Panera Founder Shaich Turns Billionaire After Cava’s 330% Gain
- He’s the largest individual shareholder in fast-casual chain
- No Labels co-founder says Biden’s ‘patriotic duty’ to retire
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Ron Shaich created Panera in the 1990s. He co-founded the No Labels political movement in 2010. But it’s his investment firm, appropriately named Act 3, that’s made him a billionaire.
Shaich’s stake in Cava Group Inc., a Mediterranean fast-casual chain whose shares have skyrocketed 330% since its initial public offering in June 2023, is worth $970 million, giving him a total fortune of about $1.6 billion, according to the Bloomberg Billionaires Index, which is calculating his net worth for the first time.