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Sunday, Sep 25, 2022

The 50 Wealthiest Angelenos: Tom Gores #10

#10 – Tom Gores

Net Worth: $2.25 billion -10%

Last Year: $2.5 billion

Age: 44

Residence: Beverly Hills

Source of Wealth: Private equity

The Money:

Founder of private equity group Platinum Equity did relatively well given focus on buying and resuscitating distressed companies. In August, shortly before markets imploded, successfully unloaded steel distributor PNA Group for $1.1 billion, scoring $500 million profit. Even so, Gores acknowledges wealth is a bit off.


Platinum, which closed $2.75 billion fund in September, has gone on buying spree of late, announcing five separate acquisitions since October. One was March purchase of faltering San Diego Union-Tribune, some say just for its real estate value. In February, Platinum rumored to be eyeing General Motors Corp.? Hummer unit. Gores has roots in Michigan, where he grew up after emigrating from native Israel. Started Platinum in 1995 after splitting from brother Alec? private equity firm Gores Group. Owns some commercial real estate, and holds stakes in film production companies Crescent Drive Entertainment and 360 Pictures. Gores and brother got mixed up in Anthony Pellicano trial in early 2008 after it was revealed Alec had hired gumshoe to determine whether his wife was having affair with Tom. Brothers have reportedly buried the hatchet.


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