Henry McKelvey Blodget is a businessman, investor, and journalist who was born in the United States in 1966. During the dot-com boom, he was at the helm of Merrill Lynch’s global Internet research division and served as senior Internet analyst for CIBC Oppenheimer.
After being found guilty in a civil trial for breaking securities rules, Blodget was permanently barred from working in the securities sector. Blodget led Business Insider as its CEO.
Henry Blodget Net Worth
American entrepreneur, investor, and journalist Henry Blodget is worth $50 million. Henry Blodget is widely credited as the creator of the now defunct business news website Business Insider, or simply Insider.com. He has led the worldwide Internet research team at Merrill Lynch and worked as a senior Internet analyst for CIBC Oppenheimer.
Following his conviction in a civil trial for securities law violations, Blodget was permanently barred from the industry and ordered to pay a $4 million fine. Henrey Blodget, who held an estimated 5-10% of Business Insider when it was acquired in 2015 by German publishing powerhouse Axel Springer for $343 million, made an after-tax profit of $17-$34 million.
Henry Blodget Early Years and Schooling
Henry Blodget was born in New York City in 1966, specifically on the Upper East Side of Manhattan. He attended the elite Phillips Exeter Academy in New Hampshire when he was younger. Blodget attended Yale University and graduated with a bachelor’s degree in history.
Henry Blodget Professional Origins
Blodget started his professional life after graduating from Yale by becoming an English teacher in Japan. Tennis instruction was his next career stop after relocating to San Francisco. Blodget contributed articles to Harper’s Magazine in a freelance capacity.
Blodget began his career in corporate finance in the 1994 trainee class at Prudential Securities. Two years later, he joined Oppenheimer & Company, a financial services firm, to begin a career in equities research. He was a prominent Internet analyst who, in late 1998, accurately forecasted that Amazon’s stock would rise from $240 to $400 within a year.
Despite widespread disbelief, Blodget managed to attract significant media attention when his stock price unexpectedly soared beyond the $1 billion mark. Soon after, Merrill Lynch promoted Blodget to head of global Internet research. He reportedly made $12 million in one year at Merrill Lynch. At about this time, he started appearing frequently on CNBC.
Blodget lost most of the $700,000 he put into technology stocks right before the dot-com boom broke in 2000. He left Merrill Lynch in 2001 after agreeing to a buyout offer.
Henry Blodget Business Insider
In 2007, along with Dwight Merriman and Kevin P. Ryan, Blodget became the co-founder, Editor in Chief, and CEO of Silicon Alley Insider. In time, the domain name changed hands, first to BusinessInsider.com and subsequently to Insider.com.
German media firm Axel Springer paid $343 million on September 29, 2015 to acquire 88% of BusinessInsider. That made Axel Springer the majority shareholder at 97%, with Jeff Bezos of Amazon.com holding the remaining 3%. After taxes, Henry Blodget stands to gain between $17 and $34 million from his estimated 5-10% stake in BI at the time of the sale.
Henry Blodget Books
Blodget has maintained a prolific career as a journalist, contributing to publications including Newsweek and New York Magazine. His writing focuses on such concerns as the return-limiting activities of investors.
In addition to his earlier writings, Blodget wrote a book in 2007 titled “The Wall Street Self-Defense Manual: A Consumer’s Guide to Intelligent Investing.” He also sponsors guest posts on a technology site he runs, Silicon Alley Insider.
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