Will There Be No More Billionaires in the Year 2009?

83959393 Will There Be No More Billionaires in the Year 2009? As the year comes to a close, the Business Sheet has taken a tally of how much this city’s moguls have lost in the great economic bonfire of 2008. The damage–which reaches into the billions–makes us wonder if when the economic cleansing is all said and done, if there will even be any more billionaires left in New York City.

So as you hit the bottle this holiday season, consider this: at least you haven’t lost $7.2 billion. Viacom and CBS chairman Sumner Redstone, on the other hand, was not so fortunate. 

Some notable losers, including Mr. Redstone, below: 

1. Mr. Redstone reportedly lost more than anyone this year—$7.

As the year comes to a close, the Business Sheet has taken a tally of how much this city’s moguls have lost in the great economic bonfire of 2008. The damage–which reaches into the billions–makes us wonder if when the economic cleansing is all said and done, if there will even be any more billionaires left in New York City.

So as you hit the bottle this holiday season, consider this: at least you haven’t lost $7.2 billion. Viacom and CBS chairman Sumner Redstone, on the other hand, was not so fortunate. 

Some notable losers, including Mr. Redstone, below: 

1. Mr. Redstone reportedly lost more than anyone this year—$7.2 billion, to be exact. Mr. Redstone lost $3 billion this year when Viacom and CBS stock plummeted, and another estimated $800 million when the mogul mistakenly invested in Midway games, a company whose shares dropped from $19 to 33 cents. And, if that weren’t enough, in October, Mr. Redstone, 85, filed for divorce from Paula Fortunato, 46. (The couple reportedly signed a prenuptial agreement that stipulates that Ms. Fortunato receives at least $5 million or $1 million for each year of blissful marriage. The couple were married five years.)

2. Rupert Murdoch was a victim this year of News Corp.’s stock plummeting nearly $4 billion and his wife’s elaborate 40th birthday party at Gramercy Park Hotel earlier this month, which reportedly cost the mogul more than $100,000. The total damage: $3.95 billion.

3. Barry Diller reportedly lost $3.5 billion this year after his 4.2-million-share stake in IAC took a major dive in the market. (Still, the billionaire proceeded with hosting a festive holiday party even as his media peers canceled theirs.) This year may include less sailing trips on Mr. Diller’s yacht, for the mogul and his wife, designer Diane von Furstenberg

4. Martha Stewart lost a total of $323 million when the share price of Martha Stewart Living Omnimedia fell 65 percent, bringing Ms. Stewart’s stake down from $497 million to $174 million.

5. Finally, Les Moonves, CEO of CBS, who holds a 1,233,330-share stake in the company, lost out $19.8 million as the stock plunged from $24.23 to $8.20.

See the full list of 25 Biggest Media Losers of 2008