Billionaires Lost nearly $200 Billion
Posted by ari on Nov 27, 2008 in Featured • 3 comments
You may be lucky looking at how much billionaires lost in past couple of months . Listed here approxiamate losses by global billionaires.
Loser #1 Anil Ambani LOSS: $32.5 billion
Indian billionaire Anil Ambani’s Reliance Communications has recently become the new face of Hollywood film-financing, completing high profile deals with DreamWorks and a series of A-list actors and directors this past year. In fact, just days into the current financial meltdown, Reliance closed its long-simmering deal to invest $500 million in DreamWorks.
Given all of this, we were surprised to discover that Ambani has likely lost more money this year than anyone else worldwide. (Does Dreamworks’s Steven Spielberg know about this?) According to Forbes’s recently released list of the wealthiest Indians, Ambani lost $32.5 billion this year. Maybe he should have held on to that $500 million, after all.
Loser #2 Lakshmi Mittal LOSS: $30.5 billion
Last year, Lakshmi Mittal was the wealthiest man in India and Forbes’s fourth richest person worldwide. Now, he’s lost $30.5 billion this year after his steelmaking conglomerate ArcelorMittal increased production cuts and its stock dropped precipitously. He’s just one of the Indians who helped the country’s richest class lose $200 billion this year.
ArcelorMittal’s stock price went up through June, then it dropped from $104.77 to around $25 a share now. During that period, Mittal, who owns 43 percent of the company, experienced stock losses totaling $50 billion. Fortunately, taken over the entire year, Mittal’s net worth has only dropped from roughly $50 billion to around $20 billion.
Loser #3 Sheldon Adelson LOSS: $30 billion
In 2006, casino magnate Sheldon Adelson was the world’s third richest man and he boldly predicted that he would soon overtake Warren Buffett and Bill Gates to ultimately claim the top spot. But the markets, like craps tables don’t always behave as you’d like. The 75 year-old CEO of Las Vegas Sands saw that play out this year, as he lost $30 billion of his net worth. That’s the same as losing $100 million a day, $4 million an hour or just more than $1,000 a second.
In fact, Adelson’s is possibly the largest paper loss in U.S. history, even including the Rockefellers’ $1 billion loss in the Great Depression, adjusted for inflation. (It’s not the biggest loss worldwide, though.)
As a result of his massive losses, Adelson, who is probably best known for his Venetian casino on the Las Vegas strip, had to halt plans to expand into Macau and Singapore, which he was still pursuing a few months ago, despite the economic downturn and rivals like Steve Wynn’s decisions to cut back on overseas development. Instead, he’s invested nearly $1 billion of his family’s money into Las Vegas Sands to stave off bankruptcy.
Loser #4 Mukesh Ambani LOSS: $28.2 billion
Mukesh Ambani overtook Lakshmi Mittal as India’s richest person this year. Ambani saw his net worth drop by $28.2 billion in 2008, but still lost less than Mittal. Ambani controls Reliance Industries and is the brother of Anil Ambani, head of DreamWorks backer Reliance Communications. Anil’s 2008 loss: $32.5 billlion.
Loser #5 Warren Buffett LOSS: $13.6 billion
Warren Buffett has, in many ways, been one of the heroes of the financial meltdown, saving everyone from Goldman Sachs to GE. But even the Oracle of Omaha isn’t immune to stock losses. After his net worth increased by $8 billion during September, he lost $5.29 billion in October thanks to Berkshire Hathaway’s plunging stock price. For the year as a whole, Warren’s paper wealth is down by $13.6 billion, leaving him with only $48.1 billion. Tough times in Omaha.
Loser #6 Kirk Kerkorian LOSS: $13 billion
Kirk Kerkorian may have recently sold off part of his stake in Ford, but his casino company MGM Mirage isn’t faring much better. In fact, thanks to the current financial meltdown, MGM Mirage’s stock has dropped 86 percent since last October, illustrative of a larger drop in the stock prices of casino companies like Wynn Resorts and Las Vegas Sands, which has hurt the paper wealth of Steve Wynn and Sheldon Adelson. MGM Mirage’s majority shareholder Kerkorian, meanwhile, has lost $13 billion on paper over the past 12 months.
Losers #7 Sergey Brin and Larry Page : LOSS: $12.1 billion
Google co-founders Sergey Brin and Larry Page have lost roughly half of their net worth since January, solely due to the volatile moves of the stock market. The pair is down $12.1 billion for the year after losing roughly $1.5 billion each in September.
Loser #8 Larry Ellison : LOSS: $6 billion
The value of his Oracle holdings has dropped by roughly $6 billion this year to $20.1 billion as of the close of trading on October 29.
Loser #9 Steve Ballmer :LOSS: $5.1 billion
The economic crisis has battered the CEO’s Microsoft stock holdings, knocking their total value down from $14.5 billion at the start of the year to $9.4 billion by early November.
Loser #10 Eddie Lampert : LOSS: $5 billion
Between September 19 and October 24, the chairman of Sears Holdings saw his nine largest equity stakes lose $5 billion. That’s $193 million each trading day or $30 million an hour, according to the New York Post, which did the math.
Loser #11 Sumner Redstone :LOSS: $4+ billion
The New York Times speculated because of the situation at National Amusements, where the assets are worth not much more than the debt, as well as his decimated Viacom and CBS stock, that Sumner might not even be a billionaire anymore.
Loser #12 Rupert Murdoch : LOSS: $4 billion
Rupert lose some of his assets. More specifically, $4 billion in NewsCorp stock, knocking his stake in his own company down to $3 billion.
Loser #13 Jeff Bezos : LOSS: $3.6 billion
Bezos’s stake in his digital retailer has fallen by $3.6 billion, reducing the value of his holdings to $5.7 billion.
Loser #14 Bill Gates : LOSS: $3.5 billion
By the beginning of October, Gates net worth had fallen to $55.5 billion from $58 billion
Loser #15 Steve Jobs : LOSS: $2.3 billion
As stock dropped “Steve Jobs rumored to have heart attack”
Loser #16 Steve Wynn : LOSS: $2 billion
Wynn Resorts is now the largest publicly traded casino company,
Loser #17 Oleg Deripaska : LOSS: $1.54 billion , Russia’s richest man
Loser #18 Stephen Schwarzman : LOSS: $1.4 billion The Blackstone Group cofounder
Loser #19 Michael Dell : LOSS $1.4 billion
The Dell founder and CEO lost a chunk of his net worth in the market this fall.
Loser #20 Jerry Yang : LOSS US$800 million & loss his Job
check out pictorial news at The Business Sheet
Related posts |
[...] wealthiest business elites, the downward spiraling world economy meant jaw-dropping dips. The biggest losers included: Indian billionaire Anil Ambani ($32.5B lost), Lakshmi Mittal ($30.5B lost), casino [...]
[...] Source [Politickler] Filed Under Business, Debt, Earnings, Economy [...]
Too bad for the economy and this is what happens when a billionaire lost his total share which i published in my blog.