John Middleton made his fortune selling his family's storied tobacco business to Philip Morris' parent, Altria, in 2007 for $2.9 billion in cash. The original business, John Middleton Inc., was founded as a small retail tobacco shop in Philadelphia in 1856 by his great-great-grandfather. The company began manufacturing cigarettes in the 1950s and launched the Black & Mild cigar brand in 1980. Middleton bought out his relatives' stakes in the company in 2003 for about $200 million amid tobacco lawsuits that threatened to harm the business. Middleton has a nearly 50% stake in the Philadelphia Phillies baseball team. Bachelor of Arts/Science, Amherst College Master of Business Administration, Harvard University