Michael Douglas Loses Half His Fortune
Actor Michael Douglas has admitted to the British press that he lost millions in the stock market, what he estimates to be around 40% of his net worth. The famous actor is the son of Bermudian Diana Dill, and a partner in the Ariel Sands Development in Devonshire.
The former Bermuda resident, whose estimated net worth exceeds $200 million, admits he pulled out of the stocks business completely after losing almost half of his entire fortune. Despite prices starting to recover, he says he was shocked into ending his profiteering, and pulled most of his cash from stocks.
He told members of the British press:
I lost 35-40 per cent of my net worth on the 2008 crash. At the end of last year, I took a whole bunch out.
Ironically, one of the roles Mr. Douglas is most famous for is that of ‘Gordon Gekko‘, a ruthless stockbroker in the 1987 hit film Wall Street. A sequel, ‘Wall Street: Money Never Sleeps’ will be released in September 2010.
Mr. Douglas as stockbroker 'Gordon Gekko' in the film 'Wall Street'.
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