Wall Street’s Most Connected Black Woman Has An Ingenious Idea To Narrow The Wealth Gap by WallStManeet HankTucker13
public schools in 1980, Mellody Hobson was mortified by the snaggletooth that protruded when she smiled. It simply didn’t fit the future she envisioned for herself.
The idea: Ariel would form a private equity fund to invest in middle-market companies and provide them the capital—and, more crucially, the Like so much else the 53-year-old Hobson has done during her one-of-a-kind career, the Project Black memo was neither off-the-cuff nor a solo production. Instead, it was built on years of relentless hard work, analysis and networking. After the May 2020 murder of Floyd by a Minneapolis policeman, Hobson organized Sunday Zoom calls with a cadre of top Black business executives to brainstorm ways that capitalists could narrow the racial wealth gap—and make a profit.
Hobson had been accepted to both Harvard and Princeton and was set on Harvard until she attended a Princeton recruitment dinner, organized by Rogers, at the Chicago Yacht Club. Venture capitalist Richard Missner sat down beside her and declared that he intended to change bothher to a breakfast for one of his Princeton classmates—then-U.S. Senator and former New York Knicks star Bill Bradley—seating her next to the guest of honor.
Schultz introduced Hobson to DreamWorks Animation CEO Jeffrey Katzenberg, who in turn recruited her for his board. Hobson became chair of DreamWorks in 2012 and in 2016 negotiated its sale for $3.8 billion across from Comcast CEO Brian Roberts, a famously tough bargainer. “She had never bought or sold a company before, but you would have thought she had been doing this her whole life,” Katzenberg marvels.creator George Lucas at an Aspen, Colorado, business conference in 2006.
For me, it’s always so exciting to see someone like her, in that position, to be so confident to have that aplomb when she walks into a room.”important to Hobson than her apprenticeship-turned-partnership with Ariel founder John W. Rogers Jr. The 64-year-old Rogers grew up in a different world: His father was a Tuskegee Airman and a judge.
Wall Street firms for a job after graduating from Princeton in 1991. But she joined tiny Ariel instead. Rather than being a small cog in a huge machine, she wanted to start her career in the room where decisions were made.
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