Never before have I watched a stock price so carefully.
The stock was Global Crossing Ltd. and its run-up over the past year helped make company founder Gary Winnick the richest person in L.A.
When the Business Journal’s Wealthiest Angelenos package went to press, Winnick’s net worth was more than $6 billion. Then, the stock started falling a lot. So did Winnick’s net worth.
By the time the Business Journal hit the newsstands, he had lost several hundred million dollars in paper worth not nearly enough to threaten his No. 1 position, but more than enough for us to take note.
It’s a reflection both of the volatility of tech-related stocks and the ways in which wealth is being created these days a far cry from other members of our top-50 list who have steadily accumulated their holdings over the years.
This week, Jason Booth takes a closer look at Global Crossing’s growing pains (page 6), and Sara Fisher focuses on those lucky so-and-sos who had the chance to buy into Global Crossing, eToys and other high-flying IPOs before their stocks took off (page 7).