Goal], Philanthropy News Digest (July 11, 2017).

In 2019, he donated over $5 million to the Animal Medical Center in New York City.{{cite web |title=AMCNY 2021 Annual Report |url=https://issuu.com/amcny/docs/amc_annualreport2020_issu?mode=window |access-date=26 May 2021}}

In 2024, Langone received the Golden Plate Award of the American Academy of Achievement.{{cite web |title=Golden Plate Awardees of the American Academy of Achievement |url=https://achievement.org/our-history/golden-plate-awards/#business|website=achievement.org |publisher=American Academy of Achievement}}

Langone is portrayed by actor Ray Iannicelli in the 2017 HBO Films production The Wizard of Lies. In the film, Langone rejects an offer to invest money in the schemes of convicted Wall Street swindler Bernie Madoff. Langone is extensively featured in the documentary Client 9: The Rise and Fall of Eliot Spitzer where he discusses his fierce rivalry with former New York Governor Eliot Spitzer.

{{Reflist}}

• [https://www.washingtonpost.com/wp-dyn/articles/A22269-2005Jan19.html Firm Mines Wealth Of Personal Data], Washington Post, loaded March 14, 2006
• [http://www.consumeraffairs.com/news04/2006/05/fbi_choicepoint.html ChoicePoint-FBI Deal Raises New Privacy Questions], consumeraffairs.com, May 16, 2006, loaded April 2, 2007
• [https://www.nytimes.com/2008/04/16/nyregion/16donate.html N.Y.U. Medical Center gets Another $100 Million Gift] New York Times, April 16, 2008

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Category:1935 births

Category:Living people

Category:American businesspeople in retailing

Category:American financiers

Category:American corporate directors

Category:American billionaires

Category:American investment bankers

Category:Businesspeople from New York (state)

Category:Bucknell University alumni

Category:General Electric people

Category:21st-century American philanthropists

Category:New York Stock Exchange people

Category:People from Roslyn Heights, New York

Category:People from Flower Hill, New York

Category:People from Sands Point, New York

Category:Roslyn High School alumni

Category:New York (state) Republicans

Category:New York University Stern School of Business alumni

Category:The Home Depot people

Category:Yum! Brands people

Category:Knights of St. Gregory the Great

Category:Catholics from New York (state)

Category:American people of Italian descent

Category:Businesspeople awarded knighthoods