When it comes to billionaires, there is no shortage of shenanigans to write about. They are always making money, losing money, buying expensive things, and setting new trends that mere mortals could never afford. This week isn't any different. One billionaire birthday boy has lost a fortune on a bad bet on energy stocks. A bar in New York City is selling a margarita fit for a billionaire – because they are the only ones who could afford this particularly pricey cocktail. The pundits are all abuzz, wondering just who billionaire casino mogul Sheldon Adelson will back in the Nevada GOP caucus. Finally, billionaire hedge fund magnate Ken Griffin continues to live a life we all aspire to.
This Billionaire Lost Billions Betting On Energy Stocks
Carl Icahn celebrated his 80th birthday last week and while he will never have to worry about surviving on social security alone, the fact is that his net worth has declined quite a bit over the past 12 months. Icahn made bold bets on energy stocks that have been a disaster. Chesapeake Energy, Freeport-McMoRan, Cheniere Energy, and Transocean – all stocks owned by Icahn – have plummeted in recent months. As of earlier this month, Icahn lost $700 million of the $940 million he invested in Transocean, $600 million of the $1.1 billion he put into Freeport-McMoRan, $1.1 billion of the $1.2 billion he invested in Chesapeake Energy, and $1.1 billion of the $1.9 billion he had put into Cheniere Energy. That's enough to make even a multi-billionaire a little nervous!
Celebrating National Margarita Day In Style
National Margarita Day just passed – did you imbibe? One bar in New York City sure tried to lure some wealthy drinkers to its establishment. The upscale London Hotel in Manhattan is selling a drink they call the "Billionaire's Margarita." This drink sells for the oh-so-reasonable price of $1,200 per glass. It is truly a drink fit for a billionaire. The London Hotel created the pricey margarita after it obtained a bottle of the uber exclusive Patron en Lalique Series 1, which costs $7,500 per bottle. Only 500 bottles of that particular tequila were made. The "Billionaire's Margarita" is also made with a half ounce of Louis XIII Cognac in his recipe, which goes for $375 dollars a shot.
The bar has yet to sell one of these $1,200 margaritas.
The Case Of The Missing $100 Million
It's one of the most talked about issues in Republican circles right now. Where is Sheldon Adelson's endorsement of a candidate and, more importantly, where is his money? Adelson spent more than $100 million during the 2012 Presidential campaign. This time around, he's not opening his wallet much. Many think that he's planning to throw millions behind Marco Rubio, but is waiting to see how he fares on Super Tuesday. But even that does not explain the oddness of Adelson's sudden political spending freeze. Not only has Adelson not backed a candidate in word or donation, he also hasn't donated to several of the conservative political groups that have been regular recipients of his largess during this election cycle.
Adelson and his wife have given relatively small donations of a couple of thousand dollars each to 16 candidates, including Rubio and Ted Cruz. The concern is that if Adelson continues to withhold financial support from a chosen GOP candidate, time could run out vis a vis slowing the momentum of Donald Trump's campaign.
All we can do is wait and see.
It's Ken Griffin's World, We Just Live In It
Some guys have all the luck. Hedge fund billionaire Ken Griffin has recently dropped a cool half a billion dollars on two paintings and $300 million on luxury apartments. His spending spree is a result of his new lease on life. His ugly, contentious, 15-month-long battle in divorce court is over. He and his ex-wife Anne finally came to a settlement and he had another incredibly successful year with his fund, Citadel. Apparently, he's chosen to celebrate being single and wealthy by opening his wallet for a spending spree! Griffin, who is worth $6.5 billion, has been spreading the good times around too, rewarding his staff with a huge party for Citadel's 25th anniversary party. He brought in Katy Perry to perform at that bash. At another Citadel party, he hired Maroon 5 to entertain his employees. He did this all on his own dime.
As Griffin nears his 50th birthday, he's single with a multi-billion dollar bank account and the world at his disposal. Basically, it is Ken Griffin's world, the rest of us just live in it.