Saturday, January 28, 2012

Nets Owner Mikhail Prokhorov's Net Worth Down By $5 Billion, According To Report

"The poor performance of the Russian stock market have cost Nets owner Mikhail Prokhorov dearly, as an article in Forbes Magazine says Prokhorov's net worth has taken a stunning $5 billion loss in the last year. The magazine says Prokhorov's net worth is now between $12 billion and $13 billion, compared to last year, when Forbes estimated his net worth to be $18 billion.

The magazine said most of the losses come from his stocks in the Russian market. Shares in the world's largest aluminum manufacturer United Co. Rusal have lost nearly 50 percent of their value over the last year and Prokhorov's shares in that company have lost more than $2 billion. His stock in Polyus Gold International, one of the world's top gold producers, is down about a third in the last year, the magazine said."

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