THE CHANGING FORTUNES OF THE WORLD’S RICHEST
T
he S&P 500 index rose Thursday and Friday to close the week at a record high, but not every billionaire reaped the rewards during the heart of earnings season.
Billionaire Dan Gilbert’s net worth declined by $8.1 billion this past week after his online mortgage provider Rocket Companies posted earnings that missed analyst expectations Wednesday afternoon. Rocket’s stock fell 17% Thursday and another 5.4% Friday to close at its lowest point since the company went public last August.
Gilbert’s estimated $38.4 billion fortune has been cut by more than 50% since a short-lived spike over $80 billion made him one of the 10 richest people in the world during a short squeeze in early March. Rocket Companies’ adjusted revenue of $4.04 billion in the first quarter nearly doubled year over year, but it still missed the average analyst expectation of $4.28 billion, according to Seeking Alpha. Analysts at RBC and Jefferies both…