A Mumbai real estate developer and a high school dropout who flies fighter jets for fun also soared this week.
Fast-growing U.S. labor costs and a dip in the number of Americans filing new unemployment claims presented a rocky week for the markets. But overall the indexes saw a modest increase since last Friday, with the S&P 500 up 1.9% and the tech-centric Nasdaq Composite up 2.6%.
But not everyone fared well this week. Charles Ergen, the billionaire cofounder and chairman of Dish Network, shed $600 million of his fortune since last Friday as shares of his pay TV and wireless firm hit a 14-year low. Early this week Dish Network disclosed that it was hit by a ransomware attack in late February and that unspecified data was stolen.
Shares of Dish Network fell more than 6% on Tuesday after the company stated in a filing to the Securities and Exchange Commission that “certain data was extracted” in a breach that targeted internal communications and customer support operations. On top of that one influential analyst downgraded the firm on Tuesday, likely pushing shares even lower.
Other billionaires had a much better week. Indian tycoon Mangal Prabhat Lodha’s real estate firm Macrotech Developers reversed course from a 52-week low on Friday Feb. 24 following an analyst upgrade for the Mumbai-based property developer. Shares rose 38% this week. And India’s Gautam Adani–who was the world’s third richest person in mid January–got a boost as U.S.-based investor GQG Partners injected nearly $1.9 billion into four of the Adani Group’s listed companies. The investment followed a difficult month for Adani Group in the wake of a short-seller report released on Jan. 24.
Another billionaire who had a good week: Jared Isaacman, a fighter-jet flying payments entrepreneur, who got 18% richer after his payment processing company Shift4 Payments reported strong 2022 results, lifting shares to a 52-week high.
We tracked the change in fortunes from the market close on Friday, February 24 through the close on Friday, March 3.
Here’s how some of the world’s richest people fared this week.
Net Worth: $3.4 bil 🔴 Down $600 mil, -15%
Country: United States | Source Of Wealth: Satellite TV | View profile
The cyber attack that caused a multi-day service outage wasn’t the only thing that affected Dish this week. On Tuesday, Bank of America senior research analyst David Barden issued a rare double-downgrade for Dish, lowering the stock from buy to underperform. For Ergen, who took the pay television provider public in 1996 and in recent quarters has continued to watch Dish lose subscribers, the bad news represents a dentin his fortune. Dish shares price closed down 15% this week.
Dish has been trying for years to build a 5G wireless network to cover at least 70% of the U.S. by June of this year following the 2020 merger of its competitors Sprint and T-Mobile. Barden, along with other analysts, noted future opportunities in 5G might be scarce for Dish due to competition and technological challenges in the past year.
Mangal Prabhat Lodha
Net Worth: $4.9 bil 🟢 Up $1.5 bil, +44%
Country: India | Source Of Wealth: Real estate | View profile
Property magnate Lodha of India saw a massive 44% increase in his fortune this week after his Mumbai-based real estate firm Macrotech Developers was upgraded by Motilal Oswald Research, which noted an increase in the number of housing units registered in Mumbai in February and predicted that India’s per capita income will grow in the next decade. Lodha founded his property development firm in 1980 and took it public in 2021. He started out building homes for the middle class in Mumbai suburbs and later built Trump Tower Mumbai, a 75-story luxury apartment skyscraper. He and his family members own about 85% of the company’s shares.
Net Worth: $42.7 bil 🟢 Up $7.4 bil, +21%
Country: India | Source Of Wealth: Adani Group | View profile
GQG Partners, a U.S.-based firm with $92 billion in assets under management, put a total of $1.87 billion into four listed Adani Group companies, the group announced Thursday. The move boosted confidence in the group’s ability to bring in outside funding more than a month after short seller Hindenburg Research alleged the group of stock manipulation and accounting fraud. Adani Group has denied all such allegations.
Shares of Adani Enterprises, the group’s flagship company, rose a notable 43% this week, a climb that started several days before the GQG injection was disclosed. Adani Enterprises shares rose nearly 17% on Friday after GQG’s $660 million investment in the principal namesake was announced on Thursday after Indian markets closed. Shares of Adani Ports and Special Economic Zone jumped 10% after GQG dropped $640 million on the firm; shares of Adani Ports hit a high mark since the Hindenburg report was released in late January.
Net Worth: $2.2 bil 🟢 Up $400 mil, +18%
Country: United States | Source Of Wealth: Payment processing | View profile
Last year was a good one for Isaacman, the founder and CEO of payment processing firm Shift4 Payments. The company, which reported 2022 results on Tuesday, beat analysts’ earnings per share estimates and reported nearly $2 billion in 2022 revenue, a 46% increase over 2021, leading to a strong spike in the share price Tuesday that continued, lifting shares by 25% for the week.
“The success Shift4 enjoys today is the result of our early entry into the world of integrated payments,” Isaacman said in a letter to shareholders. “We are taking an aggressive position with respect to controlling costs in an uncertain environment and are committed to maintaining flat as possible headcount from 2022 exit levels.”
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