Pakistani-American man emerges as 66th richest man in Forbes list

A Pakistani-American, Shahid Khan, has emerged as the 66th richest man in the United States in 2020, with a total worth of $7.8 billion. Shahid, an engineer by trade, owns the NFL’s Jacksonville Jaguars, and UK’s Fulham football club. He is a major financial backer of Black News Channel, a 24-hour cable news channel, which launched in February 2020.

Shahid Khan immigrated to the US at age 16 with $500 and a plane ticket. In 1980, he bought auto parts supplier Flex-N-Gate from his former employer.

His design for a one-piece truck bumper was the basis for his success; the company now has 64 plants worldwide and over 24,000 employees. Khan made his first billion at Flex-N-Gate.

In 2019, Khan launched All Elite Wrestling with his son; it aired its first weekly show in October 2019 and inked a four-year contract extension with WarnerMedia in January 2020.

Amazon founder and CEO Jeff Bezos is number one for the third year in a row, followed by Microsoft founder Bill Gates at number two.

Source: Dawn