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.
Hey Rich,
I don’t see why you are covering this story.
@Michael Weis: Then you haven’t been reading my blog. I’ve been blogging consistently about Adelson for months. I don’t see a single aspect of his tzedakah or political giving that isn’t tainted by extremism & hate. Well, OK maybe he’s given a few kopeks to an orphanage or some such. But that’s not what I’m talking about. The fact that he has less to spread around is just fine by me.
Aren’t many Jews assimilating? Doesn’t Taglit help prevent this?
@Devil’s Advocate: Taglit doesn’t help anything. It gives young people a short term “fix” of Israel & Zionism. The fix, like all drugs, fades a short time after and you’re left with the same issues you faced before getting the fix: how to strengthen Jewish identity in the face of competing trends in U.S. society.
I’ll grant that Taglit has a long term beneficial impact for some. But this is a very small number of the thousands overall that participate.