Congratulations. Michael Kors! As of yesterday, you've officially joined the ranks of fashion billionaires—a list that includes names such as Tory Burch, Diesel's Renzo Rosso, and Dolce & Gabbana.
According to a report in Forbes, Tuesday saw Michael Kors' stock soar 20 percent—pushing Kors himself firmly out of his millionaire rut and into the billionaire stratosphere.
The financial publication explains:
Kors delayed his path to the billionaire ranks by cashing out along the way. While two years ago he had over 15 million shares of Michael Kors stock, today he only owns about 4 million shares in the company he founded. At today’s price those are worth about $360 million. The bulk of his remaining net worth is in investments stemming from the hundreds of millions of dollars worth of Michael Kors stock that he sold in the last couple of years.Can you believe that this is a man who dropped out of FIT? We love you, Michael, and congratulations!