Blackstone executives Baratta and Chae become billionaires

Blackstone, a major Wall Street firm managing over $1 trillion in assets, has seen two of its executives, Joseph Baratta and Michael Chae, become billionaires. Their fortunes, each exceeding $1 billion, reflect the firm's significant growth and rising share prices. Baratta and Chae's wealth comes from their long tenure at Blackstone, where they played key roles in its expansion. Their combined earnings over the past decade exceed $500 million, aided by compensation plans that increased their equity stakes in the firm. Blackstone has created over $60 billion in wealth for its executives since going public in 2007. The firm has outperformed the S&P 500 Index significantly, with Baratta and Chae now leading a new generation of wealthy executives at the company.