RIM chiefs no longer billionaires thanks to plummeting RIM stock

By on June 23, 2011 at 6:01 PM.

RIM chiefs no longer billionaires thanks to plummeting RIM stock

Shares of RIM stock have taken a beating since the company announced devastating first-quarter earnings last Thursday. The Waterloo, Ontario-based BlackBerry maker missed Wall Street’s first-quarter consensus, it lowered its full-year guidance, it announced workforce reductions, it confirmed product delays and investors went running for the door as did a top executive. Since the earnings release last week, RIM’s stock has fallen more than 25%. This is bad news for every RIM investor, but two in particular must be especially upset. RIM Co-CEOs Mike Lazaridis and Jim Balsillie collectively own more than 10% of the company, a stake that helped each man achieve billionaire status. Last year, Lazaridis was ranked the world’s 651st richest man by Forbes with a net worth of $1.9 billion, and Balsillie was No. 692 on the list with a net worth of $1.8 billion. Fast forward to today, and neither man can call himself a billionaire any longer. The cheifs’ stake in the company is still worth more than $1 billion combined, but separately, their net worths are now just roughly $800 million a piece. We doubt the employees set to be laid off in the coming weeks and months will shed any tears for the Co-CEOs’ loss, but it’s just another piece of a puzzle that continues to fall apart. Some analysts believe RIM is hardly out for the count, however, and we agree that the company has a bit of fight left in it. If Balsillie and Lazaridis hope to rejoin the billionaire club, it’s time to put those gloves on and start swinging. More →

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Bill Gates no longer world’s richest man

By on March 8, 2011 at 3:26 PM.

Bill Gates no longer world’s richest man

When Forbes publishes its 2011 list of billionaires on Wednesday, William Henry Gates III will not be at the top. This is by design, however — the world’s richest man title may have been lost after, but a far more important title remains: the world’s top philanthropist. Gates is not new to this title according to the Global Philanthropy Group, and it finally cost him his spot as the world’s wealthiest man last year. Gates has reportedly given away a third of his wealth at this point, and the majority of this astonishing sum has gone to the Bill and Melinda Gates Foundation. When Forbes’ list is published on Wednesday, Carlos Slim will sit at the top again with approximately $60 billion, up from his 2010 sum of $53.5 billion. Gates will occupy the No.2 spot with $49 billion followed by Warren Buffet, another renowned philanthropist, who is now worth roughly $47 billion. According to David Lincoln, director of global valuations at wealth research firm Wealth-X, Gates would currently be worth $88 billion had he not given away any money. More →

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