Long before the cookbooks, magazines and TV kitchens, a young Barnard graduate was selling investments to clients in Manhattan.
In 1967, Martha Stewart joined the boutique brokerage firm Perlberg, Monness, Williams and Sidel, becoming one of the few women working as a broker at the time. Before that, she’d modeled through high school and college, landing TV spots for Clairol and being named one of Glamour’s best-dressed college girls in 1961.
She stayed in finance into the early 1970s, then left to spend more time with her daughter after the family moved to Westport, Connecticut.
What came next started at home. In the late 1970s, she launched a catering business, and her first book, Entertaining, became a bestseller in 1982. Her partnership with Kmart followed, and in 1991 she debuted Martha Stewart Livingmagazine.
By 1999, she’d folded her magazine, TV show and merchandise into Martha Stewart Living Omnimedia. When the company went public that October, shares jumped more than 95% on their first day of trading on the New York Stock Exchange, pushing her stake past $1 billion. That made her widely recognized as the first self-made woman billionaire in the U.S.
The fall was just as dramatic. In 2004, she was convicted in connection with her sale of ImClone Systems shares and served five months in a West Virginia prison, followed by house arrest.
She has opened up about that stretch on the new Masterclass podcast Other People’s Business. “I fell in a hole, and I lost about $1 billion,” she said in the trailer. She also recalled that her Kmart deal was once bringing in $65 million a year in royalties.
At 85, she’s still working. She still turns up as a judge on food competition shows, and now she has a podcast of her own, too.
The former broker, it turns out, knew a thing or two about building value.
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