America’s Richest Lose $44-Billion Combined

Fifty of America’s richest individuals on the Forbes 400 List lost a combined $44 billion in net worth in the aftermath of the Sept. 11 terrorist attacks on the World Trade Center and the Pentagon, according to Forbes.

Microsoft Corp. Chairman Bill Gates, America’s richest man, saw the biggest drop in net worth, losing $7.2 billion, or 13%, from Aug. 27 to Sept 24. Paul Allen, co-founder of Microsoft and now chairman of Charter Communications Inc., lost $4 billion, or 14%, of his net worth over the same period. Microsoft shares fell 17% from Aug. 27 to Sept. 24.

Warren Buffett, chairman and chief executive of holding company Berkshire Hathaway Inc. and the second-richest American on Forbes’ list, saw his net worth fall $2.8 billion, or 8.4%. Oracle Corp. Chairman and Chief Executive Lawrence Ellison, the fourth-richest American, lost $3.4 billion, or 16% of his net worth.

Among those losing the largest percentage chunk of their net worth were Viacom Inc. Chairman Sumner Redstone, who lost 28%, or $2.8 billion, and Tracinda Corp. Chairman Kirk Kerkorian, who lost 36%, or $1.9 billion, according to Forbes.