OC’s Wealthiest 2023: Joe Kiani



THE MONEY: Co-founded medical monitoring device company in 1989. Has a roughly 8.5% stake—worth about $715 million as of mid-July—in the Irvine-based firm (Nasdaq: MASI), according to the company’s April proxy statement. Shares have been on a roller coaster over past year, after a steep decline in early 2022, following a $1 billion acquisition to position Masimo more in the consumer goods market; the company’s core customer has long been hospitals. Kiani is involved in other privately held medical device companies, such as Irvine’s Cercacor, which he owns, and is believed to have significant holdings and assets outside of Masimo stock.

AMERICAN SUCCESS STORY: Left native Iran at age 9 when he knew only three words of English. Believed in a new way to improve accuracy of patient monitoring by using what is called adaptive signal processing. Masimo has 500-plus patents, including more than 100 in Kiani’s name.
HERITAGE: “I’m extremely proud to be from Iran. It has a 5,000-year history. Most of it is good. It’s been in a slump for about a thousand years.”

PHILANTHROPY: Has passion for children, health, and poverty alleviation. Started foundation to help hospitals achieve zero preventable deaths. Prominent supporter of President Joe Biden and former President Bill Clinton (see story, page 11).

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