Andrew Murstein Net Worth - Wealth Of The President Of Medallion Corp.
Co-creator and current head of Medallion Financial Corp, which provides capital for taxi companies. To learn more about Andrew Murstein and his net worth, read this article.
James K.Dec 05, 202216 Shares393 Views
Medallion Financial Corp., an investment firm trading on the Nasdaq under the ticker MFIN, was founded by Andrew Mead Murstein, who also serves as the company's president, board member, and largest shareholder (changed from TAXI on May 11, 2016).
MFIN and its forerunners have put over $5 billion into businesses across the United States. Over the past decade, MFIN has returned an average of 21% annually, dividends included. Governor Andrew Cuomo appointed him to the Javits Center Board in 2013.
Andrew Mead Murstein was born to Alvin and Aileen Murstein in Roslyn, New York. Leon Murstein, whose family is from Germany, moved from Argentina to the United States, got a job as a taxi driver in New York, and paid $10 for one of the city's first taxi medallions in 1937.
The family then bought hundreds of medallions for as little as $10 each. At their most expensive, medallions cost over $1,300,000 each, but they now sell for about $850,000 each. Most of Murstein's medallions were sold in 2012 and 2013 before Uber and Lyft changed the prices of taxi medallions.
Murstein is married to Barbara Lynn Rudnick, and they live in New York City with their two children, Kimberly and Matthew.
Murstein is a big sports fan and is often seen at his table at the very exclusive Rao's Restaurant, where he often eats with Academy Award winner Leonardo DiCaprio and Hall of Fame baseball player Hank Aaron, or in the front row at Madison Square Garden and Yankee Stadium, often with other big names.
Murstein is also said to have given his son an amazing bar mitzvah party in 2015. Guests included Governor Andrew Cuomo, Hank Aaron, and Nicki Minaj, who performed for an hour.
Murstein entered taxicabs early. His father, hired by his grandpa in his Queens-based taxi business, took young Andrew to the taxi garage to collect medallion rentals from taxi drivers at the end of their shifts. Murstein learned not to accept drivers' excuses, such as a baby being delivered in the cab.
Andrew's father and grandparents possessed almost 500 medallions. In the 1970s, no banks would finance their sale, so they started lending. Immigrants were too hazardous for banks to lend. They didn't understand immigrants or taxi medallions. Medallion has lent almost $3 billion to taxis without a loss.
The Mursteins created Medallion Funding Corp. in 1979 to lend taxi medallions. Medallion Funding returned over 20% annually.
After graduating from Tufts University and New York University, Andrew Murstein worked on Wall Street for several years, including at Salomon Brothers, where he learned about equity funding. Medallion Funding went public after he joined full-time in 1990.
Murstein successfully listed Medallion Financial Corp., the parent company of Medallion Funding, on the Nasdaq under the symbol MFIN in 1996. The industry leader has sponsored thousands more in Newark, Cambridge, Philadelphia, Chicago, Boston, and New York City. Taxi loans are just one aspect.
The corporation founded or acquired successful businesses that lent to dry cleaners, convenience stores, manufacturers, distributors, and ultimately public companies.
Murstein spent $1 million in a taxi-top advertising business in 1994. See Level Advertising was acquired in 1996, enhancing Medallion Taxi Media. Murstein sold Medallion Taxi Media to Clear Channel for $35 million in 2004. Medallion Financial Corp. founded Medallion Bank during this period to fund its projects.
Murstein, Hank Aaron, Mario Cuomo, and Jack Kemp, now deceased, founded a special-purpose acquisition company (SPAC) in 2008 to buy a professional sports team. The SPAC bid for the Chicago Cubs and other sports properties, but none had the ideal blend of profit potential and risk avoidance.
Later that year, Murstein formed and officially filed a security SPAC with a board of directorsthat included former FBI director Louis Freeh and initial Homeland Security Director and former Pennsylvania Governor Tom Ridge.
Richard Petty Motorsports, a NASCAR legend, sold its racing assets to Medallion Financial Corp. and Douglas G. Bergeron on November 8, 2010. Medallion owns the team most.
Murstein, Richard Mack, and Jim Brown bought the Major League Lacrosse Long Island Lizards in 2012 and renamed them the New York Lizards. Hofstra University, on Long Island, won the MLL championship for the third time in 2015.
Medallion manages $1.6 billion and delivers 13% dividends under Murstein. Since becoming public, shareholders have received nearly $250,000,000 in dividends.
Between 2021 and 2022, Andrew M. Murstein's net worth grew in a big way. Andrew M. Murstein's main source of income is from being a good President. He is from the United States because he is a citizen.
As of 2022, Andrew Murstein was thought to have a net worth of at least $4.8 million. Andrew had more than 5,000 shares of Medallion stock, which were worth more than $1,685,079 at the time.
In his role as President and Chief Operating Officer at Medallion, he also made $3,113,020. This estimate of his net worth was made in 2017, so by 2022, we could say that it has grown to more than $5 million or even up to $10 million.
Andrew has been trading Medallion stock since 2016. On March 16, 2017, he bought 5,000 units for $10,650, which was his last trade. On August 11, 2016, he bought 10,000 units worth more than $54,900, which was his biggest trade to date.
Andrew Murstein's total pay at Medallion is $3,113,020. He is the President and Chief Operating Officer of Medallion, so he gets paid for both of those jobs. There are no higher-paid executives at Medallion.
Medallion Financial Corp. is a finance company that makes and takes care of loans for many different types of businesses. Its wholly owned subsidiary, Medallion Bank, also makes and takes care of loans for consumers. Since it went public for the first time in 1996, Medallion Financial Corp. has given out more than $9 billion in loans.