Feeds

Gates dethroned as tech's richest get thumped

Larry Ellison searches sofa for change

Beginner's guide to SSL certificates

It seems that tech's billionaires are sharing the privations of ordinary citizens, whose savings are vanishing and pensions becoming worthless as stock markets tumble.

Bill Gates' 15-year reign as America's richest person is reportedly over, as the value of his investments has shrunk, surrendering his crown to investor Warren Buffett.

Gates, who amassed his fortune on Windows with Microsoft, has seen his net worth fall by $2.5bn to $55bn in four weeks while Buffett, who made his cash pile by investing in a broad portfolio with his Berkshire Hathaway baby, soared $8bn to $58bn, according to a revised Forbes rich list.

America's third richest person, and tech's best remunerated chief executive, has also taken a thumping but still holds on to his number-three slot. Larry Ellison is now worth $25.4bn, down from $27bn in the middle of September.

Forbes produces a list of the richest 400 Americans each year and 2008 was no exception. When the annual list was revealed on September 17, there was little change in the established hierarchy of the fabulously wealthy.

The publication, though, decided to revisit the list in the wake of what could be the biggest crisis to hit investors of all sizes since the Wall Street crash of 1929. The annual list was calculated using publicly traded stock prices of August 29, while the updated list used stock prices from October 1.

Given that markets have fallen further since October 1, Gates, Ellison, and possibly even the shrewd Buffett are probably worth even less today. ®

The next step in data security

More from The Register

next story
Phones 4u slips into administration after EE cuts ties with Brit mobe retailer
More than 5,500 jobs could be axed if rescue mission fails
JINGS! Microsoft Bing called Scots indyref RIGHT!
Redmond sporran metrics get one in the ten ring
Driving with an Apple Watch could land you with a £100 FINE
Bad news for tech-addicted fanbois behind the wheel
Murdoch to Europe: Inflict MORE PAIN on Google, please
'Platform for piracy' must be punished, or it'll kill us in FIVE YEARS
Phones 4u website DIES as wounded mobe retailer struggles to stay above water
Founder blames 'ruthless network partners' for implosion
Found inside ISIS terror chap's laptop: CELINE DION tunes
REPORT: Stash of terrorist material found in Syria Dell box
Sony says year's losses will be FOUR TIMES DEEPER than thought
Losses of more than $2 BILLION loom over troubled Japanese corp
prev story

Whitepapers

Secure remote control for conventional and virtual desktops
Balancing user privacy and privileged access, in accordance with compliance frameworks and legislation. Evaluating any potential remote control choice.
WIN a very cool portable ZX Spectrum
Win a one-off portable Spectrum built by legendary hardware hacker Ben Heck
Intelligent flash storage arrays
Tegile Intelligent Storage Arrays with IntelliFlash helps IT boost storage utilization and effciency while delivering unmatched storage savings and performance.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Beginner's guide to SSL certificates
De-mystify the technology involved and give you the information you need to make the best decision when considering your online security options.