George Shultz Net Worth: The Estimated Net Worth of American Economist Before Death!
George Pratt Shultz was an American economist, diplomat, and businessman who lived from December 13, 1920, until February 6, 2021. He was born in New York City and attended Princeton University before joining the US Marine Corps during World War II
He held varied positions under three Republican presidents and is one of just two people in history to have served in four separate Cabinet positions (the other being Elliot Richardson).
Shultz was a key figure in the Ronald Reagan administration’s international policymaking.
|Name||George Pratt Shultz|
|Birth||December 13, 1920|
|Genre||American economist, diplomat, and businessman|
|Death||February 6, 2021|
|Net Worth||$10 Million|
He worked for the Bechtel Group, an engineering and services firm, from 1974 to 1982. Shultz was a key role in the biotech company Theranos’ debacle in the 2010s, continuing to support it as a board member despite accumulating evidence of fraud.
George Shultz’s Career!
Throughout his life, he held various posts under three Republican presidents in the United States.
He served as Secretary of the Treasury, Director of the Office of Management and Budget, and Secretary of Labor during Nixon’s presidency.
During the Reagan administration, he served as Secretary of State. Shultz became a behind-the-scenes campaigner for various Republic politicians after leaving public office in 1989, calling for the legalisation of recreational drugs.
He was a member of several corporate boards. He served on the boards of the Bechtel Corporation, Charles Schwab Corporation, and Gilead Sciences, among others.
George Shultz’s Net Worth!
At the time of his death, George Shultz was an American economist, statesman, and investor with a net worth of $10 million.
Later in life, as a board member of the failed blood-testing business Theranos, he garnered notoriety. George died at the age of 100 on February 7, 2021.
Theranos Scandal by George Shultz!
George Shultz was a member of the Board of Directors of the discredited blood firm Theranos, perhaps most infamously. He even set up a job for his grandson Tyler at Theranos.
Tyler would go on to become one of the most important whistleblowers in the Theranos scandal.
Because he naively trusted in Theranos founder Elizabeth Holmes, George first did not believe his grandson’s assertions and allegedly tried to coerce Tyler into recanting his statements.
George had a financial reason for backing Theranos in addition to his blind faith. Elizabeth lavished stock options on George as a board member. George was given 2.75 million shares of Theranos by Elizabeth.
Those shares were once worth roughly $47 million. George subsequently used his own money to buy another 200,000 shares, increasing his total interest in the firm to $50 million by the summer of 2015.
After Theranos went bankrupt in 2018, George eventually admitted that the company had engaged in “disturbing practices.” Tyler “felt personally threatened” by their private altercation, and he “believed I had placed a commitment to the corporation over allegiance to higher principles and our family,” he said.
“The Inventor,” a 2019 HBO documentary about Theranos, featured George as a subject.
George Shultz’s Death
Shultz died on February 6, 2021, at the age of 100, in his residence in Stanford, California. At Dawes Cemetery in Cummington, Massachusetts, he was buried next to his first wife.
President Joe Biden expressed his condolences on Shultz’s passing, adding, “Even in his 100th year on Earth, he was a gentleman of honour and ideas, dedicated to public service and respectful discussion.
That is why he was sought out by a number of presidents from both political parties. I regret that, unlike so many of my predecessors, I will not be able to profit from his wisdom as president.”
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