It is true that rich get richer a lot faster than most. However, that also means they can also lose their shirts a lot faster. The Wall Street Journal has a list of uber-rich CEOs who have lost in recent weeks billions of dollars in stock in their own companies.
Warren Buffett tops that list with losses nearing $10 billion this year alone. According to an analysis by Steven Hall & Partners, a compensation-consulting firm, the value of Mr. Buffett’s equity in Berkshire Hathaway (NYSE:BRK.A) declined more than that of any other big-company chief executive.
Other major declines in CEO net worth include CEO of Oracle (NASDAQ:ORCL), Larry Ellison who, so far, has lost $6.6 billion; Steve Ballmer of Microsoft (NASDAQ:MSFT) is also down substantially, showing a $4.8 billion loss. Jeff Bezos of Amazon (NASDAQ:AMZN) is negative by $4.2 billion and News Corp.’s Rupert Murdoch (NASDAQ:NWS), has seen the value of his stock shrink by nearly $4 billion. Most of these CEOs have their greenbacks tied up in the companies they founded. The exceptions are Mr. Buffett who bought a controlling stake in
The WSJ notes that the net worth of chief executives has seen continuing wealth erosion at 175 of the largest companies in the