Blackstone CEO admits his first big investment loss nearly brought him to tearsbut the lesson put him on a path to now being worth $47 billion

Image for article Blackstone CEO admits his first big investment loss nearly brought him to tearsbut the lesson put him on a path to now being worth $47 billion
News Source : Fortune

News Summary

  • Blackstone cofounder and CEO Stephen A. Schwarzman once admitted he was nearly brought to tears after flubbing a major deal with Edgcomb Steel in the mid-1980s.
  • In the years since, Schwarzman has become a self-made billionaire, amassing a $47.4 billion fortune in leading the global asset management titan.
  • Even today’s tech pioneers aren’t doing everything perfectly.
  • OpenAI CEO Sam Altman is known for helming one of the 21st century's biggest tech products: ChatGPT.
It was the third investment in the firms historyI had never made investments. And I didnt even know there were things like investment committees, Schwarzman recalled in Blackstones Life Lessons serie [+4318 chars]

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