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The biggest beneficiaries of Blackstone Group’s public company debut last week were co-founders Stephen Schwarzman and Pete Peterson.
Schwarzman’s 24-percent stake in the investment firm is worth $7.7 billion and he could earn $677 million from the IPO, according to The New York Times. Peterson, who retains 4 percent ownership of the firm, earned $1.88 billion from the offering.
Shares closed at $35.06 Friday, the first day of trading, up from the offering price of $31.
The Times noted that Blackstone, which began with a $400,000 investment in 1985, had a market value of $38 billion at the close of trading Friday. That’s nearly a 100,000X increase in value.
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