Jeffrey Sprecher turned a $1,000 buyout into a $85 billion exchange empire

Jeffrey Sprecher recounted that in the late 1990s he saw an opportunity when Warren Buffett’s MidAmerican Energy-owned Continental Power Exchange was on the brink of collapse despite a $35 million infusion. He bought the company for a dollar a share, paying $1,000 for the thousand shares, and used that foothold to launch Intercontinental Exchange in 2000 with a nine-person staff in Atlanta. During the early years he performed basic tasks such as taking out the trash, answering phones and buying office supplies while residing in a 500-square-foot studio and driving a used car.

The venture grew rapidly, eventually acquiring the New York Stock Exchange and reaching a market capitalization of $85 billion with a workforce exceeding 12,000. Sprecher’s net worth now stands at $1.2 billion. The article also cites other entrepreneurs like Kenn Ricci and Martin Mignot who turned modest early investments into multibillion-dollar fortunes.