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Economy
In reply to the discussion: STOCK MARKET WATCH -- Thursday, 20 September 2012 [View all]xchrom
(108,903 posts)45. Forbes 400: Gates and Buffett top the rich list as young bucks get served
http://www.guardian.co.uk/media/2012/sep/19/forbes-400-bill-gates-rich-list
Microsoft co-founder Bill Gates: worth $66bn. Photograph: Jim Urquhart/Reuters
Social media? So last year. Youth? Overrated. The new Forbes list of the richest Americans shows that old money endures, and that the would-be kings of the second dotcom age have been served.
The top three American billionaires in this year's Forbes poll have a combined age of 206. Bill Gates, 56, heads the poll again with a fortune of $66bn, $7bn more than last year. This is his 19th year in a row at the top. Warren Buffett, 82 and the last man to oust his friend Gates, comes in second at $46bn and Oracle's Larry Ellison, 68, is third at $41bn.
Conspicuous by their absence in the top ranks are the new tech titans, most notably Mark Zuckerberg of Facebook. The social media media moguls lost a combined $11bn in one year, according to Forbes. The biggest loser was Zuckerberg, whose net worth has dropped $8.1bn, more than anyone in the list this year, and which prompted a fall from 14th place to 36th.
Not that Zuckerberg is poor. The 28-year-old is now worth $9.4bn, the same as News Corp chairman Rupert Murdoch, 81. Nor is Zuckerberg alone among his social media peers in losing cash this year. Mark Pincus, the founder of Zynga the gaming firm behind Words With Friends and Draw Something has also been burnt, as investors found the games to be less addictive than they first thought. Zynga's shares have fallen more than 66% since their debut last December. Pincus made his debut in the list last year and is out this year.
Microsoft co-founder Bill Gates: worth $66bn. Photograph: Jim Urquhart/Reuters
Social media? So last year. Youth? Overrated. The new Forbes list of the richest Americans shows that old money endures, and that the would-be kings of the second dotcom age have been served.
The top three American billionaires in this year's Forbes poll have a combined age of 206. Bill Gates, 56, heads the poll again with a fortune of $66bn, $7bn more than last year. This is his 19th year in a row at the top. Warren Buffett, 82 and the last man to oust his friend Gates, comes in second at $46bn and Oracle's Larry Ellison, 68, is third at $41bn.
Conspicuous by their absence in the top ranks are the new tech titans, most notably Mark Zuckerberg of Facebook. The social media media moguls lost a combined $11bn in one year, according to Forbes. The biggest loser was Zuckerberg, whose net worth has dropped $8.1bn, more than anyone in the list this year, and which prompted a fall from 14th place to 36th.
Not that Zuckerberg is poor. The 28-year-old is now worth $9.4bn, the same as News Corp chairman Rupert Murdoch, 81. Nor is Zuckerberg alone among his social media peers in losing cash this year. Mark Pincus, the founder of Zynga the gaming firm behind Words With Friends and Draw Something has also been burnt, as investors found the games to be less addictive than they first thought. Zynga's shares have fallen more than 66% since their debut last December. Pincus made his debut in the list last year and is out this year.
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The thing is, the 1% want to live on the left, too. They just want the 99% to live on the right.
tclambert
Sep 2012
#4
Yves Smith: Bloomberg Finally Notices Deposit Flight, a Major Threat to the Eurozone
DemReadingDU
Sep 2012
#3
MOBIUS: Romania Has Taken Its Medicine And Now It's Ready To Lead Growth In Europe
xchrom
Sep 2012
#8
Demeter, you are just incredible. I used this quote just today re: Mittens.
mother earth
Sep 2012
#74
Roland, this is quite an article, a must-read for these times...seems the title is more Rethinking
mother earth
Sep 2012
#75
Absolutely, many days when I read here, I do wish more attention is given many of these articles.
mother earth
Sep 2012
#78