NET WORTH: $2.75 billion +6%
LAST YEAR: $2.6 billion
RESIDENCE: Beverly Hills
SOURCE OF WEALTH: Private equity
THE MONEY: Even in sluggish economy, Gores is realizing value in holdings of his Platinum Equity. Beverly Hills private equity firm made 17 acquisitions in past year and sold 10, including November divestiture of San Diego Union-Tribune newspaper for $110 million. Most of Gores’ money is in firm.
BUZZ: Busy year for investor as he closed deal to buy Detroit Pistons, which struggled this season with poor performance and low attendance. Said he intends to restore former glory to the NBA team and benefit city through community outreach. Gores bid with billionaire brother, Alec, on Warner Music but was bested by competing firm. Raised in Flint, Mich., and attended Michigan State. Has maintained connection to state through investments such as manufacturer Acument Global Technologies. Worked for brother’s firm before starting Platinum in 1995. Firm has closed 130 deals. Gores now a trustee for Los Angeles County Museum of Art. Father of three, coaches kids’ soccer and basketball teams. Maintains public website documenting his personal and business activities.
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