Erik Prince, an American businessman and former US Navy SEAL, boasts an impressive net worth of $2 billion. His wealth stems primarily from his role as the founder and owner of military company XE, also known as Blackwater Worldwide. Prince’s fortune is also heavily influenced by the automotive accessory empire started by his father. Despite stepping down as head of Blackwater in 2009 amid significant controversy, Prince’s financial success has been considerable.
How did Erik Prince start his career?
Born on June 6, 1969, in Holland, Michigan, Erik Dean Prince grew up in a business-oriented family. His father, Edgar Prince, was a successful businessman and engineer who laid a strong entrepreneurial foundation for Erik and his siblings, including Betsy DeVos, the future United States Secretary of Education. Prince attended Holland Christian High School and later the United States Naval Academy, although he dropped out after three semesters to enroll at Hillsdale College, where he earned a BA degree in economics in 1992.
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What inspired Prince to found Blackwater Worldwide?
In 1997, Erik Prince moved to Virginia Beach and founded Blackwater Worldwide, which he financed himself. His inspiration for founding the company came from witnessing the atrocities of the 1994 Rwandan genocide. Prince envisioned Blackwater as a training facility for special operations, and purchased 6,000 acres of land in North Carolina’s Great Dismal Swamp to build a state-of-the-art training school. Blackwater quickly became the world’s largest private military company, securing more than $1.6 billion in federal contracts and more than $600 million in classified CIA contracts by 2007.
What were the controversies surrounding Blackwater?
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Blackwater Worldwide gained notoriety for its involvement in the Iraq War, particularly the Nisour Square massacre in September 2007, where Blackwater employees murdered 17 Iraqi civilians. The incident led to widespread criticism and legal repercussions, including the conviction of three Blackwater guards of murder and another of manslaughter in 2014. Despite the controversies, Blackwater continued to receive significant contracts, including a $120 million Department of State security contract in 2010 and a $100 million CIA contract.
How did Erik Prince’s career develop after he left Blackwater?
After stepping down from Blackwater in 2009, Erik Prince sold the company to a group of investors in 2010, who later renamed it Academi. Prince then moved to Abu Dhabi, UAE in 2010, where he was appointed by the Crown Prince to form an 800-member battalion of foreign troops. He also initiated training programs for Somali forces to combat piracy in the Gulf of Aden. Prince later served as chairman of logistics and transport company Frontier Services Group Ltd. and led the private equity firm Frontier Resources Group.
What was Prince’s involvement in the Trump campaign?
Erik Prince’s ties to the Trump campaign attracted considerable attention. In August 2016, he attended a meeting with Donald Trump Jr., Joel Zamel, and George Nader at Trump Tower to discuss Iran policy. In January 2017, Prince attended a meeting in the Seychelles, reportedly to establish a back-channel line of communication between Moscow and President-elect Donald Trump. Although Prince testified that he did not represent the Trump transition and denied any back-channel involvement, evidence emerged contradicting his claims. This led to a criminal referral to the Justice Department and an investigation into Prince’s testimony.
What is known about Eric Prince’s personal life?
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Erik Prince’s personal life has also attracted public interest. He married Joan Nicole in 1991, with whom he had four children, she died of cancer in 2003. Prince later married Joanna Hawk in 2004, with whom he had three children, divorcing in 2012. He is now married to former Blackwater spokeswoman Stacey Deluc. Prince, who has been Catholic since 1992, has been a significant donor to various Republican politicians and causes, including substantial contributions to Donald Trump’s 2016 presidential campaign.
What are Prince’s contributions to philanthropy and conservative causes?
Erik Prince has been actively involved in philanthropy through the Prince Foundation, established by his parents in 1979, and the Freiheit Foundation, established in the 1990s. Both foundations support conservative Christian causes, reflecting Prince’s strong personal and religious beliefs. His financial contributions and philanthropic efforts have played a significant role in promoting conservative values and initiatives.
Erik Prince’s journey from a young entrepreneur to a controversial figure in private military contracting and political circles underscores the complex intertwining of business, politics, and personal ambition. His story continues to unfold, featuring both significant accomplishments and ongoing scrutiny.
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Category: Net worth