Who is Crypto Billionaire Mike Novogratz? Net worth, Wife, Investments

Who is Galaxy Investment Firms CEO Crypto Billionaire Mike Novogratz?

Michael Edward Novogratz is an American investment banker and a billionaire. Currently, he is the CEO of the cryptocurrency investment firm, Galaxy Investment Firms. Born on November 26, 1964, he was formerly with Fortress Investment Group.

Mike Novogratz Career: Steps to becoming a billionaire

Mike Novogratz started his work with Goldman Sachs in 1989 after serving as a helicopter pilot for a while in the New Jersey National Guard. He began working for the company as a short-term bond salesman in April 1989. From 1992 to 1999, Novogratz resided in Asia. In 1992, he accepted a sales position with Goldman in Tokyo. Later, he was relocated to Hong Kong to oversee the company’s trading desk. In 1998, he was chosen to be a partner at Goldman. He held many positions at the firm, including head of fixed income, currencies, and commodities risk in Asia and president of Goldman Sachs Latin America. One year after Goldman went public, Novogratz alleged he was fired.

Novogratz joined Fortress Investments in March 2002 to help Wesley Edens, Robert Kauffman, Randal Nardone, and Peter Briger, Jr. publicize the business in February 2007, through their first public offering. The business raised 600 million USD during the IPO by offering an 8% share to the general public. He worked as the co-chief information officer of the macro funds at Fortress Investment Group LLC before taking on his positions at Fortress as principal and director of Fortress Credit Corporation in 2006.

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Although both hedge funds and private equity investments fell within the purview of the Fortress, Novogratz and his college friend Briger managed the hedge funds. The stock price dropped to 1.87 USD on December 3, 2008, after Novogratz’s Drawbridge Global Macro fund stopped allowing withdrawals, despite reaching 35 USD at the IPO. Novogratz and his associates lost hundreds of millions of dollars betting on the Swiss currency and Brazilian assets, and Fortress collapsed.

Galaxy Digital and Crypto Connection of Novogratz

One of the few cryptocurrency businesses mandated to declare financial results is Galaxy Digital Holdings Ltd. Trading cryptocurrencies cost the corporation 136 million USD in the first nine months of 2018. In 2017, Bitfury, a technology business, raised 80 million USD in finance, with help from Galaxy Digital.

Following a 182 million dollar loss for the prior year, Galaxy’s losses increased to 554 million USD in the second quarter of 2022.

In 2017, he stated that Bitcoin and Ethereum accounted for 20% of his net worth. He claims to have made 250 million USD from cryptocurrency between 2016 and 2017. At a 2022 cryptocurrency conference, Mike Novogratz boasted that he was “the only guy in the world that’s got both a Bitcoin tattoo and a Luna tattoo”. UST which claimed to be pegged to the US dollar lost nearly all of its value a few weeks later.

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While talking to the New York Magazine in 2021, he stated that 85% of his wealth comes from cryptocurrencies. He added, “it’s just that cryptos had a move that is a once-in-a-generation move, and I think people should understand that it’s not going to keep happening over and over. Like this idea that we’ve gone from not-an-asset-class to an asset class only can happen once.”

Mike Novogratz Personal life and Marriage

Sukey Caceres is the wife of Mike Novogratz. She is a fellow Princeton who is currently the vice chairperson of the Joyful Heart Foundation. The organization aims to change the response of society toward domestic violence, sexual assault, and child abuse. Dora graduated in Anthropology in 1989 and has also written a meditation guidebook named “Just Sit.” They both have been actively supporting Princeton University and contributing towards their bridge Yera Program which allows the fresher students to go abroad and serve the ones in need. He has four children with his wife.

In 2006, Mike Novogratz paid 12.25 million USD for Robert De Niro’s duplex in Manhattan’s Tribeca neighborhood. When he moved into De Niro’s former Meatpacking District home, Mickey Rourke moved into Novogratz’s former Meatpacking District home. They also have a home in Amagansett, New York.

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He has been a supporter of the United States National Wrestling Team as well as an official spokesman for USA Wrestling.

In 2007, the National Wrestling Hall of Fame named him the 2010 USA Wrestling Man of the Year and an Outstanding American. When the International Olympic Committee removed Olympic Wrestling from the 2020 Summer Games, he advocated for its reinstatement. His sister, Jacqueline Novogratz, is the founder and CEO of Acumen Fund, and his brother, Robert Novogratz, is a designer who has been featured on Bravo’s 9 by Design.

Mike Novogratz Net Worth: One of the richest people in the crypto world

Novogratz was ranked 317 on the Forbes 400 in September 2007, with a net worth of $1.5 billion. He was ranked 962 on the Forbes list of world billionaires in March 2008, with a net worth of $1.2 billion. The same year, he joined Kappa Beta Phi, a Wall Street “secret society” comprised of wealthy financial executives. After the decline in the value of Fortress’ stock in 2012, his net worth dropped to $500 million. He is an advocate for Democratic political interests. He is also the Chair of The Bail Project’s Governing Board.

According to the Bloomberg Billionaires Index of March 2021, Novogratz stood at 495 ranks of richest people in the world. His net worth was estimated at over 5.7 billion USD.

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