Adelson’s net worth tumbles $24 billion in 2008

Here’s a Forbes Magazine list in which Las Vegas Sands Corp. Chairman Sheldon Adelson wishes he wasn’t mentioned.

The magazine said Adelson’s net worth lost $24 billion in the collapsing economy of 2008, the most of any billionaire from the Forbes 400 List of Richest Americans in 2008. The magazine ranked the 25 biggest losers through November.

Adelson, 75, had been the third richest person in America going into January, and then the stock market collapsed. Shares of Las Vegas Sands have lost 95 percent of their value since then. To keep the casino operator from going bankrupt, Adelson invested more than $1 billion into the company. Also, a capitalization effort took Adelson’s controlling stake down to 51.3 percent, a nearly 20 percent drop.

Adelson wasn’t the only gaming investor on the list. MGM Mirage majority shareholder Kirk Kerkorian saw his net worth decline by $11.9 billion, the fourth highest amount. Kerkorian, a 91-year-old billionaire, saw his MGM Mirage stock lose 87 percent in value.

Warren Buffett lost $16.5 billion, second to Adelson on the list, while Bill Gates was the third biggest loser, with his net worth declining by $12.3 billion.

Combined, the 25 billionaires lost $167 billion in 11 months. Shares of the companies they own stakes in fell an average of 59 percent.

Here’s a link to the article: www.forbes.com/home/2008/12/16/billionaires-adelson-casino-biz-billies-cz_dg_1216biggestlosers.html