Actually there was a correction to the story where this note was taken
from. Leisure Suit Larry lost $36 billion, not the mere $16 billion as
originally stated. So I guess that would be closer to 3 million VW's.
http://cbs.marketwatch.com/tools/quotes/newsarticle.asp?siteid=mktw&symb=&guid=%7BEEF4505F%2D79FC%2D46CA%2DAC85%2D6233B453221E%7D
- Brian
- dgoulet_at_vicr.com wrote:
> ** A Moment Of Sympathy For Those Much More Fortunate
>
> Investors have had a hard time lately, as the stock markets
> wallow at a fraction of the value they were a year ago, and the
> Nasdaq regularly hits new lows. Fortunately, there's a little
> solace for those who blew their vacation fund on a now-worthless
> IPO or who passed out after checking their 401(k) balance. An
> examination of some high-profile losers by the Reuters news
> service and Thompson Financial analyst Kevin Schwenger may give
> them company, if not sympathy.
>
> Take, for instance, Microsoft chairman Bill Gates. His 700
> million shares in Microsoft halved in value during 2000--he lost
> around $39 billion. That's enough to buy a 13-inch television for
> every man, woman, and child in the United States. Or to buy more
> than a thousand F-18E Super Hornet fighter jets.
>
> "It used to be that if a hundred-dollar bill dropped on the
> ground, Bill Gates made so much money that it would not be
> financially wise for him to take the time to pick it up," says
> Wit Soundview analyst Arnie Berman. "That's now changed to where
> he should pick up hundreds, but not fifties."
>
> Microsoft CEO Steven Ballmer has been a little more fortunate,
> losing only $12 billion. You could have bought 48 million copies
> of Windows 2000 with that, Steve. But it wasn't just Microsoft
> execs who took it in the wallet. Oracle CEO Larry Ellison could
> own 1 million brand-new VW Beetles with the $16 billion he lost.
> Theodore Waitt, CEO of Gateway, would have to work 900 million
> hours at minimum wage to earn back his $4.7 billion loss. And
> Amazon.com CEO Jeff Bezos saw his 117 million shares in the
> online retail giant drop in value more than 84%, to a trifling
> $1.2 billion, killing his ability to buy everyone in Mexico a
> Razor scooter.
>
> But temper your schadenfreude. Berman reminds us that
> sinking stock values mean more than just reduced personal wealth.
> He points out that when a stock becomes less valued, it can make
> it harder for a company to make acquisitions and attract strong
> employees through stock offers. - David M. Ewalt
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> Author:
> INET: dgoulet_at_vicr.com
>
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Author: Brian Wisniewski
INET: brian_wisniewski_at_yahoo.com
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Received on Fri Apr 06 2001 - 10:57:01 CDT
