KEN LANGONE
Co-founded Home Depot and funded the $200 million NYU medical school scholarship
A working-class kid from Long Island who co-founded Home Depot and helped it grow into a $350 billion company. Then donated $200 million to NYU Langone Health so medical students could attend tuition-free — the largest gift in the history of medical education. Langone is the rare billionaire who made his money in retail, made it again on Wall Street, and then gave enough of it away that a hospital system bears his name. Also: he was so loud at Home Depot board meetings that co-founder Bernie Marcus would tell him to shut up.
Net Worth
$7.1 billion
Nationality
American
Time Horizon
Long-Term
Risk Appetite
7 / 10
CAREER & BACKGROUND
Born in 1935 in Roslyn Heights, Long Island. Son of a plumber and a cafeteria worker.
Worked his way through Bucknell University and got his MBA at NYU Stern.
Became an investment banker at R.W. Pressprich, where he took a small semiconductor company called Ross Perot's Electronic Data Systems (EDS) public in 1968 — one of the most successful IPOs of the decade.
In 1978, Bernie Marcus and Arthur Blank pitched him on a warehouse-style home improvement store. Langone provided the venture capital and served as the financial architect.
Home Depot opened its first store in Atlanta in 1979 and grew to become the world's largest home improvement retailer.
COMPANIES & ROLES
Home Depot is the crown achievement. Langone provided the startup capital and served on the board for decades.
Home Depot now has over 2,300 stores, 500,000 employees, and a market cap exceeding $350 billion.
Invemed Associates is his private investment firm, through which he has made personal investments in healthcare, financial services, and technology companies over several decades.
NYU Langone Health — the hospital system renamed in his honor after his combined donations exceeded $400 million. His $200 million gift in 2018 to the medical school eliminated tuition for all students.
INVESTING STYLE & PHILOSOPHY
Langone is a classic venture investor with a twist — he backs people, not business plans. His Home Depot investment was based on his belief in Bernie Marcus and Arthur Blank as operators, not on a detailed financial model.
He's made dozens of personal investments through Invemed Associates, typically in healthcare and technology. His approach is relationship-driven and hands-on — he joins boards, provides strategic advice, and connects founders with his network.
He doesn't index. He doesn't buy ETFs.
He believes in concentrated bets on extraordinary people running extraordinary businesses.
THE PLAYBOOK
Risk Approach
High. Langone backed a startup retailer in 1978 with his own money when warehouse-style stores were an unproven concept.
He's made concentrated bets throughout his career. His investment in EDS was a risk.
His investment in Home Depot was a bigger risk.
He's comfortable with risk because he grew up with nothing and has a plumber's practical sense of risk management — if the worst case is going back to being broke, and he's been broke before, it's not that scary.
Money Habits
Langone has never been flashy. He's described himself as a "plumber's son" throughout his life.
His philanthropy dwarfs his personal spending. The $200 million to NYU medical school alone exceeds what most billionaires spend on themselves in a lifetime.
He's pugnacious, outspoken, and unapologetic. He publicly fought back against the Grasso lawsuit, argued with politicians on CNBC, and has never been shy about his opinions.
BIGGEST WIN
Home Depot. Langone invested in the startup and served as board member.
His founding stake — combined with the stock appreciation over 45 years — is worth billions. Home Depot has returned thousands of percent since its 1981 IPO.
It's one of the most successful venture investments of the 20th century.
BIGGEST MISTAKE
The NYSE governance scandal. Langone, as chairman of the NYSE compensation committee, approved a $187 million pay package for NYSE chairman Dick Grasso in 2003.
The size of the package caused a public outcry and led to Grasso's resignation. The SEC sued both Grasso and Langone.
The case was eventually dismissed, but it was a reputational bruise.
FINANCIAL PHILOSOPHY
Langone believes in backing people over ideas. A great operator with a mediocre idea will figure it out.
A mediocre operator with a great idea will fail. This is why he bet on Bernie Marcus — he saw the hunger, the work ethic, and the customer obsession before he saw a single store.
He also believes in paying it forward. His philosophy on wealth: you didn't build it alone, so you don't get to keep it alone.
His massive philanthropic giving — particularly to medical education — reflects this conviction.
On risk: "The worst thing that can happen to you is you go broke. I've been broke.
It's not that bad."
FAMILY & PERSONAL LIFE
Married to Elaine Langone for over 60 years. Three children.
His marriage stability is notable in a world of billionaire divorces. The family keeps a relatively low profile despite the Langone name being on one of New York City's most prestigious hospital systems.
EDUCATION
Born in Roslyn Heights, Long Island. Son of a plumber (father) and cafeteria worker (mother).
Attended Bucknell University for his undergraduate degree. MBA from NYU Stern School of Business — the school that now bears his name on its hospital system.
BOOKS & RESOURCES
I Love Capitalism! An American Story (2018) is his autobiography — honest, funny, and full of practical wisdom
It covers growing up poor, building Home Depot, and his philanthropy. He recommends it alongside classics on entrepreneurship and retail management
QUOTES (6)
Bernie Marcus and Arthur Blank walked into my office with an idea about a home improvement warehouse. I saw their eyes and knew I was in.
The worst thing that can happen to you is you go broke. I've been broke. It's not that bad.
Back people, not ideas. A great operator with a mediocre idea will figure it out.
I love capitalism! It's the only system that lets a plumber's kid from Long Island build something this big.
Giving $200 million to make medical school free was easy. The decision was easy. Writing the check was easy. Knowing it would change thousands of lives — that's what matters.
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