Berry Gordy Net Worth
Berry Gordy net worth: Berry Gordy is an American record executive and producer who has a net worth of $345 million. Berry Gordy was born on November 28, 1929 in Detroit, Michigan. Berry is most famous for being the founder of Motown Records. As President of Motown Records, he was responsible for shepherding the careers of many music superstars including, Smokey Robinson, Stevie Wonder, The Temptations, Gladys Knight and the Pips, and The Jackson 5. Gordy dropped out of high school in 11th grade in order to pursue a career as a professional boxer. That career did not last long and soon Berry was drafted into the Army during the Korean War. When he returned from the war Berry opened a record store called 3-D Record Mart. The store specialized in selling jazz albums to a largely African-American customer base. In his free time Berry also wrote songs, one of which "Reet Petite" became a hit for Billy Davis. Using the profits earned from "Reet Petite" Berry began writing and producing full time. He founded Motown Records in 1959. Technically he founded two companies, Tamala Records and Motown. He did this because he was worried about breaking payola laws where DJs play too many records from one company. In April 1960 the two record companies were incorporated as one Motown Record Corporation. By 1966, Motown had 450 employees and generated $20 million in revenues ($144 million in today's dollars). Throughout the late 60s and 70s, Motown became one of the most successful independent record companies ever to exist. In 1988 Berry sold his stake in the company to MCA Records for $61 million ($120 million in today's dollars).