The richest in Australia have lost 5 billion in the first quarter!

The richest in Australia have lost 5 billion in the first quarter!
Apr 7, 2008 03:08
FRANKENSTEIN Points: Join Date: Nov 29, 2004 Status: offline	Not only these small investors but also the richests in the world have lost much money in the stock market due to the slump in the global stock markets. It is said that Australian 10 richests have lost 5 billion Australian dollars (4.5 billion U.S. dollars) in recent 3 months. Andrew Forrest, the richest Australian, has lost 1 billion Australian dollars due to the fall of the shares in Fortescue Metals. However, he still has 7 billion Australian dollars shares in Fortescue Metals. James Packer, the second richest in Australian has suffered a huge loss of 6 billion Australian dollars in the first quarter. Retail giant Gerry Harvey's shares have fallen about 900 million Australian dollars. Herb Elliot, who won a golden medal in 1960 Olympic Games, became a businessman later. In last three months, Elliot has lost control of half of his 5.5 million shares in Fortescue Metals Group worth about 20 million dollars.

Apr 7, 2008 03:08

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Join Date: Nov 29, 2004
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Not only these small investors but also the richests in the world have lost much money in the stock market due to the slump in the global stock markets. It is said that Australian 10 richests have lost 5 billion Australian dollars (4.5 billion U.S. dollars) in recent 3 months.

Andrew Forrest, the richest Australian, has lost 1 billion Australian dollars due to the fall of the shares in Fortescue Metals. However, he still has 7 billion Australian dollars shares in Fortescue Metals.

James Packer, the second richest in Australian has suffered a huge loss of 6 billion Australian dollars in the first quarter. Retail giant Gerry Harvey's shares have fallen about 900 million Australian dollars.

Herb Elliot, who won a golden medal in 1960 Olympic Games, became a businessman later. In last three months, Elliot has lost control of half of his 5.5 million shares in Fortescue Metals Group worth about 20 million dollars.

Apr 11, 2008 08:31	#1
APAULT Points: Join Date: Mar 11, 2006 Status: Offline	I think we need to be clear on what we mean by 'lost'. They have lost nothing unless they sell. The report is probably referring to 'paper losses' ie losses IF they choose to sell, which of course they mostly won't do

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