Gene Haas: From Machinist to Multi-Millionaire
Gene Haas, born in 1952, is an American entrepreneur with a net worth of $250 million. After graduating from California State University Northridge with a degree in accounting and finance, Haas worked as a machinist and CNC programmer. In 1978, he founded Pro-turn Engineering, a small machine shop, and developed an indexer with a stepper motor drive. He then formed Haas Automation to mass-produce the product, which was patented in 1986 as the HBI-5C.
Haas Automation is now the largest machine tool manufacturer in the U.S., with sales just under $1 billion in 2008. Haas also founded NASCAR team Haas CNC Racing, now known as Stewart-Haas Racing, and Formula One team Haas Formula. He formed the Gene Haas Foundation in 1999 to support local charities.
However, Haas also faced legal troubles. In 2006, he was arrested by the IRS for filing false tax returns, conspiracy, and witness intimidation. He served 16 months in prison and was ordered to pay $75 million in restitution.
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