8. Dick Wolf: DigiPath
Net Worth: $350 Million
Dick Wolf is best known for creating the “Law & Order” series of shows. In 2014, the writer and producer invested $1.5 million in DigiPath, a Las Vegas company that provides marijuana testing and education services. The investment gave him the right to purchase DigiPath for 2 cents a share. Wolf would have invested more if not for an investment cap imposed by the company’s backer, financier David Weiner, according to the New York Post.
Weiner has a reputation for dicey penny stock deals, reported Bloomberg. When Wolf invested in DigiPath, the company was losing money. A day after Wolf’s investment, concerns about stock manipulation caused a halt to trading of GrowLife, another money-losing company Weiner backed.
Surprisingly, these details didn’t shake Wolf’s confidence. He did not appear too alarmed when DigiPath’s stock surged to $2.65, and then plunged to around 8 cents. Rather than sell, Wolf held on, according to the Post.
Currently, DigiPath is trading at around 20 cents a share. However, chief operating officer Todd Denkin believes that the recent passage of recreational cannabis use in Nevada will send the company stock skyrocketing.