Net Worth: $3.6 billion -25%
2008: $4.8 billion
Source of Wealth: Entertainment
The Money: Tough year for former record label impresario and DreamWorks co-founder. Had investments with celebrated financier Eddie Lampert that he is said to have sold. Geffen? huge art collection hit by softening of art market.
Quit DreamWorks board in October, but increased stake from 5 million to 12.5 million shares, and still retains at least 50 percent of voting shares alongside co-founder and Chief Executive Jeffrey Katzenberg. Share prices down, but they only make up fraction of his net worth. When news broke of Geffen? departure from DreamWorks, third co-founder Steven Spielberg referred to legendary dealmaker as one who ?uilt the house and saw that the bills were paid.?Geffen also was architect behind negotiations that released DreamWorks live-action studio from contract with Viacom parent Paramount; also wooed India? Reliance to put up $500 million and create a stand-alone production company with the DreamWorks name. Reportedly tried to buy stake in New York Times after failing to buy Los Angeles Times. Longtime Democratic Party supporter donated $45,000 to party last year. University of Texas dropout sorted mail at Williams Morris Agency. Amassed fortune in music industry, founding Geffen Records in 1980 and later selling for $750 million.
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