Michael Douglas: I Lost 35-To-40 per cent Of My Net Worth In The Market Crash*

Michael Douglas 2

Photo: prepidemic.wordpress.com

UPDATE: We mistakenly thought Douglas was referring to the flash crash.

PREVIOUSLY: Gordon Gekko — urr Michael Douglas — is claiming that he lost a ridiculous amount of money during the market crash (via @eddyelfenbein).

“I lost 35 to 40 per cent of my net worth,” he tells Monsters & Critics. “I got whacked big-time – it was serious.”

“I was the classic deer in the headlights.” Douglas says. “I didn’t know what to do with the advice I was getting. There were a couple of huge drops and it kept on going, and by the time you woke up the next day, people were down anywhere up to 60 per cent of their net worth.  I knew a lot of people who lost everything.’

Douglas’s current net worth is estimated at $145 million.

No wonder Wall Street 2 is such an anti-Wall Street film. Check out the 10 most embarassingly awful scenes >

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.