BlackRock stock slide wipes $100 million off Adebayo Ogunlesi’s net worth

Key Points

• Adebayo Ogunlesi’s net worth declined to $2.2 billion as BlackRock shares fell 11.5% since Jan. 31, cutting his stake’s value to $1.79 billion.
• A $4-trillion U.S. market sell-off, driven by trade tensions and economic concerns, contributed to BlackRock’s recent stock price decline.
• Ogunlesi became a billionaire after GIP’s $12.5-billion deal with BlackRock, securing 1.8 million BlackRock shares and $600 million in cash.

After seeing his net worth climb to $2.3 billion earlier this year, Nigerian billionaire Adebayo Ogunlesi has lost $100 million since Jan. 2, following a drop in the share price of BlackRock, the world’s largest asset manager.

BlackRock stock dip trims Ogunlesi’s fortune

BlackRock shares on the New York Stock Exchange (NYSE) surged from $955 in early January to $1,075 by the end of the month, pushing the value of Ogunlesi’s stake in the company to $1.9 billion and driving his net worth above $2.3 billion.

But since Jan. 31, BlackRock’s stock has taken a hit, falling from $1,075 to $951.73 as of Friday, March 22. This decline has reduced the market value of Ogunlesi’s BlackRock stake to $1.79 billion, bringing his net worth down to $2.2 billion, according to Forbes.

The downturn in BlackRock shares comes amid broader volatility in the U.S. stock market, which has shed over $4 trillion in recent weeks. Investor concerns over President Donald Trump’s escalating trade disputes with major trading partners, along with signs of slowing economic growth and weak consumer sentiment, have contributed to market uncertainty.

Ogunlesi gains billions in BlackRock deal

Ogunlesi, 71, co-founder of Global Infrastructure Partners (GIP), sits on BlackRock’s board and recently joined the board of OpenAI, the research group behind ChatGPT. He became a billionaire after GIP finalized a multi-billion-dollar deal with BlackRock in January 2024.

Under his leadership, GIP grew into the world’s largest independent infrastructure manager, overseeing more than $100 billion in assets. The firm’s $12.5-billion deal with BlackRock, which created a leading multi-asset infrastructure investment platform, included $3 billion in cash and 12 million shares of BlackRock common stock, valued at $9.5 billion.

As part of the deal, Ogunlesi received 1,822,926 BlackRock shares and $600 million in cash, strengthening his financial position. His investment portfolio also includes minority stakes in Kosmos Energy Holdings LLC, Topgolf Callaway Brands Corp., and Goldman Sachs Group.