Billionaires who've lost a lot of money

[silver 2039]

This made me very happy:

Billionaire Blowups Of 2008

Luisa Kroll, 12.22.08, 04:01 PM EST Dozens of the world's wealthiest lost billions in recent months, but these 10 distinguish themselves for some of the biggest flops.

In Pictures: Billionaire Blowups, 2008


It was a dreadful year for the world's wealthiest as markets and currencies around the world tumbled.
More than 300 of the 1,125 billionaires we tallied on our annual list last March have since lost at least $1 billion; several dozen lost more than $5 billion. The 10 richest from our 2008 rankings dropped some $150 billion of wealth, dragged down by steel tycoon Lakshmi Mittal, estranged brothers Mukesh and Anil Ambani and property baron K.P. Singh, who together dropped $100 billion. America's 25 biggest billionaire losers of 2008 lost a combined $167 billion.

But even in such an awful year, the stories of a few billionaires and now former billionaires stand out as particularly dreadful.
In Pictures: 10 Billionaire Blowups

Take David Ross, one of the U.K.'s most successful entrepreneurs. Earlier this month, Ross notified four public companies in which he was a major shareholder and director that he had borrowed against his shares to fund real estate investments that had soured. He will likely have to sell some of those stakes to pay off his debts. So far he has resigned from three of the four boards and stepped down from his post as an Olympics adviser. His fortune, which we estimated at $1.4 billion in March, is now worth about $150 million.
Bjorgolfur Gudmundsson, former chairman and a large shareholder in Landsbanki, Iceland's second largest bank, saw the firm seized in October as the worst of the credit crisis tore through the island nation. The failure wiped out his $1.1 billion fortune. He has since had to put his holding company, Hansa, into voluntary liquidation and is selling his U.K. soccer team, West Ham.
Russians were some of the biggest losers in the past year. Vladimir Lisin's Novolipetsk Iron and Steel is down three-fourths since its June peak. Dmitry Rybolovlev's fertilizer company, Uralkali, has fallen 90% since it peaked around the same time.
But those losses pale compared with the troubles facing Oleg Deripaska. In March he was the world's ninth richest person and Russia's richest man, with a fortune we estimated to be worth $28 billion. Since then Deripaska has been forced to sell shares in Canadian carmaker Magna International (nyse: MGA - news - people ) and German construction firm Hotchief, and had to borrow $4.5 billion from a state-controlled bank to hold on to his stake in Norilsk Nickel. He will likely sell off additional assets to avoid losing even more of his fortune, now estimated at $10 billion. Or less.
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The biggest loser of all was Anil Ambani. Touted on the cover of our 2008 billionaires issue for having added $24 billion to his fortune in one year, Ambani has dropped $30 billion since then. But don't worry too much. His Reliance Entertainment is investing $500 million in a new studio venture with Steven Spielberg's DreamWorks. Plus, he remains quite wealthy, worth $12 billion That's something many others can't claim.

http://www.forbes.com/home/2008/12/...ross-biz-billies-cz_lk_1222billieblowups.html

America's Biggest Billionaire Losers Of 2008
Duncan Greenberg, 12.16.08, 04:47 PM EST
In this market, the larger the fortune, the farther the fall.
image
In Pictures: America's Biggest Billionaire Losers Of 2008

Last year casino mogul Sheldon Adelson was on top of the world. When the Forbes list of the 400 richest Americans was published in September 2007, the gruff son of a Boston cab driver--who spent his life amassing a mega-fortune in conventions and casinos--was worth $28 billion.

A month later, shares of his Las Vegas Sands (nyse: LVS - news - people ) casino company had swelled to an all-time high of $144 a share, adding another $10 billion to Adelson's fortune. Between September 2006 and September 2007, he made $20.5 million per day.

Proud of his accomplishments, the plutocrat reportedly adopted a new nickname. According to a 2008 article in The New Yorker magazine, he began referring to himself as "Sheldon Adelson the 3rd," a nod to his place on our list as America's third-richest citizen. (Adelson's spokesman declined to comment for this story.)

That was before the economy fell apart. Since the beginning of 2008, LVS shares have plummeted 95%, erasing $24 billion from Adelson's fortune as cost-conscious consumers stay away from casinos in Las Vegas and Macau. When the next Forbes 400 is published in September 2009, Adelson will likely be vying just to stay on the list unless the economy rapidly recovers. (He's doing everything he can to stay rich: This fall Adelson injected $1 billion of his own cash into LVS to help keep the company afloat).

Adelson tops the Forbes list of America's 25 biggest losers of 2008, an estimate of the largest drops (in dollars) of American citizens holding publicly traded stocks from Jan. 2, 2008 to Dec. 5, 2008. It excludes shares bought or sold during that period. Fortunes tied to privately held companies were not evaluated; they will be re-tallied for our list of the World's Billionaires in March.

Combined, the tycoons on our ranking lost $167 billion in 11 months, while shares of the companies in which they own stakes fell an average 59%.

Following Adelson in the loss column is America's second-richest man, Warren Buffett. The Oracle of Omaha (who held the title of world's richest man in March) lost $16.5 billion as shares of Berkshire Hathaway (nyse: BRK - news - people ) fell 28% this year.
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Software visionary Bill Gates was America's third-biggest loser; he watched his shares of Microsoft decline 45%, wiping $12.3 billion off his personal balance sheet in 11 months.

Rounding out the top five biggest losers: investor Kirk Kerkorian and Google (nasdaq: GOOG - news - people ) Co-founder Larry Page, who each lost $11.9 billion. Page's Google shares shed 59% of their value this year.

Kerkorian lost billions in his casino, oil and auto stakes. His largest holding, MGM Mirage (nyse: MGM - news - people ), is down 87% since January. He also recently disclosed he sold a significant portion of his shares of Ford at a loss.

Tycoons who own major stakes in publicly traded hedge funds and private equity shops have been hit especially hard. Stephen Schwarzman's 234 million shares in Blackstone Group (nyse: BX - news - people ) were worth $5.2 billion 11 months ago. The stock has fallen 72% since then, reducing the value of Schwarzman's stake to $1.5 billion--a loss of $3.8 billion.

Wesley Edens, co-founder of hedge fund Fortress Investment Group (nyse: FIG - news - people ), watched his fortune dwindle as investor redemptions soared at the company's flagship fund. Edens, along with partners Michael Novogratz and Peter Briger, was a member of The Forbes 400 in 2007, but since January has lost $1 billion as Fortress shares fell 89%. Today his stake in the company is worth $130 million; it's doubtful he will regain his billionaire status in the near future.

Four 10-figure fortunes were wiped out by the collapse of insurance giant AIG (nyse: AIG - news - people ). Among them: Maurice "Hank" Greenberg. The spry insurance veteran's shares of AIG were worth $2.6 billion in January. Today those shares are worth less than $100 million.

http://www.forbes.com/2008/12/16/bi...sino-biz-billies-cz_dg_1216biggestlosers.html

 

[Masada]

Australia's former richest man Andrew Forrest appears to have "lost" the share price of Fortescue Mining the company he founded... have lost 90% of there value. He sat at $7.2 billion, so far I think he's down $5 billion to around $3 billion although I have heard estimates that he's down to around a cool $1.5 billion or so.

 

[Phlegmak]

Cenk Uygur did a video of the world's biggest losers in this economic meltdown. Some Indian guy was the biggest loser.

 

[JerichoHill]

So you're happy that Warren Buffett, who's donating 95% of his net worth to charity when he dies, has lost money?

Seriously?

 

[silver 2039]

Cenk Uygur did a video of the world's biggest losers in this economic meltdown. Some Indian guy was the biggest loser.

This dude:

The biggest loser of all was Anil Ambani. Touted on the cover of our 2008 billionaires issue for having added $24 billion to his fortune in one year, Ambani has dropped $30 billion since then. But don't worry too much. His Reliance Entertainment is investing $500 million in a new studio venture with Steven Spielberg's DreamWorks. Plus, he remains quite wealthy, worth $12 billion That's something many others can't claim.

I hate them so much, they can lose that much money and still be filthy rich.

So you're happy that Warren Buffett, who's donating 95% of his net worth to charity when he dies, has lost money?

Seriously?

Maybe not him but the other's yes.

 

[really]

There is an Irish billionaire Seán Quinn who made his money supplying the building boom - that has collapsed so his business is worth a lot less.

But coming towards the peak of the boom he decided to invest in Anglo Irish Bank - the bank most exposed to property in this country - that has gone from €10 per share this time last year to about €0.20 now.

 

[JerichoHill]

I hate them so much, they can lose that much money and still be filthy rich.

How can you honestly hate folks so much when you never have met them once. I may dislike folks that I've never met, but I can't say that I hate them.

I think its a bit silly to be *happy* the world economy is in the toilet and folks are losing money hand over fist. Sure, some deserved it, but do you really want to be one who delights in others misery.

Because I bet that makes it so much better to high five someone who just lost their job with the news that so-n-so billionaire is now just a hundred millionaire.


Take the high road.

 

[Jan H]

Tulsi Tanti
March net worth: $3 billion
Current net worth: $500 million

The wind was knocked out of Tanti and his wind firm, Suzlon Energy, amid reports about the poor quality of its wind turbine blades, some of which cracked. The company's $25 million provision to fix faulty blades didn't do much to boost investor confidence. The stock has plunged 80% since March. Until recently a rising star among India's wealthy entrepreneurs, Tanti, the firm's chairman, announced in December that he was taking over daily operations "to navigate us through the challenging business environment."

That's my big boss! (actually, he owns Suzlon, which is the parent company of Hansen Transmissions). I have even seen him a couple of times, walking through our factory! I hope this won't affect us
(on the other hand, I'm a little bit glad to read that Suzlon has problems with the blades, and not so much with the gearboxes )

 

[silver 2039]

How can you honestly hate folks so much when you never have met them once. I may dislike folks that I've never met, but I can't say that I hate them.

I think its a bit silly to be *happy* the world economy is in the toilet and folks are losing money hand over fist. Sure, some deserved it, but do you really want to be one who delights in others misery.

Because I bet that makes it so much better to high five someone who just lost their job with the news that so-n-so billionaire is now just a hundred millionaire.


Take the high road.

I'm waiting for Obama to spread their wealth.

 

[lovett]

I hate them so much, they can lose that much money and still be filthy rich.

So what, this is just a particularly misanthropic brand of jealous envy?

Admirable.

 

[silver 2039]

So what, this is just a particularly misanthropic brand of jealous envy?

Admirable.

Essentially yes. Stop raining on my parade and let me revel in the misfortune of my betters ok?

 

[Yoda Power]

To be honest I feal really sorry for those rich people. It most be awfull loosing that much money.

 

[Gustave5436]

I think its a bit silly to be *happy* the world economy is in the toilet and folks are losing money hand over fist. Sure, some deserved it, but do you really want to be one who delights in others misery.

Someone who goes from being a billionaire to a hundred-millionaire is not in "misery;" they can still keep their "useless drain on society" lifestyle, they just have to cut back on the megalomania a bit. Misery requires much worse, like lacking a home or access to adequate healthcare.

 

[Maimonides]

I'm waiting for Obama to spread their wealth.

Don't forget to buy a lottery ticket while you're waiting.

 

[Leonel]

It's sad when a rich person that clawed his way to the top from the bottom loses his fortune. Especially if he hasn't done anything nefariously wrong.

 

[Gustave5436]

It's sad when a rich person that clawed his way to the top from the bottom loses his fortune. Especially if he hasn't done anything nefariously wrong.

The only way to acquire a great fortune is to do things which are nefariously wrong.

 

[silver 2039]

It's sad when a rich person that clawed his way to the top from the bottom loses his fortune. Especially if he hasn't done anything nefariously wrong.

Yes tragedy, those poor people. They suffer such great hardship compared to the middle class who lose health care, jobs, and houses. The suffering of these billionaires is unimaginable why they might have to buy only one private jet rather than ten. The horror.

 

[JerichoHill]

The only way to acquire a great fortune is to do things which are nefariously wrong.

Wow. What a false statement.

 

[potatokiosk]

I don't care if some billionaire gets downgraded to millionaire status. What am I supposed to say, "Ah you're so unfortunate, you're only in the top .1% the population instead of the top .01%"?

 

[JerichoHill]

Someone who goes from being a billionaire to a hundred-millionaire is not in "misery;" they can still keep their "useless drain on society" lifestyle, they just have to cut back on the megalomania a bit. Misery requires much worse, like lacking a home or access to adequate healthcare.

Most folks with net worths of a hundred or so million dollars aren't meglomaniacs. Paris Hiltons and Trumps are the exceptions, not the rule. It's very tough to stay wealthy when you spend money on frivolous things.

I mean, knock on the clowns in the derivatives suits or the clowns from Detriot all you want, but the fact is that most business owners were acting responsible. A couple of bad apples taking advantage of a lax regulatory environment and rising tides screwed up everyone.

Cheer for the downfall of those who committed crimes or engaged in otherwise inappropriate conduct. Stop the freaking generalizations. Saying all rich people are lazy and you're glad they lost their wealth is exactly akin to saying that all poor people are lazy and you're glad they lost their welfare check. You are engaging in class warfare and classism, rather than helping to solve the problem.

Sheesh, maybe I am a third way proponent.