Steve Ells, the visionary chef behind Chipotle, has officially joined the billionaire ranks, marking a significant milestone in the fast-casual dining industry. According to Forbes, Ells, who founded Chipotle in 1993, now boasts a net worth of $1 billion, making him one of the 288 new additions to the World’s Billionaires list this year.
Ells, a classically trained chef, opened the first Chipotle restaurant in a former ice cream shop near the University of Denver with the hopes of funding a fine-dining restaurant. However, his fast-casual concept quickly took off, leading to a revolution in the restaurant industry. What started as a single store with a limited menu has since expanded into a global brand, with over 3,700 locations worldwide and annual sales exceeding $11.3 billion.
The McDonald’s Factor
One of the most intriguing aspects of Ells’ financial journey is his early partnership with McDonald’s. In 1998, the fast-food giant invested in Chipotle, helping it expand from 16 to nearly 500 locations. By the time Chipotle went public in 2006, McDonald’s owned 91% of the company, while Ells retained less than 4%, a stake worth just $44 million at the time. As Chipotle’s stock surged, Ells consistently sold shares, leading Forbes to once speculate that he “may never be” a billionaire.
A Slow Climb to Billionaire Status
Despite his early sell-offs, Ells benefited from Chipotle’s executive compensation plan, which rewarded him with additional stock as the company grew. By 2020, when he stepped down from the board, he had accumulated an estimated $300 million (pretax) from stock sales and still owned about 1% of the company—now worth over $170 million. Chipotle’s stock has since soared another 250%, ultimately pushing Ells into the billionaire club.
Beyond Chipotle: The Future of Fast-Casual Dining
Since leaving Chipotle, Ells has continued to innovate. In 2023, he launched Kernel, a vegan fast-casual restaurant that incorporated robotic food preparation. However, after an underwhelming reception, he pivoted to a new concept, Counter Service, which focuses on high-quality sandwiches and aims to capture the next wave of dining trends.
While Ells downplays his financial success, his impact on the restaurant industry is undeniable. From changing the way people perceive fast food to setting new standards for quality and sustainability, he has solidified his place not only as a billionaire but as a pioneer in modern dining.
As Chipotle continues to thrive, Ells’ legacy lives on in the brand’s continued growth and influence. The question now is whether his latest venture, Counter Service, can replicate the success of Chipotle—or even surpass it.
Other than Ells Chipotle’s top individual shareholders according to SEC files include Montgomery Moran, Jack Hartung.
The other top institutional shareholders of Chipotle are Vanguard Group, BlackRock Inc., and JP Morgan Chase.
