Where does the fortune of Laurene Powell Jobs come from?
As her name suggests, Laurene Powell Jobs was Steve Jobs wife until his death in 2011. She inherited the Steven Jobs Trust, which has a huge stake in The Walt Disney company and 38,5 million shares of Apple. Laurene got to know Steve Jobs during a lecture at Stanford Business School. Jobs gave a guest lecture there and Laurene Powell sneaked to the front of the lecture and started up a conversation with Jobs, who was seated next to her. They ended up having dinner together that night. A year and a half later on March 18, 1991, they got married. Today Powell is listed as one of the richest people in the world with an estimated net worth around 26 billion U.S. dollars, mainly because of Steve Job’s heritage.
How did the Powell family company develop?
As stated before, Laurene Powell didn’t found an own family business but inherited the legacy, mainly consisting of shares in Apple Inc., of Steve Jobs, the founder of Apple. The company operates multinational and makes computer hardware, software and mobile devices. In 2015, it became one of the 30 components of the Dow Jones Industrial Average. Today Apple is listed as the most valuable company on the world’s stock markets with a market capitalization of 1,4 trillion U.S. dollars.
Is there a Powell family office?
Yes, there is. “Emerson Collective”, named after transcendentalist writer Ralph Waldo Emerson, was founded in 2004 by Laurene Powell Jobs and operates as an organization focused on education, immigration reform, the environment, media, journalism, and health but also as the personal single family office of the Powell family.
How does the Powell family office invest?
Emerson Collective mainly focuses on impact investing and makes early stage venture capital investments in startups that work on education, immigration reform, the environment, and other social justice initiatives. A recent investment is “Guild Education”. The company develops a lifelong learning platform that offers classes, programs and degrees for working adults, with a path for them to move forward in their education and career.
This article is part of our detailed report “The single family offices of the richest US families“.
Picture source: Medhat Dawoud.