George Shultz, an American economist, statesman, and investor, left behind a net worth of $40 million at the time of his passing. While his contributions to the political and business spheres earned him recognition, his involvement with the notorious blood testing company Theranos brought controversy to his name. Let’s explore the life, career, and personal endeavors of George Shultz.
Early Life and Career Beginnings
George P. Shultz was born on December 13, 1920, in New York City. He attended Princeton University, where he obtained a degree in economics, before serving in the Marines from 1942 to 1945. He later earned a Ph.D. at M.I.T., setting the stage for his remarkable career.
Distinguished Political Career
Shultz held various positions under three Republican presidents. During the Nixon administration, he served as the Secretary of the Treasury, Director of the Office of Management and Budget, and Secretary of Labor. He reached the pinnacle of his political career as Secretary of State during the Reagan administration. Shultz’s expertise and dedication to public service earned him respect and recognition within the political realm.
Involvement with Theranos
George Shultz’s involvement with Theranos, the now-disgraced blood testing company, became a focal point of controversy. As a board member, he not only supported founder Elizabeth Holmes but also arranged for his grandson Tyler to work at Theranos. Tyler later became a whistleblower, exposing the company’s deceptive practices.
Initially skeptical of his grandson’s claims, George eventually acknowledged the troubling practices at Theranos. He also realized the strain his actions had placed on his family and their values. The aftermath of Theranos tarnished Shultz’s reputation and raised questions about his judgment.
Personal Life and Real Estate Ventures
George Shultz was first married to Helena Maria O’Brien, a nurse, from 1946 until her passing in 1995. Together, they had five children. In 1997, Shultz married socialite Charlotte Mailliard Swig, who came from a wealthy real estate family. Their union brought together two influential families and created a dynamic social circle.
In terms of real estate, Shultz and his wife owned two penthouse apartments in San Francisco, totaling 10,400 square feet of living space. The couple utilized one apartment as their personal residence and the other as a guest house and entertainment area. In 2022, the estate sold both apartments for $29 million, marking the end of an era.
George Shultz’s net worth of $40 million reflects his accomplishments and experiences as a renowned economist, politician, and businessman. Despite the controversies surrounding his involvement with Theranos, Shultz’s contributions to American politics and his dedication to public service cannot be overlooked. While his legacy may be marked by both achievements and missteps, his impact on the political and business landscapes remains significant.