At least 11 of the fortunes, including those of meat processor John Tyson, casino entrepreneur Elaine Wynn and WWE’s Vince McMahon were hit by the pandemic.
Despite the global pandemic and record unemployment numbers in the U.S., the country’s richest are doing better than ever. Members of The Forbes 400 list of richest Americans are 8% wealthier than last year, with a record collective net worth of $3.2 trillion. Still, 25 billionaires who were on the 2019 list fell below this year’s $2.1 billion threshold, two more than last year. In addition, two from last year’s list died.
The dropoffs include Tyson Foods Chairman John Tyson, whose company has been struggling with Covid-19 breakouts at its meat-processing plants, and Elaine Wynn, the largest shareholder of publicly-traded casino operator Wynn Resorts, which temporarily shut down for nearly three months earlier this year due to the pandemic.
Another name missing from this year’s list is Whitney MacMillan, who died in March at age 90. Worth $5.1 billion at the time, he was chairman and chief executive of global food giant Cargill from 1976 until 1995. His great-grandfather started the business with a single grain warehouse in Iowa in 1865.
On August 12, Sumner Redstone, the media mogul behind CBS and Viacom, died at age 97. Redstone, who was worth $3 billion at the time of his death, was the controlling shareholder of ViacomCBS, which had merged in December 2019. His daughter, Shari, is the chairwoman of the $16.6 billion (market cap) media and entertainment giant.
After The Forbes 400 was finalized and sent to the printers, list member Randall Rollins, ranked No. 148 and worth an estimated $4.7 billion, died on August 17 at age 88.
Forbes used stock prices from July 24, 2020 to calculate net worths for the list, and for those who dropped off.
Here are the most notable names to drop off The Forbes 400 this year:
Wesley Hitt/Courtesy Of Tyson Foods
John Tyson
NET WORTH: $2 billion
SOURCE OF WEALTH: Food processing
Shares of meat processor Tyson Foods, where Tyson is chairman, fell 30% in the first seven months of 2020 amid news of Covid-19 breakouts at its plants. More than 10,000 Tyson employees were diagnosed with the virus from March through July, according to the nonprofit Food and Environment Reporting Network. The families of several workers who died amid the pandemic have filed lawsuits against the company claiming gross negligence or wrongful death. (The company denies the allegations.) In July, Tyson Foods’ chief executive stepped down, citing personal reasons. A month later, the company reported a 22% drop in third quarter earnings, in part due to $340 million in pandemic-related spending on things like personal protective equipment, facility sanitization, testing and bonuses to factory workers.
Michael Prince for Forbes
Elaine Wynn
NET WORTH: $1.7 billion
SOURCE OF WEALTH: Casinos, hotels
Wynn’s net worth took a hit when Wynn Resorts, where she is the largest shareholder, had to shut down from mid-March until June due to shelter-in-place orders. The stock price of the luxury hotel and casino company plummeted 68% from February 18 to March 18, and has not recovered since. Wynn and her now ex-husband Steve cofounded Wynn Resorts in 2002, three decades after launching Mirage Resorts in 1973. In 2018, Steve Wynn stepped down amid sexual misconduct allegations, which he has denied, and cashed out his entire stake in the company.
Edward DeBartolo Jr.
NET WORTH: $1.8 billion
SOURCE OF WEALTH: Shopping centers
In February, President Trump pardoned DeBartolo, who had pleaded guilty to not reporting a bribe from a Louisiana government official in 1998. Meanwhile, his shares of Simon Property Group—which acquired his family’s DeBartolo Realty for $1.5 billion in stock in 1996—fell 59% this year as America's largest shopping mall owner reels from the Covid-19 crisis. Prior to the charges in 1998, DeBartolo owned the San Francisco 49ers but stepped down as chairman and transferred his ownership to his sister Denise DeBartolo York. Her family now runs the NFL team.
Julio Mario Santo Domingo III
NET WORTH: $1.4 billion
SOURCE OF WEALTH: Beer
A disc jockey in New York City, Santo Domingo III owes his fortune to his late grandfather, who sold his Colombian brewery Bavaria in exchange for a 15% stake in beer giant SABMiller in 2005. In 2016, AB InBev acquired SABMiller for $107 billion in cash and stock. AB InBev’s sales plunged nearly 30% in April due to plant closures and a double-digit decline in beer sales in China and South Korea. As a result, AB InBev’s stock dropped 28% from February through late July.
Ethan Miller/Getty Images
Vincent McMahon
NET WORTH: $1.8 billion
SOURCE OF WEALTH: Entertainment
The pandemic struck a blow to the live wrestling events put on by World Wrestling Entertainment, where McMahon is chief executive and chairman. Ticket and merchandise sales took a hit and shares fell 31% from early January through late July. McMahon also lost some $200 million on the XFL, his NFL competitor. It was forced to cancel its season in March and filed for bankruptcy shortly thereafter. A group including Dwayne “The Rock'' Johnson agreed to buy the league in August for a reported $15 million.
Here are the other drop offs from The Forbes 400 in 2020, along with their net worths as of July 24, 2020:
George Argyros & family
NET WORTH: $2 billion
Edward Bass
NET WORTH: $2 billion
Riley Bechtel & family
NET WORTH: $2 billion
Stephen Bechtel Jr.
NET WORTH: $2 billion
George Bishop
NET WORTH: $2 billion
Ben Chestnut
NET WORTH: $2 billion
James Dinan
NET WORTH: $2 billion
Stanley Hubbard
NET WORTH: $2 billion
Henry Laufer
NET WORTH: $2 billion
Ray Davis
NET WORTH: $1.9 billion
Nicholas Pritzker
NET WORTH: $1.8 billion
Randal J. Kirk
NET WORTH: $1.8 billion
Robert Sands
NET WORTH: $1.8 billion
Richard Sands
NET WORTH: $1.8 billion
Clifford Asness
NET WORTH: $1.7 billion
Lee Bass
NET WORTH: $1.7 billion
W. Herbert Hunt
NET WORTH: $1.6 billion
T. Denny Sanford
NET WORTH: $1.6 billion
Chuck Bundrant
NET WORTH: $1.4 billion
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September 08, 2020 at 05:10PM
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Here Are The 25 Billionaires Who Dropped Off The Forbes 400 - Forbes
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