Hobby Lobby CEO: Won't See A Penny of $4.6 Billion Dollar Biz
Hobby Lobby CEO David Green is thankful for his billion dollar business but says wealth isn’t just about money—it’s about values.
“Our focus is in our people, our focus is on family,” he told the FOX Business Network’s Neil Cavuto while discussing his new book ‘Giving It All Away... And Getting It All Back Again.’
The biblical billionaire, who was listed by Forbes as one of the 400 richest Americans in 2012, said he’s also trying to hand down these values to his kids and grandkids.
“We see the business as a tree that’s owned by God and we get the fruits, so we see ourselves only as the stewards. So, we’ve all signed off that we will not get one penny from the asset or the value of the tree,” he said, adding that income generated is “ploughed back in to grow the company.”
The $4.6 billion family-owned arts and crafts company is best known for the Supreme Court’s landmark ruling in Burwell v. Hobby Lobby. Citing religious objections, Green and his wife Barbara disputed the Affordable Care Act’s contraceptive mandate, which required companies to provide contraceptive coverage to employees through their insurance plans. The Court ruled 5-4 in favor of Hobby Lobby.
“We couldn’t see ourselves paying for those drugs [that could take life] and so we had to go against our government—we didn’t want to, but they were going to charge us based on the number of employees we had-- $1.3 million dollars a day,” he said.
He added, “We are hoping that we see more religious liberties because they are eroding and so hopefully this is not a fluke. Of course, that’s why we are happy we have a new Supreme Court Justice that we think will be on the side of religious liberties.”