Thursday 31 May 2012

Billionaires hit

Take a moment to think about the pridiciment of the world's moneybags

Bloodbath: All But Two Billionaires Lose Big Money On Wednesday

30 May, 2012

Sometimes no one wins.

On Wednesday, Wall Streettumbled and it took the world’s billionaires down with it. All but two of the 50 billionaires Forbes tracks in real time lost money in the markets, and many of them suffered hundreds of millions of dollars in losses.
As nearly everybody went home a loser, some of the biggest names topped the charts. Sheldon Adelson, casino king and head of Las Vegas Sands, dropped $625 million on the day. Li Ka-Shing, Asia’s richest man, lost $569 million and Lakshmi Mittal, the Indian steel titan, saw $522 million disappear from his books.

The Facebook billionaires Mark Zuckerberg andDustin Moskovitz both continued their downward march. The company closed at a new low of $28.19, costing the pair of founders a combined $395 million. This is after losing billions yesterday.

Only two of our real-time billionaires fought off losses on Wednesday, but neither was very far into the black. Richard Kinder rode a tiny bump in his Kinder Morgan energy company stock to a mere $40 million addition to his net worth. That might be a lot to the average person, but Kinder has over $8 billion in assets. A good day, especially compared to his peers, but nothing to celebrate about.

Same for Mikhail Prokhorov, Russian tycoon and owner of the newly-christened Brooklyn Nets basketball team. The $13 million he gained today is only 1/1000 of his total net worth.

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