LangoneKen

Ken Langone and the New York Stock Exchange

Home Depot's Kenneth Langone purchased his first seat on the New York Stock Exchange in 1974 for $60,000. According to Langone, "now I'm making 500 percent of my money." He sold one seat for $1.5 million.

This is a story that has been repeated countless times in his business career: Buy low, sell high. It's a business essential and fortunately for Langone, he's made a habit out of it.

It's his relationship with the New York Stock Exchange that will be the focus of this article.

A 31-year-old relationship has certainly had its ups and downs. He has played various roles with the NYSE since 1974 including Compensation Director. Most recently he has headed a group attempting to purchase the 212-year-old exchange. While many scoff at the idea, Ken Langone sees his attempt to purchase the exchange as purely business-related. Kenneth Langone and his fellow investors see the potential deal as profitable to the NYSE's seatholders.

He's willing to put hundreds of millions of dollars of his own money towards the potential purchase and, knowing Kenneth Langone's track record, probably walk away with a significant profit.

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