Marc Gabelli Net Worth: Marc Joseph Gabelli, an American entrepreneur and investor, frequently garners attention due to his association with the Gabelli Group. This article delves into Marc Gabelli’s net worth and the various factors contributing to his financial success. It also highlights his career trajectory and some lesser-known facts about his life.
Who is Marc Gabelli?
Marc Gabelli was born in April 1968, making him 56 years old as of 2024. He hails from a prominent family in New York, United States. His father, Mario Joseph Gabelli, is a renowned stock investor, investment advisor, and financial analyst, while his mother, Elaine Gabelli, dedicated her career to teaching at the EMG Madonna Foundation, a Catholic elementary school. Marc has three siblings: Mario Jr., Matthew, and Melissa. After divorcing Elaine, Mario married Regina Pitaro, a distinguished financial professional and Fordham University graduate. Marc Gabelli Net Worth
Education
Marc Gabelli attended Fordham Preparatory School for his high school education. He then earned a Bachelor’s degree in Economics from Boston College. Furthering his education, he pursued a Master’s degree in Government from Harvard University and a Master of Business Administration from the University of Massachusetts. Marc Gabelli Net Worth
What is Marc Gabelli’s Net Worth?
As of 2024, Marc Gabelli’s net worth is estimated at $2.5 million, though some media sources suggest it could be as high as $12.5 million. His investments are a significant contributor to his wealth.
Factors Contributing to Marc Gabelli’s Net Worth
Stocks
Marc Gabelli holds a position as director at Associated Capital Group, Inc., and reportedly owns over 2,842 units of stock in the company, valued at approximately $2,133,145. Marc Gabelli Net Worth
Salary
In his role as an associate director at Associated Capital Group, Inc., Marc Gabelli earns a salary of $85,000. The company employs 11 executives, with Mario Gabelli receiving the highest compensation of $5,719,610.
Career
- Early Career: During his studies, Marc Gabelli began his career in business as part of VanEkris & Stuett’s Soft Commodity, Trading, and Logistics team.
- Lehman Brothers: In 1990, he joined Lehman Brothers, working in Equity Arbitrage for four years before resigning in 1994.
- Gabelli Securities International Limited: In 1994, Marc Gabelli became the Chief Executive Officer of Gabelli Securities International Limited.
- Gabelli Group: Besides his role at Gabelli Securities International Limited, he serves as president of the Gabelli Group.
- MtronPTI: In 2004, Marc became chairman of MtronPTI, a company providing a wide range of frequency control and spectrum control solutions.
- LGL Group: The same year, he was appointed chairman and CEO of the LGL Group, based in Florida, United States.
- Associated Capital Group, Inc.: In 2019, he was appointed chairman of Associated Capital Group, Inc.
Controversy: Sued for Misleading Investors
In 2011, Marc Gabelli faced legal action for allegedly misleading investors in a Gabelli Mutual Fund, which negatively impacted numerous shareholders. The complaint claimed that from 1999 to 2002, Gabelli allowed a practice known as “scalping” through the Gabelli Growth Fund. This involved exploiting stale pricing opportunities, leading to significant gains for some investors at the expense of others. The SEC alleged that Gabelli permitted an increase in market timing capacity in exchange for a substantial investment in a hedge fund he managed. Marc Gabelli Net Worth
Lesser-Known Facts About Marc Gabelli
- Philanthropy: Marc Gabelli is actively involved in philanthropy and is associated with The Sutton Trust, an NGO focused on improving social mobility.
- Net Worth History: According to a Forbes article, Marc Gabelli had an estimated net worth of $400 million in 2000, with the information being updated in 2013.
Marc Gabelli’s journey from his educational pursuits to his prominent roles in various financial and investment firms showcases his dedication and success. Despite facing legal challenges, his contributions to the industry and his philanthropic efforts highlight the multifaceted nature of his career and personal life. Marc Gabelli Net Worth
