Former Vice President Joe Biden’s son Hunter Biden announced Sunday that he was stepping down from his board position at BHR Equity Investment Fund Management, but he likely still has millions of dollars of value in the company.

Hunter Biden has a 10 percent stake in BHR, which he acquired through a company he created named Skaneateles LLC in 2017.

Although Hunter Biden’s lawyer has said that his client’s stake in the company is only valued at $420,000, a FactCheck.org analysis estimates it’s value to be millions.

“It is difficult to imagine, if not incomprehensible, that a 10% stake in those economics is worth only $420K,” Steven Kaplan of the University of Chicago Booth School of Business told FactCheck.org. “The distinction they appear to be making is they capitalized the management company with $4.2 M even if the fund manages $2 B. The value of that management company is likely far in excess of $4.2 M if they are managing $2 B.”

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