The American lawyer, entrepreneur, and philanthropist David Mark Rubenstein came into this world on August 11, 1949. He has a background in public service and is now a co-chairman and co-founder of the Washington, D.C.-based private equity firm The Carlyle Group.
David Rubenstein Net Worth
One American business magnate with a net worth of $3 billion is David Rubenstein. He now ranks among Maryland’s wealthiest residents. David Rubenstein became a lawyer after attending Duke University and the University of Chicago Law School; he was born in Baltimore, Maryland. Mr. Rubenstein co-founded the Carlyle Group after a long career as an attorney and counselor on domestic policy under Jimmy Carter.
With the help of Mr. Rubenstein’s political ties, the company expanded into a huge private equity firm. Mr. Rubenstein and the Carlyle Group bought defense-related businesses, made a profit by selling them, and used suggestions from friends on Capitol Hill and abroad, such as former President George Bush and former Prime Minister John Majors.
Presently, the Group oversees investments totaling approximately $148 million. The company went public in 2011’s autumn. Mr. Rubenstein is actively involved with various non-profit organizations, including the Lincoln and Kennedy Centers, in addition to his work with the Carlyle Group.
David Rubenstein Early Life and Schooling
Living in a modest, low-income neighborhood in Baltimore, Maryland, Rubenstein was an only kid. His father was a postman who rarely earned more than $7,000 per year; his mother stayed at home to raise him.
Even though Rubenstein’s mom intended him to go into dentistry, he decided at the age of twelve, after seeing President John F. Kennedy’s inauguration, that he wanted to be a public servant. According to him, the well-known words spoken by Kennedy at the historic event—”Ask not what your country can do for you, ask what you can do for your country”—immediately resonated with him.
Rubenstein relied on scholarships to fund his undergraduate education due to his family’s modest finances. A Juris Doctor degree would have cost about $2,000 back then. With the intention of attending the school offering the largest scholarship, he applied to other institutions for financial aid. With the help of several scholarships, Rubenstein was able to attend law school at the University of Chicago. His graduation year was 1973.
What is David Rubenstein’s Creer History?
Working for the New York City legal firm Paul, Weiss, Rifkind, Wharton & Garrison was David Rubenstein’s first job out of law school. In a subsequent role, he advised President Jimmy Carter on domestic affairs. That was before going back into private practice as a partner at Shaw, Pittman, Potts & Trowbridge, a law firm.
A private equity business that focuses on growth capital investments and leveraged buyouts, the Carlyle Group was co-founded by Rubenstein in 1987. Before becoming co-chief executive officer in 2012, he was the firm’s managing director from 1997 to 2012. At now, he holds the position of co-executive chairman at the company.
Numerous high-profile agreements have included Rubenstein over his career. Among these transactions is the purchase of Hertz Corporation and United Defense Industries, both of which are involved in the defense industry. His charitable contributions, especially to organizations that promote culture and education, have brought him widespread renown.
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