$1.45M left to reach WDET’s $2 million goal.
 
Hundreds of listeners have helped secure WDET with a gift! WDET must raise the balance of $2 million by September 30. 
Make your gift today›

 

Heard on Detroit Today with Stephen Henderson

Quicken Loans Goes Public In Watershed Moment for Dan Gilbert

post thumbnail image

Image credit: Jake Neher/WDET

The deal is expected to infuse the reorganized Rocket Companies Inc. with tons of cash and signifies it’s diversification into new business lines.

Tweet This

Dan Gilbert’s mortgage giant Quicken Loans is going public.

This is clearly a watershed moment in the making of a billionaire.” — Chad Livengood, Crain’s Detroit Business

The corporation is now called Rocket Companies Inc., the culmination of a years-long rebranding campaign leading up to the move to go public. The deal has the potential to put a substantial sum of money in Chairman Dan Gilbert’s pocket, something many are hoping converts to more intentional investment in the city of Detroit.

Listen: How will Quicken Loans’ going public impact Detroit? 


Dan GilbertDawn Uhl-Zifilippo/WDET
Dawn Uhl-Zifilippo/WDET

Dan Gilbert

Guests

Chad Livengood, senior editor at Crain’s Detroit Business, says Quicken Loans’ move to go public is indicative of the company’s expansion beyond the mortgage industry.

According to Livengood, internal shuffling is pointing toward the creation of various arms inside the company, including real estate. 

This is clearly a watershed moment in the making of a billionaire,” says Livengood.

Kirk Pinho, real estate reporter for Crain’s Detroit Business, says the board is stacked with close confidants of Gilbert, with no independent members. He says the parameters of the public deal has the potential for Gilbert to amass a substantial sum of money.

He’s going to have a lot of money to play with. It’s just the way that he chooses to spend it,” says Pinho.

On the question of how the deal will impact the city of Detroit, Pinho says that the company’s move to go public has potential to boost the city’s real estate market, but may also price many out of living in the city, furthering the issue of gentrification.

Trusted, accurate, up-to-date

WDET is here to keep you informed on essential information, news and resources related to COVID-19.

This is a stressful, insecure time for many. So it’s more important than ever for you, our listeners and readers, who are able to donate to keep supporting WDET’s mission. Please make a gift today.


Donate today »

Detroit Today

Dynamic and diverse voices. News, politics, community and the issues that define our region. Hosted by Pulitzer Prize-winning journalist Stephen Henderson, Detroit Today brings you fresh and perceptive views weekdays at 9 am and 7 pm.

detroittoday@wdet.org

Stay connected to Detroit