Porter

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Barry Porter (up arrow)

Age: 41

Residence: West Los Angeles

Source of Wealth: Telecommunications

Net Worth: $1.3 billion

Last Year’s Rank: Not on list

Background: Co-founder and senior vice president of Global Crossing Ltd., the telecommunications firm laying undersea fiber-optic cables around the world. Previously senior managing director in the investment banking department of Bear, Stearns & Co., where he led the gaming industries group and served as co-head of the media and entertainment unit. Also served as corporate, securities and entertainment lawyer at L.A. law firm Wyman, Bautzer, Erothman, Kuchel and Silbert. Graduate of UC Berkeley and Wharton School. His role at Global Crossing has been raising money. Drummed up more than $700 million with little more than an idea to sell. In the past three years he raised almost $3 billion.

Money Track: Controls 4.83 percent of Global Crossing. Growing demand for bandwidth to carry Internet data means the firm’s cables are in high demand. Stock has surged to over $60 dollars a share, putting Porter’s paper holdings at $1.3 billion.

Buzz: With Global Crossing still in the midst of whirlwind deal-making, Porter is living on airplanes and working 16-hour days. While glad about the recognition the firm has received, he is “chagrinned” that his personal wealth is becoming public knowledge. Despite being a billionaire, he won’t be retiring any time soon. “This kind of lifestyle can get pretty addictive,” he said.

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