Under Armour's Plank soared in billionaire ranking

Forbes list ranks Plank world's 731st richest person

March 04, 2014|By Lorraine Mirabella, The Baltimore Sun

Kevin Plank soared up Forbes' list of the world's top billionaires.

The 41-year-old founder and CEO of Baltimore-based Under Armour is now the world's 731st richest person, with a net worth of $2.4 billion. That's up from number 1,175 on last year's list, when Plank had a net worth of $1.2 billion.

Plank, who owns more than 21 million shares of Under Armour, has steered the sports apparel maker in just the past several months through continued overseas expansion, the company's first acquisition and a 10-year deal to supply the athletic teams at the University of Notre Dame, Forbes noted in its list.

Meanwhile, the company's stock has climbed more than 30 percent since the start of the year and is up three fourths in the past year, closing Tuesday at just over $117 a share. That means that just his stake in Under Armour, not counting any other holdings, is now worth more than $2.45 billion.

Plank is joined on the list by fellow Baltimore-area billionaire Stephen Bisciotti. The Baltimore Ravens owner ranked 796 with a net worth of $2.2 billion.


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