Jeffrey Sprecher, founder and CEO of Intercontinental Exchange (ICE), purchased a nearly bankrupt company called Continental Power Exchange from Warren Buffett's MidAmerican Energy Company for $1,000 in 1997. He used this acquisition as the foundation to build ICE, which now has a market capitalization of $85 billion and employs over 12,000 people. The company has also owned the New York Stock Exchange for over a decade. The article also briefly mentions Kenn Ricci, another entrepreneur who built wealth by acquiring a struggling aviation business. AI
RANK_REASON Significant business story about a major company's founding and growth from a small acquisition. [lever_c_demoted from significant: ic=1 ai=0.0]
- Continental Power Exchange
- Flexjet
- Intercontinental Exchange
- Jeffrey Sprecher
- Kenn Ricci
- MidAmerican Energy Company
- New York Stock Exchange
- Warren Buffett
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