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A secretary bought three shares of her company’s stock for $60 per share in 1935.
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Grace Gruner reinvested her dividends for 75 years, and her stake swelled to $7.2 million.
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Her employer, Abbott, shared Gruner’s story in a recent website post.
A secretary paid $180 in 1935 for three shares of her employer’s stock. By the time she died in 2010, her investments had grown dramatically $7.2 million.
Abbott, a pharmaceutical company, paid tribute to the former employee of… Last post On its website.
“As we celebrate 101 years of dividends, we remember one of Abbott’s oldest investment success stories, the story of Grace Grunerwho worked as a secretary at Abbott for more than 40 years.
“In 1935, Groner bought three shares of Abbott stock for $60 each. She continually reinvested her profits and quietly amassed a fortune of $7.2 million. Groner died in 2010, at the age of 100, and only then did she receive millions Dollars – A dollar drug has been discovered.”
She gave her entire fortune to a foundation she created to support her alma mater, Lake Forest College. The funds were allocated to fund internships, international study, and service projects for students.
Gruner held her shares in Abbott for more than 75 years without selling any, despite several stock splits, and used her profits to boost her stake.
She was likely able to leave her nest eggs intact for so long due to her simple lifestyle. She lived in a one-bedroom house, bought her clothes at thrift stores, and did not own a car, the Chicago Tribune reported in 2010.
Its shares today are worth $28 million, excluding dividends, given that Abbott’s stock price has nearly quadrupled since 2010. The drugmaker’s market capitalization has risen to about $200 billion, meaning it now rivals Disney, PepsiCo, and Morgan Stanley in terms of Size.
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