What is Mike Novogratz's net worth? Miley Cyrus performs at crypto billionaire's party
Fresh from her performance at Lollapalooza in Chicago, you'd think Miley Cyrus would jet off home to relax for a few days. Instead, the 'Party in the USA' star headed to the Hamptons for another performance. According to reports, Cyrus took to the stage in a red leotard for a gig at a private bash of crypto billionaire Mike Novogratz, hosted to a nautical theme. Novogratz wasn't shy about it either, posting snaps from the party on Instagram.
Despite the increasing wealth gap brought on by the pandemic, wealthy Americans seem to have little concern about flaunting their wealth in public. Over the last couple of months, we've reported on several lavish parties, that have taken place with scant regard for Covid-19 mitigation measures, as well as the millions of Americans dependent on federal aid. In fact, former president Barack Obama is reportedly planning a mega-bash for his 60th birthday, with 500 people invited to the mega event at Martha's Vineyards, Massachusetts. He isn't the only one.
Meghan Markle has reportedly roped in Oprah Winfrey's party planner Colin Cowie for her 40th birthday party at her $13m mansion in California. In July, Kanye West reportedly held a private party for select A-listers, giving them a sneak peek of his new album 'Donda'. So it's clear if you got the cash, you flaunt it. That brings us to Novogratz. Wondering just how much the financier is worth? We've got the answer.
What is Mike Novogratz's net worth?
Before we go ahead and reveal the number, here's a little bit of background for context. After a brief stint with the National Guard, Novogratz began his career with Goldman Sachs. From a bond salesman, he grew to become a hedge fund manager at Fortress Investments. In 2007, his hedge fund investments landed him on Forbes' billionaires' list. That success was short-lived though, as a year later the financial crisis wiped out most of his gains.
In 2013, Novogratz began investing in cryptocurrency and left Fortress in 2015 to go all-in. The move paid off handsomely as he returned to billionaire status a decade later. In 2017, he started a $500 million hedge fund to invest in cryptocurrencies and put in $150 million of his own money. In late 2015, he bought about $500,000 at less than a dollar. By 2017, he made about $250 million from that investment. That was reported to be "the biggest haul of any single trade in his career."
Now, that brings us to his current net worth. According to Bloomberg Billionaire's Index, he's worth over $3 billion and could be worth as much as $7 billion. By his own admission, 85% of that wealth comes solely from cryptocurrencies. He may not be the wealthiest person on the planet, but $3 billion gets you plenty. In 2006, he bought Robert De Niro’s Tribeca duplex for $12.25 million. He also dropped $18m for a private Gulfstream jet. So it should be of little surprise he was able to call Cyrus in to perform for his party.
It's unclear how much he paid, but we are sure it must have been a huge sum. She reportedly performed 'Party in the USA', 'Wrecking Ball,' and a cover of Sinead O’Connor’s version of 'Nothing Compares 2 U.' The tent where she performed was reportedly decked out with giant mermaids. However, the bash wasn't just for Novogratz to flaunt his wealth. Reportedly, it was being held to raise funds for Project Most, a nonprofit that helps with after-school and summer learning programs.