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Home -> Community -> Mailing Lists -> Oracle-L -> Offtopic - Bill Gates loses his title as world's richest man
Hi Everyone,
Thought I'd try and get the first Offtopic in, carrying on from "La Grande Fromage" yesterday. Story in UK's Daily Telegraph this morning:
BILL GATES, who has seen Microsoft dislodged from its perch as the world's biggest company with its shares nearly halving over the past month, is now facing the ignominy of losing his mantle as the world's richest man to deadly rival Larry Ellison. Mr Gates' $90 billion worth was more than double that of the world's next richest man, investment guru Warren Buffett, when Forbes magazine's list was published last July. However, on Monday after Microsoft shares had lost 16pc to nearly half their December peak, Mr Gates' stake in the company he co-founded in 1975 was worth just $49.4 billion. In contrast, Oracle shares have soared 544pc over the past year, valuing Mr Ellison's 24pc stake at $48 billion and catapulting him from 23rd in last year's Forbes list to number two.
Famed for a flashy tycoon lifestyle including a racing yacht called Sayonara, a huge Japanese-style mansion in the trendy Silicon Valley neighbourhood of Woodside and the nickname of Elvis because of frequent sightings of him at luxury spots around the world, Mr Ellison, 56, cuts a hugely contrasting figure to Mr Gates.
The Oracle chairman, who co-founded the company in 1977, has never made any secret of his hatred for Microsoft, once calling Gates "the PC Pope" and the duel is one of the most acrimonious and public of any personal dispute in American business. Mike Wilson, author of The Difference Between God and Larry Ellison: God Doesn't Think He's Larry Ellison, said: "Larry would take immense satisfaction in having overtaken Bill in terms of net worth. Larry has always tried to portray himself as Bill's rival."
However, J Richard, of compensation consultants J Richard & Co, said: "It's not going to be a big deal to Gates. He's sort of been there, done that. In the same way, Warren Buffett didn't care when Gates passed him seven years ago."
Microsoft's 31,000 staff are to receive a special options grant struck at Monday's closing price of $66 - the lowest for 18 months - in a bid to incentivise them to stay at the company.
25 April 2000: Microsoft in shares plunge 18 April 2000: Microsoft offers plenty of perks to retain staff
5 April 2000: Microsoft shares down 5pc despite Gates' assurance 4 April 2000: Microsoft drags Nasdaq down 250 3 April 2000: Microsoft fails to satisfy US anti-trust regulators 8 April 1999: [International] $100bn Bill Gates richer than mostcountries
Web page (may need user,password):
=>
http://www.telegraph.co.uk/et?ac=002715192161192&rtmo=0irGJJsq&atmo=99999999&pg=/et/00/4/26/cngate26.html
Remember, you read it here first! :-)
Rgds,
AndyD
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