For the past few weeks, everyone’s been talking about how ordinary investors have been hurt by the stock market decline. But as they struggle to pay for gas and food, another class of people has been really suffering. The uber-rich CEOs who have lost billions—billions—in stock in their own companies. Oh, they’re also worth two to five times what they lost, so they’ll probably be ok. If things get really bad, Larry Ellison could just move into his yacht.
WSJ: Think the market has hammered your portfolio? Pity Warren Buffett — he’s lost $9.6 billion this year, in his own company alone.
The value of Mr. Buffett’s equity in Berkshire Hathaway Inc. declined more than that of any other big-company chief executive, according to an analysis by Steven Hall & Partners, a compensation-consulting firm.
Other big declines: Oracle Corp.’s Larry Ellison, who lost $6.6 billion in value; Microsoft Corp.’s Steve Ballmer, down $4.8 billion; Amazon.com Inc.’s Jeff Bezos, $4.2 billion; and News Corp.’s Rupert Murdoch, $3.9 billion. (News Corp. owns The Wall Street Journal.)
All told, chief executives at 175 of the U.S.’s biggest companies have seen the value of their equity in their own company decline by a cumulative $42.3 billion, or 28%, from the end of their most recent fiscal year through last week. The study didn’t include other assets of the CEOs.
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