It’s been a bad year for media stocks, but it’s been an even worse year for the fat cats who own them. According to a Forbes.com article Rupert Murdoch saw his net wealth plummet $2 billion dollars in 2007, from $8.8 billion to $6.8 billion. (This was before yesterday, when News Corp. stock dropped more than $1 per share.)
Put this into terms we can understand and that’s a loss of $1.5 million an hour. So that’s fun. But Rupe’s not alone.
In total, the 30 CEOs of public corporations on the Forbes 400 lost $215 billion in 2007, of roughly $633.78 per second.
Berkshire Hathaway CEO Warren Buffett saw his wealth fall almost as much as Murdoch’s. Of course, he still has $50 billion in the coffers, which allows him to make gambles such as investing $5 billion Goldman Sachs. It must be nice to be rich.