Steve Madden Net Worth
Steve Madden Net Worth and Salary :Steve Madden is an American businessman and fashion designer who has a net worth of $300 million, Steve Madden, perhaps not surprisingly, is the founder of the shoe company Steve Madden Ltd. Steve Madden launched his business in 1990 with just $1,100. Today the company generates more than $1.5 billion per year in revenue. Growing up on Long Island, one of Steve's teenaged jobs was at a shoe store. He worked there for two years and soaked up all the knowledge of what women liked and disliked about shoes. He then spent many years working at a shoe factory learning everything he could about manufacturing and design. At 31 he struck out on his own and launched his own business Steve Madden Ltd. His first shoe was called the Marilyn. He sold shoes from the back of his car, $16 wholesale for a retail price of $24.
In 2001, the Securities and Exchange Commission charged Madden with being involved in a stock "pump and dump" scheme involving financial firm Stratton Oakmont and its founder, Jordan Belfort (who would later be known as The Wolf of Wall Street). In 2002, Madden was sentenced to 41 months in prison for stock manipulation and securities fraud, among other charges. He served 31 months. Belfort served 22 months. During his stint in prison, Madden was forced to resign as CEO of Steve Madden Ltd., but shortly after he accepted a position with the company as a "creative consultant." This position allowed him to continue drawing a salary of $700,000 a year while in prison! After this prison sentence had been served, Madden had to live in a halfway house for 60 days, in New York City, after which he remained under house confinement for a given period.
As of this writing, Steve Madden (the company) has a market cap of $2.5 billion. He is periodically one of the highest-paid executives in America. He earned $85 million in 2012. In 2011 he negotiated two additional stock grants valued at a total of $80 million. The first chunk vested in 2017 and the second will vest in 2023.
|Net Worth:||$300 Million|
|Date of Birth:||1958|
|Nationality:||United States of America|