Michael Robert Milken is a philanthropist and financier from the United States who is well-known for his significant contribution to the growth of the market for high-yield junk bonds.” He is also a co-founder of the Milken Family Foundation and the Milken Institute’s chairman.
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 fined $600 million. He was permanently barred from the Securities and Exchange Commission-regulated securities industry. For his good behavior, his sentence was later reduced to two years.
He devoted himself to charity work after being released from prison, including funding for medical research. On February 18, 2020, US President Donald Trump will forgive Milken. In 2004, Fortune magazine named him “The Man Who Changed Medicine” for changes in his approach to funding and the outcomes he initiated.
Quick Facts
| Celebrated Name: | Michael Milken |
| Real Name/Full Name: | Michael Robert Milken |
| Gender: | Male |
| Age: | 77 years old |
| Birth Date: | July 4, 1946 |
| Birth Place: | Encino, California, U.S. |
| Nationality: | American |
| Height: | 5 ft 8 inches |
| Weight: | 75 kg |
| Sexual Orientation: | Straight |
| Marital Status: | Married |
| Wife/Spouse (Name): | Lori Anne Hackel |
| Children/Kids (Son and Daughter): | Yes (three) |
| Dating/Girlfriend (Name): | Yes (Bari Milken-Bernstein, Lance A. Milken, Gregory A. Milken) |
| Is Michael Milken Gay?: | No |
| Profession: | Businessman, financier, philanthropist |
| Salary: | NA |
| Net Worth in 2023: | $4 billion |
Michael Milken Biography
Milken was born in the California town of Encino. He comes from a Jewish middle-class family. Lowell Milken is his younger brother.
Michael Milken Education
Michael Milken finished high school at Birmingham High School. He graduated from California University in 1968. Later, he received his B.S. with honors. He earned his MBA from the University of Pennsylvania’s Wharton School. The 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 stands 5 feet 8 inches tall and weighs 75 kg.
Career
After graduating, Milken worked as a director for the low-grade bond research firm ‘Drexel Firestone.’ He was given capital and the ability to trade.
Drexel merged with ‘Burnham and Company’ in 1973 to form Drexel Burnham. Milken was a major holdover from the Drexel side and later became the merger firm’s head of convertibles.
He persuaded his boss, ‘Tubby Burnham,’ to establish a high-yield bond trading division. This operation yielded a 100 percent ROI (return on investment). His annual income was expected to be $5 million by 1976.
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 grew to be the largest EMO in terms of enrollment.
Michael Milken Wife, Marriage
Milken had been dating 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 that is high in vegetables and fruits. He chose this diet because of its numerous 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. At the moment, his cancer is in remission.
The Milken Family Foundation was co-founded by Milken. He is also the Milken Institute’s chairman. He has made monetary contributions to cancer, melanoma, and a few other life-threatening diseases research. As a survivor of prostate cancer, Milken has committed significant resources to research into the disease.
Michael Milken Awards
George Washington University President Steven Knapp announced that the university’s public health school will be named after him. This declaration 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 Milken Institute. These contributions are made in support of public health scholarship and research.
Milken became the first person to receive the Ig Nobel Economics Prize in 1991. Milken, along with his brother Lowell, established the Milken Family Foundation in 1982 to support medical education and research. The Milken Educator Awards, which were established in 1985, awarded a total of more than $60 million to 2,500 teachers and above.
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 funding source for prostate cancer research.
Michael Milken’s Net Worth
Michael Milken is a well-known philanthropist and financier in the United States. As of November 2023, his total net worth is $4 billion. According to Forbes magazine, he is the 606th wealthiest person in the world. This list was put together in 2018.
Michael Milken is well-known for his contribution to the introduction and growth of junk bonds. In 1989, he was charged with fraud and racketeering.
After being released from prison, he made significant contributions to medical research. He founded the Prostate Cancer Foundation, which provides the most philanthropic funding for research into prostate cancer and other life-threatening diseases such as cancer and melanoma.
In the year 1996, Milken and his brother Lowell established Knowledge Universe. They also established Knowledge Learning Corporation (KLC). He is the current chairman of this company.
He has committed his future investments to companies such as K12, a publicly-traded education management organization.
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