Steve Ells is a pioneer in the fast-casual dining industry. He is most famously known for co-founding Chipotle, the renown Mexican grill restaurant chain. With over 2,800 locations worldwide and a steady stream of loyal customers, it’s easy to imagine that Ells has amassed a sizeable fortune over the years. But just how much is Steve Ells worth? In this post, we’ll uncover the net worth of this fast-casual pioneer.
Early Life and Career
Steve Ells was born in Indianapolis, Indiana in 1965. In 1987, he graduated from the University of Colorado with a degree in Art History and went on to study at the Culinary Institute of America in Hyde Park, New York. After graduation, he worked in various restaurants in San Francisco and New York City, refining his culinary skills.
The Birth of Chipotle
In 1993, Ells opened the first Chipotle restaurant in Denver, Colorado. It was an instant hit, serving fresh, affordable Mexican cuisine in a quick-service format. By 1998, Chipotle had opened 16 locations and caught the attention of McDonald’s, which invested in the company. This enabled Chipotle to expand even further, and by 2006, the company went public.
Ells’ Net Worth
As of 2021, Steve Ells’ net worth is estimated to be $500 million. This puts him in the top 1% of the wealthiest people in the country. The bulk of his fortune comes from his stake in Chipotle, which is currently valued at over $15 billion.
Philanthropic Efforts
In addition to his successful business ventures, Ells is also known for his philanthropic efforts. He founded the Chipotle Cultivate Foundation in 2011, which provides funding to organizations committed to improving the agriculture industry. The foundation has donated over $7 million to date.
Controversies
Despite Chipotle’s success, the company has also faced its share of controversies. In 2015, an E. coli outbreak affected over 50 Chipotle locations, leading to a decline in sales and stock prices. The company also faced criticism for underpaying its workers and for its ecological impact due to the production of beef and guacamole.
Recent Successes
Despite these setbacks, Chipotle has remained popular with its customers. In fact, during the COVID-19 pandemic, the company saw a surge in digital orders and delivery sales, leading to an increase in revenue.
Future Plans
Steve Ells stepped down as CEO of Chipotle in 2018 but remains on the board of directors. The company plans to continue expanding, with a goal of opening 200 new locations annually.
In conclusion, it’s clear that Steve Ells has built an impressive empire through his work with Chipotle. His net worth is a testament to his success, and his philanthropic efforts demonstrate his commitment to improving the world around him.
FAQs:
1. What is Steve Ells’ net worth?
Steve Ells’ net worth is estimated at $500 million.
2. What is the Chipotle Cultivate Foundation?
The Chipotle Cultivate Foundation provides funding to organizations committed to improving the agriculture industry.
3. What was the E. coli outbreak at Chipotle?
In 2015, over 50 Chipotle locations were affected by an E. coli outbreak, leading to a decline in sales and stock prices.
4. Why was Chipotle criticized?
Chipotle faced criticism for underpaying its workers and for its ecological impact due to the production of beef and guacamole.
5. What are Chipotle’s future plans?
Chipotle plans to continue expanding, with a goal of opening 200 new locations annually.