Michael Robert Milken is a philanthropist and financier from the United States who is known for his significant contribution to the growth of the high-yield junk bond market.” He is also co-founder of the Milken Family Foundation and president of the Milken Institute.
He was convicted and sentenced in 1989 for violating United States securities laws. In an insider trading investigation, he was charged with securities fraud and racketeering. He was sentenced to ten years in prison and a fine of 600 million dollars. He is permanently banned from the securities industry regulated by the Securities and Exchange Commission. Due to his good behavior, his sentence was later reduced to two years.
After his release from prison, he devoted himself to charity work, including funding medical research. On February 18, 2020, US President Donald Trump will pardon Milken. In 2004, Fortune magazine named him “The Man Who Changed Medicine” for the changes in his approach to funding and the outcomes he initiated.
Fast facts
| Famous name: | Michael Milken |
| Real name/Full name: | Michael Robert Milken |
| Sex: | Male |
| Age: | 77 years old |
| Date of birth: | July 4, 1946 |
| Birth place: | Encino, California, USA |
| Nationality: | American |
| Height: | 5 feet 8 inches |
| Weight: | 75 kg |
| Sexual orientation: | Straight |
| Marriage status: | Married |
| Wife/spouse (name): | Lori Anne Hackel |
| Children/children (son and daughter): | yes (three) |
| Date/Girlfriend (Name): | Yes (Bari Milken-Bernstein, Lance A. Milken, Gregory A. Milken) |
| Is Michael Milken gay?: | Not |
| Profession: | Businessman, financier, philanthropist |
| Salary: | ON |
| Net worth in 2023: | 4 billion dollars |
Biography of Michael Milken
Milken was born in the California town of Encino. He comes from a middle-class Jewish family. Lowell Milken is his younger brother.
Michael Milken Education
Michael Milken graduated from Birmingham High School. He graduated from the University of California in 1968. He later graduated with honors. He received his MBA from the Wharton School of the University of Pennsylvania. Credit studies were written by W. Braddock Hickman, former president of the Federal Reserve Bank of Cleveland, who had a significant influence on him.
Michael Milken Age, height and weight
Michael Milken was born on July 4, 1946, he is 77 years old as of 2023. He is 5 feet 8 inches tall and weighs 75 kg.
Michael Milken (Source: Pinterest)
Career
After graduating, Milken worked as a director for the low-grade bond research firm ‘Drexel Firestone’. He got capital and the ability to trade.
Drexel merged with ‘Burnham and Company’ in 1973 to form Drexel Burnham. Milken was a big holdover from Drexel and later became the merging company’s head of convertibles.
He convinced his boss ‘Tubby Burnham’ to set up a high yield bond trading division. This operation yielded a 100 percent ROI (return on investment). His annual income by 1976 was expected to be $5 million.
Milken and his brother ‘Lowell’ founded Knowledge Universe and Knowledge Learning Corporation in 1996. He founded K12 Inc. to provide students with online education. This organization has become the largest EMO in terms of enrollment.
Michael Milken Wife, Marriage
Milken has dated Lori Anne Hackel since high school. Their relationship progressed to marriage. Bari Milken-Bernstein, Lance A. Milken and Gregory A. Milken are the couple’s three children.
Milken eats a vegetarian diet rich in vegetables and fruits. He chose this diet because of its many health benefits. Milken and Beth Ginsberg also collaborated on a vegan cookbook.
When he was released from prison, he was diagnosed with advanced prostate cancer. His cancer is currently in remission.
The Milken Family Foundation was co-founded by Milken. He is also the president of the Milken Institute. He has made financial contributions to research into cancer, melanoma and several other life-threatening diseases. As a prostate cancer survivor, Milken has invested heavily in research into the disease.
Michael Milken Awards
George Washington University President Steven Knapp announced that the university’s school of public health will bear his name. This statement was made on March 11, 2014 as a result of his generous gift of $80 million, a $30 million gift from Viacom Chairman Sumner Redstone, and a $50 million gift from the Milken Family Foundation and the Milken Institute. These contributions are made in support of scholarships and public health research.
Milken became the first person to receive the Ig Nobel Prize for Economics in 1991. Milken, along with his brother Lowell, founded the Milken Family Foundation in 1982 to support medical education and research. The Milken Educator Awards, which were established in 1985, have awarded a total of more than $60 million to 2,500 and more teachers.
When Milken was released from prison in 1993, he founded the Prostate Cancer Foundation to conduct prostate cancer research. In 2010, the foundation was recognized as the most significant philanthropic source of funding for prostate cancer research.
Michael Milken Net Worth
Michael Milken is a well-known philanthropist and financier in the United States. As of October 2023, his total net worth is $4 billion. According to Forbes magazine, he is the 606th richest person in the world. This list was compiled in 2018.
Michael Milken is well known for his contribution to the introduction and growth of junk bonds. In 1989, he was accused of fraud and racketeering.
After his release from prison, he made a significant contribution to medical research. He founded the Prostate Cancer Foundation, which provides the most philanthropic funding for prostate cancer research and other life-threatening diseases such as cancer and melanoma.
In 1996, Milken and his brother Lowell founded Knowledge Universe. They also founded the Knowledge Learning Corporation (KLC). He is the current president of this company.
He has dedicated his future investments to companies such as K12, a public education management organization.
Categories: Biography
Source: HIS Education