Michael Novogratz Biography
Michael Edward Novogratz is a former partner of the financial firm Fortress Investment Group in the United States. He is the current CEO of Galaxy Investment Partners, which specializes in bitcoin investments.
How old is Michael Novogratz? – Age
He was born on 26 November 1964 in Alexandria, Virginia. He is 58 years as of 2022.
Where did Michael Novogratz go to school? – Education
He was a student at Fort Hunt High School. Before becoming the captain of the Princeton Wrestling team, Novogratz was the runner-up in the state of Virginia high school wrestling. In 1986 (150 pound (68.0 kg) and 1987 (158 pound (71.7 kg), Novogratz was named to the All-Ivy League first team. In 1986 and 1987, he qualified for the National Collegiate Athletic Association (NCAA) wrestling finals (both at 150 pounds (68.0 kg). Novogratz has a bachelor’s degree in economics.
Michael Novogratz – Family
Novogratz was born in Alexandria, Virginia, to Robert, Sr., a West Point football lineman who won the Knute Rockne Award (best lineman) in 1958.
In 1987, at the NCAA wrestling tournament, he advanced to the round of 16 in the winners bracket in the 1987 NCAA wrestling championships before being ousted in the round of 12 in the consolation bracket. His sister, Jacqueline Novogratz, is the founder and CEO of Acumen Fund, and his brother, Robert Novogratz, is a designer featured in Bravo’s 9 by Design series. John Novogratz, another brother, works with Millennium Partners as a senior managing partner.
In 2006, he paid $12.25 million for a duplex in Manhattan’s Tribeca district that once belonged to Robert De Niro. Mickey Rourke moved into Novogratz’s Meatpacking district apartment when he moved into De Niro’s. His four children are the result of his marriage to Dora “Sukey” Caceres. They have a house in Amagansett, as well.
He stands 1.67 meters tall and weighs 68 kilograms.
What is Novogratz Salary?
His salary is under review.
Novogratz Net Worth
He receives an estimated net worth of $700 million.
Michael Novogratz Career
Novogratz began his work with Goldman Sachs in 1989, following a term in the New Jersey National Guard, which included service as a helicopter pilot. He joined the company as a short-term bond (money market) salesman on April 1, 1989. Between 1992 and 1999, Novogratz lived in Asia.
In 1992, he joined Goldman Sachs as a salesman, and Jon Corzine eventually transferred him to Hong Kong to oversee the firm’s trading department. In 1998, he was named a Goldman Sachs partner. President of Goldman Sachs Latin America and head of fixed income, currencies, and commodities risk in Asia were among the positions he held at the firm. Novogratz joined Fortress Investments in March 2002, just in time to work alongside Wesley Edens, Robert Kauffman, Randal Nardone, and Peter Briger, Jr. to take the business public on February 9, 2007.
The corporation sold an 8% stake in the company to the public for $600 million during the initial public offering. Despite the fact that the Fortress’ domain included both hedge funds and private equity investments, Novogratz and his Princetonian colleague Briger were in charge of the hedge funds. Although the stock had soared to $35 at its IPO, it had fallen to as low as $1.87 by December 3, 2008, after withdrawals from Novogratz’ Drawbridge Global Macro fund were suspended. Novogratz was named to the Hudson River Park Trust board of directors by New York Governor David Paterson in 2010.
He is on the Investment Advisory Committee on Financial Markets of the Federal Reserve Bank of New York. Beat the Streets, a non-profit organization that promotes wrestling in New York City public schools, is chaired by Novogratz. He is also a board member of the Acumen Fund, NYU Langone Medical Center, PAX, Boards of Creative Alternatives of New York, Princeton Varsity Club, the School for Strings, and The Jazz Foundation of America. He established the School for Strings and currently serves as its chairman of the board. He also serves as the chairman of The Friends of the Hudson River Park and the honorary chairman of the USA Wrestling Foundation. Novogratz left Fortress Investments in October of last year. Galaxy Investment Partners, which invests in cryptocurrencies, is run by Novogratz.
He had planned to launch his Galaxy Digital Assets Fund on December 15, 2017, but he postponed the launch due to “market conditions.” In 2017, he said that Bitcoin and Ethereum accounted for 20% of his total wealth. He claims to have generated $250 million in crypto money between 2016 and 2017. Galaxy Digital Holdings Ltd. is among the few cryptocurrency companies that must report financial information. The corporation lost $136 million in cryptocurrency trading in the first nine months of 2018. Galaxy Digital participated in a $80 million fundraising round for Bitfury, a technology business, in 2017.
He is an official spokesman for USA Wrestling and a supporter of the US National Wrestling Team. In 2007, the National Wrestling Hall of Fame honored him as the 2010 USA Wrestling Man of the Year and an Outstanding American. He advocated for the sport’s reinstatement after the International Olympic Committee removed it from the 2020 Summer Games.
Following the February IPO, which also made Edens, Kauffman, Nardone, and Briger billionaires, Novogratz was placed #407 on the Forbes list of world billionaires in March 2007, with a net worth of $2.3 billion, which included his 66.6 million shares in Fortress Investments. With a net worth of $1.5 billion in September 2007, Novogratz was ranked #317 on the Forbes 400. With a net worth of $1.2 billion, he was ranked 962 on Forbes’ March 2008 list of world billionaires. He joined Kappa Beta Phi, a Wall Street secret club comprised of rich financial executives, that same year. His net worth has dropped to $500 million by 2012, following the stock price decline at Fortress. He is a supporter of the Democratic Party. He also serves on The Bail Project’s Governing Board.