This Man Made $1.5 Billion In A Morning Just By Rearranging His Companies (KMI, KMP)
<img style="float:right;" src="http://static3.businessinsider.com/image/53e8c7b06bb3f7590f35c05d-842-631/richard-kinder.png" border="0" alt="Richard Kinder">
Billionaire energy tycoon Rich Kinder, the CEO/cofounder of the pipeline giant Kinder Morgan, made $1.5 billion on Monday morning, Bloomberg News reported.
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<span style="text-decoration: underline;"></span><span style="font-size: 15px; line-height: 1.5em;">. The general view is that investors like the streamlined corporate structure and that the company will now have a lower cost of capital.</span>
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's 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.
<span>Kinder accepts a $1 per year base salary. </span>The 69-year-old Texan already has an estimated net worth of $10.1 billion, according to Forbes.
Adding $1.5 billion to your net worth is not a bad way to start a Monday.
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