Bernard “Bernie” Marcus, the billionaire co-founder of Home Depot and a prominent supporter of Donald Trump, has passed away at the age of 95, as announced by the company.
In a statement, Home Depot expressed its sorrow, highlighting Marcus as a “master merchant and a genius with customer service,” whose generosity and goodwill were unmatched. The firm stated, “The entire Home Depot family is deeply saddened by the death of our cofounder Bernie Marcus. We owe an immeasurable debt of gratitude to Bernie.”
Marcus founded Home Depot alongside Arthur Blank in 1978 in Atlanta. The company has since expanded to over 2,000 stores across the country and boasts a market valuation nearing $400 billion. His personal net worth was estimated at around $7.4 billion, according to the Bloomberg Billionaire Index.
Throughout his career, Marcus emerged as a significant financial supporter of the Republican Party, contributing millions to various campaigns, including Trump’s 2016 bid and additional support in subsequent elections. His donations totaled $7 million for Trump’s initial campaign, followed by nearly $8 million for Republican candidates during the 2018 midterms. By September of this year, he had already contributed more than $1 million for Trump’s campaign efforts.
In a 2022 conversation with the Financial Times, Marcus voiced his concerns about capitalism in the U.S., expressing fears about the growth of socialism and its impact on work ethics in the country.
Despite his contributions to the business world and his philanthropic efforts, Marcus faced backlash in 2019 due to his vocal support for Trump, leading to boycotts against Home Depot. The company aimed to separate itself from statements made by its retired cofounder during that period.
Marcus held the CEO position at Home Depot until 1997 and remained as the chair until 2002. He is survived by his wife, Billi, and their three children.
In summary, Bernie Marcus’ legacy encapsulates the rise of a retail empire and his vigorous engagement in political philanthropy, reflecting both the challenges and opportunities within American capitalism. His life’s work and commitment to philanthropy left a significant impact on both the business and social landscape in the U.S. His passing is a moment of reflection on the evolution of retail and the intertwined nature of business and politics in America, shining a light on the complexities of these sectors and their influence on society.