Bill Gates Takes Stake In Newport News Shipbuilding
Monday, February 21, 2000
It was reported that Microsoft Chairman Bill Gate has purchased an approximate $68.9 million stake – roughly eight percent – of Newport News Shipbuilding. Gates is thought to be the world’s richest man with an estimated fortune in excess of $100B. The purchase would make him one of the shipyard’s largest stockholders. Newport News is the only shipyard in the U.S. capable of building nuclear powered aircraft carriers, and with two miles of waterfront in Virginia boasts the largest ship construction facility in the Western Hemisphere. Newport News Shipbuilding has been the centerpiece of several unsuccessful defense industry consolidation moves in the past year from industry giants General Dynamics and Litton Industries.