What the heck happened to Sheldon Adelson?
After clicking on the story, we quickly figured out what was going on. From the Bloomberg article:
Sheldon Adelson, chairman and chief executive officer of casino operator Las Vegas Sands Corp. (LVS), lost $680 million after China announced its lowest economic growth target since 2004 and shares of the company fell.
The stock declined 2.8 percent yesterday, cutting Adelson’s fortune to $25 billion and making the casino mogul the world’s 13th richest person, according to the Bloomberg Billionaires Index, a daily ranking of the world’s wealthiest people. His net worth is up 27 percent this year, the index shows.
A-HA! It’s all part of Bloomberg’s new Billionaires Index, which updates net worths at 5:30 PM every day. This compares to Forbes’ billionaires lists, which only get updated once a year.
It’s worth noting that the Adelson article was written by Matthew G. Miller, the lead mind behind the Bloomberg Billionaire Index. On Monday, Business Insider‘s Lisa Du reported that Miller was the editor of Forbes’ wealth coverage, and actually left the company on unfavorable terms.
Anyway, as you can see, small percentage changes in the wealths of the super wealthy can lead to huge nominal moves. Take this line about Warren Buffett’s wealth from the same article:
Warren Buffett, chairman and CEO of Berkshire Hathaway Inc. (BRK/A), was the biggest gainer on the list yesterday. His fortune climbed $533.1 million as shares of the Omaha, Nebraska-based investment-holding company advanced 1.2 percent.
So, should we expect some wild headlines about wealth swings?
Well, as long as people are obsessed with money and the fortunes of the ultra-rich, we think the answer to that question is yes.
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