Who Owns Verizon? What does Verizon do? We will answer all the questions, starting with Who Owns Verizon Wireless & other details as we also go through the history of Verizon Wireless until now.
History Of Verizon
Verizon Wireless is one of the largest telecommunication companies in the world. It is an American multinational telecommunication company. Verizon Communications is a New York-based company incorporated in Delaware. Verizon Wireless was formed on June 30, 2000., with the merger of Bell Atlantic Corp., and GTE group.
Bell Atlantic was formed in 1984 after the discontinuation of AT&T Corporation's control of the Bell System. Before forming Verizon Communications Bell Atlantic's revenue in 1999 was more than $33 million making a record for the world's largest and most successful Wireless company.
GTE was also the largest telecommunication company with a revenue of $25 billion in 1999. It was the leading wireless company with 7.1 million wireless customers.
The merger of Bell Atlantic Corp., and GTE group has created the world's largest telecommunication company Verizon Communications.
Verizon Wireless was launched in April 2000, after Bell Atlantic and Vodafone AirTouch( now Vodafone Inc.,) had agreed to create a new wireless business with a single brand. Verizon holds 55% of the shares forming the majority control of Verizon Wireless and winning management control.
Who Owns Verizon Wireless
Hans Vestberg is the current CEO and Chairman of Verizon. He is a Swedish Businessman, he also worked as Executive Vice President of the company's network and technology team. He was appointed as CEO in August 2018 and chairman of Verizon's Board of Directors in 2019. Hans has transformed Verizon Wireless into the world's leading 5G technology in 2022.
Verizon Wireless has also acquired multiple organizations to expand its industry to progress in wireless and wireline technology. Verizon has joined New York Stock Exchange and many investors have come forward to invest in Verizon.
Also Read: Who Owns Apple
Verizon Wireless Investors
Here are the companies that have invested in Verizon shares -
The Vanguard Group: Nearly 7.26% of the stakes of Verizon are owned by The Vanguard Group., making it the largest shareholder of the company. The shares owned by the Vanguard Group in Verizon Wireless are 304, 591, and 267. Vanguard is the world's largest investment company, with over 30 million investors all over the world.
BlackRock Fund Advisors: BlackRock Inc, the world's biggest company, holds a 4.63% stake in Verizon with 194, 165, 095 shares of the company.
SSgA Funds Management, Inc.: Owning 170, 483, 451 shares of Verizon, SSgA has become top 3 investors of the company.
Along with the above three investors, Berkshire Hathway, Inc., Geode Capital Management, Northern Trust Investment, Inc., and many others have also invested in Verizon.
FAQS of Who Owns Verizon
What company is connected with Verizon?
Verizon is the merger of Bell Atlantic and GTE Corp. It started trading on NYSE(New York Stock Exchange) in June 2000.
Does AT&T own Verizon?
AT&T does not own Verizon. AT&T and Verizon both are different and are the largest cell phone providers in the world.
What companies does Verizon Own?
Yahoo, Straight Path Communications, LQD, Vessel, Sensity Systems, and FleeMatics are the few companies owned by Verizon Wireless.
Wrapping it Up:
So that's all we have in the article titled "Who Owns Verizon". As we see, the company has a long history of over two decades and Verizon clearly stands as the winner, i.e., the #1 telecom operator.
This post was published on June 6, 2023 7:23 AM