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What is Raj Rajaratnam Net Worth 2023: Overview, Interview

What is Ra Rajaratnam Net Worth 2023 Overview, Interview

Rajakumaran Rajaratnam is a Sri Lankan-American former hedge fund manager and founder of the Galleon Group, a New York-based hedge fund management firm. On October 16, 2009, he was arrested by the FBI for insider trading, which also caused the Galleon Group to fold and later was sentenced to 11 years in prison.

In this post, let’s find out what was Raj Rajaratnam net worth when he was arrested and how he built up his own career.

What is Raj Rajaratnam’s Net Worth and Salary 2023?

What is Raj Rajaratnam’s Net Worth and Salary 2023

Raj Rajaratnam, the billionaire founder of the Galleon Group, had to spend millions on legal expenses, leaving him with a net worth of $1.3 billion.

Raj Rajaratnam Overview

Raj Rajaratnam Overview

Early life

Rajaratnam is an ethnic Sri Lankan Tamil born into wealth in Colombo in what was then the Dominion of Ceylon. His father, J. M. Rajaratnam, was the head of the Singer Sewing Machine Co. in South Asia. Rajaratnam attended S. Thomas’ Preparatory School, Kollupitiya before his family migrated to England.

Rajaratnam’s family emigrated to England in 1971 to escape the ethnic violence against Tamils in Sri Lanka. Rajaratnam attended Dulwich College in London and later studied engineering at the University of Sussex. He earned an M.B.A. from the Wharton School of the University of Pennsylvania in 1983.

Career

Rajaratnam’s career began as a lending officer at Chase Manhattan Bank, where he specialized in business loans to technology companies. In 1985, he joined the investment banking boutique Needham & Co. as an analyst, where he focused on the consumer electronics industry.

He rapidly rose through the ranks, becoming the youngest president in the company’s history at the age of 34. At the company’s behest, he started a hedge fund—the Needham Emerging Growth Partnership—which was later bought and renamed the Galleon Group.

Rajaratnam’s hedge fund was valued at $3.7 billion in 2009, a decline from a peak of $7 billion in 2008. According to a 2009 investor letter, his $1.2 billion Diversified Fund had a net annualized return of 22.3 percent. Rajaratnam, who has been featured among the elite US money managers in a book called The New Investment Superstars, has been accused of insider trading.

He said his best ideas came from frequent visits with the companies he invested in and from conversations with executives who invested in his fund.

Rajaratnam’s arrest led to requests from Galleon’s investors to withdraw a total of $1.3 billion, resulting in the fund’s closure. In an October 21, 2009 letter to employees and investors, Rajaratnam announced his intention to wind down all Galleon Group funds. Investors received their initial investment plus profits in full by January 2010.

Contributions to charitable and political organizations

Rajaratnam teamed up with other private donors to fund mine detection dogs for humanitarian demining war-affected areas in Sri Lanka, in partnership with the US State Department.

He thought back to his visits to the mine-impacted areas of Sri Lanka and underscored the humanitarian toll that mines have taken. Recalling his encounter with a young child in Kilinochchi who had lost both legs to a land mine, Rajaratnam stated that this particular image that is etched in his memory “made it an easy decision to write the check.”

He Rajaratnam was in Sri Lanka when the 2004 Asian Tsunami hit and donated $5,000,000 to for the construction of 400 new homes for the island’s various ethnic groups – Sinhalese and Tamils.

Rajaratnam contributed $3.5 million to the Tamils Rehabilitation Organisation (TRO), a group with close ties to the Tamil Tigers (LTTE). TRO’s offices were raided by the FBI in 2006, but the organisation was never charged with any wrongdoing.

The chief investigations officer at the Sri Lankan central bank found that Mr. Rajaratnam’s donations were made in good faith and were not in violation of any U.S. or Sri Lankan laws at the time they were made. The Sri Lankan justice ministry has acknowledged Mr. Rajaratnam’s generous contribution of millions of dollars towards rehabilitating child soldiers conscripted by the Tamil Tigers. We are truly grateful for his compassion and support.

The Sri Lankan government has stated that Rajaratnam had contributed to the Sri Lankan Civil War for several years with millions of dollars and that, as a consequence, he is under investigation in Sri Lanka. However, the senior military official could not give specific details about the contributions to the LTTE. Rajaratnam had recently pledged a $1 million contribution to rehabilitate former LTTE combatants.

The Federal Election Commission reports that Rajaratnam has made over $118,000 in political contributions in five years. He has contributed to the Democratic National Committee and various campaigns on behalf of Barack Obama, Hillary Clinton, Chuck Schumer, and Bob Menendez.

Why is Raj Rajaratnam famous?

Why is Raj Rajaratnam famous

Raj Rajaratnam is a world-renowned businessman, best known for his role as co-founder and general manager of Galleon Group, a global hedge fund. He has also been known for his close ties to prominent politicians and businessmen in the United States and around the world.

FAQs about Raj Rajaratnam

Who is Raj Rajaratnam?

Raj Rajaratnam is a Sri Lankan-born American businessman and co-founder of Galleon Group, a global hedge fund.

What is Raj Rajaratnam’s ethnicity?

Raj Rajaratnam is of Sri Lankan descent.

How did Raj Rajaratnam get caught?

Unbeknownst to Rajaratnam, though, federal agents tapped his phone and the Wall Street titan was ultimately found guilty of perpetuating one of the largest cases of insider trading in history.

When did Raj Rajaratnam get released?

Rajaratnam served seven and half years in prison of an 11-year sentence and was released in the summer of 2019

Conclusion

In conclusion, Raj Rajaratnam was a very successful entrepreneur and investor with a fortune of $1.4 billion before being arrested. He is the founder of the Galleon Group, a hedge fund management company. He is also a philanthropist, and has donated millions of dollars to various charities.

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