Casino boss loses most in crisis
Published Friday October 10th, 2008
Wealthiest Americans Adelson loses $4 billion, Buffett moves up in Forbes ranking
WASHINGTON - Las Vegas Sands Corp. CEO Sheldon Adelson's net worth declined by US$4 billion between Aug. 29 and Oct. 1, the steepest drop among Americans who lost $1 billion or more during the credit crisis, according to Forbes magazine.
The magazine, in its Oct. 27 issue, recalculates the effect of September's financial news on the wealthiest Americans, those who make up its Forbes 400 list. That list was published on Sept. 17.
Berkshire Hathaway Inc. chairman Warren Buffett overtook Microsoft Corp. co-founder Bill Gates as the richest American by posting an $8 billion gain to $58 billion during the period, the magazine said. Gates's net worth declined $1.5 billion to $55.5 billion during the 33-day period. He had been first for 15 straight years.
In September, U.S. stocks swooned as the U.S. administration began preparing a $700 billion bank bailout, Lehman Brothers Holdings Inc. filed for a record bankruptcy, American International Group Inc. received an $85 billion loan from the U.S. government and Washington Mutual Inc. became the biggest U.S. bank to fail.
Dish Network Corp. CEO Charles Ergen's net worth fell $2.2 billion to $5.9 billion.
He had been 35th on the list published in September.
Oracle Corp. chief executive Larry Ellison's wealth dropped $1.6 billion to $25.4 billion, while the net worth of Google Inc. co-founders Sergey Brin and Larry Page fell by $1.5 billion each. Investor Carl Icahn's holdings declined $1.6 billion to $12 billion, Forbes said.
Continental Resources Inc. CEO Harold Hamm's holdings fell $1.5 billion to $7 billion, the magazine said. Computer company founder Michael Dell's fortune dwindled to $15.9 billion from $17.3 billion. Houston billionaire Dan Duncan's holdings slid to $6.3 billion from $7.6 billion, while investor Kirk Kerkorian's wealth declined by $1.2 billion to $10 billion.
Amazon.com Inc. founder Jeffrey Bezos's holdings fell by $1.1 billion to $7.6 billion. He was 33rd on the list published last month.
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