Wall Street's Tumble Costs Buffett $9.6B
Top CEOs have taken a 28% hit in the value of their company holdings
By Jim O'Neill, Newser User
Posted Oct 23, 2008 8:08 AM CDT
Microsoft CEO Steve Ballmer.   (AP Photo/Wong Maye-E)

(Newser) – Next time you check the value of your portfolio, know that America's top executives are taking a pounding with you: Berkshire Hathaway CEO Warren Buffett has seen his holdings in his company decline $9.6 billion this year, reports the Wall Street Journal. And he’s got company. Oracle’s Larry Ellison is out $6.6 billion; Microsoft’s Steve Ballmer, $4.8 billion; and Amazon’s Jeff Bezos, $4.2 billion.

The CEOs of the 175 largest US companies have seen losses of about 28%, more than $42 billion as of last week, in the value of their company stock, according to a study by a compensation consulting firm. Founder CEOs have lost the most, because they generally have the largest individual stake in their company; of course, they’ve also retained the most value, a median of $26.8 billion compared to $26.7 million for nonfounder CEOS.

View 2 more images
More From Newser
My Take on This Story
To report an error on this story,
notify our editors.
You Might Like
Be the first to comment on this story.