CEO of Spanx sells majority stake in her company. Celebrates with employees.


Paul Morigi/Getty

Before Spanx founder Sara Blakely became the youngest self-made female billionaire, she sold fax machines door to door because she needed the money and health insurance.

Now, two decades after Blakely launched the pioneering womenswear company, global investment firm Blackstone is buying a majority stake in Spanx, which is valued at an estimated $1.2 billion in the deal.

In a video posted on Instagram last week, Blakely celebrated the sale with her employees. A globe sat on a nearby table, and eventually she asked: “Why am I spinning a globe?”

Then, before the quiet crowd, she announced the reason: because she has bought two first-class tickets — to anywhere in the world — for each employee.

But that wasn’t all.

“You know, if you have a trip, you might want to go out to a really nice dinner, you might want to go out to a really nice hotel,” Blakely said. “So with everybody’s two first-class tickets to anywhere in the world, you are each getting $10,000.”

I can say with no worry of being contradicted, I never worked for any company in the United States where there was the slightest chance of anything like this happening.

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