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99.95% of the value came later
Walt built the company from age 21 until his death. In 1966, Warren Buffett's partnership bought Disney stock when its market cap was under $90 million. The company was earning $21 million before taxes and had more cash than debt. Buffett later sold it.
Walt never accumulated wealth, because he kept putting it back in. In 1956, his wife Lillian remarked that she had always worried and had never felt secure, since Walt kept telling the family how wealthy they were when they had nothing in hand. His money was tied up in the company's value, which he kept re-betting. To fund his $250,000 stake in Disneyland, he sold his Palm Springs vacation house, borrowed $100,000 against his life insurance, and took on a personal loan.
What drove Disney's growth after 1966?
Walt Disney World opened in 1971. Michael Eisner and Frank Wells took over in 1984, and animated hits like The Little Mermaid and The Lion King followed. Disney bought Pixar in 2006, Marvel in 2009, and Lucasfilm in 2012. Each deal added franchises that could feed parks, shows, and merchandise.
How did parks spread beyond California?
Walt Disney World in Florida opened in 1971. Tokyo Disneyland opened in 1983 and was the first Disney park outside the United States. It is owned and operated by the Oriental Land Company under license from Disney. Later parks followed in Paris, Hong Kong, and Shanghai.
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