Net Worth: $3.2 B
LAST YEAR: 3.1
CHANGE: 4.2%
AGE: 70
RESIDENCE: Beverly Hills
SOURCE OF WEALTH: Private equity
THE MONEY: Gores’ wealth reached new heights over the course of the Covid-19 pandemic, thanks to his early bets on special-purpose acquisition companies, though those bets by now have likely been the cause of more than a few headaches. The Beverly Hills-based billionaire has been targeted in a number of lawsuits filed by investors who claim they were misled into approving plans for “blank-check mergers” for their companies. Gores has remained mostly mum on the subject of sagging SPACs, though the Gores Group has liquidated three of its SPACs this year.
THE BUZZ: When seeking investor approval for these liquidation actions in November, Gores told investors that “consummation of a suitable merger is highly improbable … We remain active in SPACs and continue to be committed to the SPAC product in the long term. Given the current market environment, we believe liquidating any expiring vehicles and returning capital to our shareholders as soon as possible is the best immediate path forward.” Gores referred to the “necessary” SPAC downturn as a “reset.”
