October 8, 2017 – Update added October 13: Adventist investor Dennis Troesh has been valued at a net worth of $2.2 billion by the Bloomberg Billionaires Index.
Troesh owns 14.7 percent of data center operator Switch. On Friday the company achieved the third-biggest technology IPO in the U.S. this year. It shot up 46.5 percent.
The Adventist investor, whose wealth comes from the cement industry, had never appeared on international wealth rankings.
In 2012, Troesh sold Robertson’s Ready Mix, a concrete producer, to Mitsubishi Materials Corp. At the time, his concrete company was valued at $2 billion.
An online Bloomberg article said that Troesh is a devout Adventist. He and his wife recently gave $100 million to Loma Linda University Health System for the construction of a new adult hospital as well as an added wing for the system’s children’s hospital.
The donation was the largest gift ever given to a health care center in the Inland Empire.
Update: A source connected to the Troesh family has told Adventist Today that Troesh is not a member of the Adventist Church, although affirming that Mr. and Mrs. Troesh are Christians and their faith guides their donations. It remains unclear why a very reputable business news organization would report that Troesh is “a devout Seventh-day Adventist” who has made major donations to two Adventist universities while others think he is “not an Adventist.” One explanation might be that the Christian commitments and character of Loma Linda University and La Sierra University are more important to Troesh than specific denominational affiliation.