I didn’t make up that headline. That kudo goes to the Las Vegas Review-Journal, Shelly’s hometown newspaper which perhaps has a bone or two to pick with the man. “The Biggest Loser” sounds like a new TV reality show, doesn’t it? For poor Shelly, they’ll have to subtitle the show, “This is Your [Wretched] Life.”
Anyway, I’ve come to report the sad, sad news that Shelly Adelson, once the 3rd richest man in the world, has lost big-time in the recent economic implosion:
Forbes said Adelson’s net worth of $28 billion had lost roughly $13 billion this year, taking the 75-year-old billionaire to 15th place. That number most likely fell again Thursday.
Adelson is the majority shareholder of Las Vegas Sands, controlling almost 70 percent of the company personally and through his family trusts. The company’s shares have lost more than 90 percent of their value since hitting a 52-week high of $148.76 on Oct. 29.
He even had to loan his own company a couple a hundred mil to avoid a huge financial penalty, about which he “joked” (if you could call it that):
“My wallet’s a little thinner,” Adelson joked to The Wall Street Journal after the investment was announced.
Amazing…the guy lost $4 billion in a month! Couldn’a happened to a more deserving guy. If I were Taglit Birthright, the Shalem Center, the Republican Jewish Coalition or any group to which Shelly’s made a pledge I’d pay close attention to his payment schedule. Even at $15 billion, Shelly’s liable to draw in the wagons on his financial defensive perimeter.
UPDATE: Since reader Michael Weis claims not to understand why I’m writing this let me make clear that Shelly Adelson’s philanthropy and political giving generally supports extremism and hate. Even gifts that could conceivably be seen as righteous such as supporting Taglit, are so clearly motivated to produce a right-wing pro-Israel benefit as to be suspect. Yes, he’s probably given a few kopeks to support a woman’s shelter or orphanage. But the vast majority only does harm. So a poorer Adelson is a boon to the rest of us.
Thanks to reader John Dickerson for pointing out the story to me.