George Schultz net worth
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What is George Schultz’s net worth?
George Shultz was an American economist, politician and investor who had a net worth of US$10 million at the time of his death. In his later years, he became notorious as a board member of Theranos, a failed blood testing company. George died on February 7, 2021, at the age of 100.
George P. Shultz was born on December 13, 1920 in New York City. Before entering politics, he studied at Princeton University and obtained a degree in economics. He served in the Marine Corps from 1942 to 1945. Then he received his Ph.D. from the Massachusetts Institute of Technology.
During his life, he held various positions under the leadership of three US presidents, all of them Republicans. Under Nixon’s leadership, he served as secretary of the finance, director of the Office of Management and Budget, and secretary of labor. He served as secretary of state during the Reagan administration.
After stepping down from public office in 1989, Schultz called for the legalization of recreational drugs and then became a behind-the-scenes supporter of politicians in the various republics. He has served on the boards of several companies. He is a member of the board of directors of Bechtel Corporation, Charles Schwab Corporation and Gilead Sciences.
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Perhaps most notoriously, George Shultz is a board member of Theranos, a disgraceful blood company. He even arranged for his grandson Taylor to find a job in Theranos.
Taylor will eventually become one of the main whistleblowers who helped expose Theranos. George initially did not believe his grandson’s statement, and reportedly tried to force Taylor to withdraw his statement because he blindly believed in Theranos founder Elizabeth Holmes. In addition to his blind faith, George also has economic motivation to support Theranos. As a member of the board of directors, Elizabeth offered stock options to George. Elizabeth granted George 2.75 million shares of Theranos. These stocks were once worth about 47 million U.S. dollars. George then used his own funds to purchase another 200,000 shares. When the company peaked in the summer of 2015, his total shares reached 50 million U.S. dollars.
According to reports, George and Taylor did not speak to each other for the rest of George’s life.
After Theranos went bankrupt in 2018, George finally admitted that the company had experienced “disturbing practices”. He also admitted that Taylor “felt personal threats” in their private confrontation, and “believes that my loyalty to the company exceeds my loyalty to higher values and our family.”
George is the subject of the 2019 HBO documentary “Inventor” about Theranos.
