Deals
Schwab’s Deal to Buy TD Ameritrade Boosts Billionaire Founders
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Charles Schwab Corp.’s plan to buy TD Ameritrade Holding Corp. for $26 billion is proving a boon for the fortunes anchored by two of America’s biggest brokerages.
TD Ameritrade founder Joe Ricketts is set to add $400 million to his $2.4 billion net worth after his firm’s shares rose 21% in Thursday. Charles Schwab’s $8.8 billion fortune will increase by about $500 million based on his company’s gains. The deal is worse news for Thomas Peterffy, chairman of rival Interactive Brokers Group Inc., whose net worth was down about $100 million at 11:50 a.m. in New York.