Behind every billionaire there is a story!

Forrest Loses Australia’s Richest Title on Stock Drop

 Iron ore billionaire Andrew Forrest’s reign as Australia’s richest man lasted less than three weeks as the tumbling stock market slashed about A$3.7 billion ($3.2 billion) from the value of his stake in the company he founded.Forrest’s 36 percent stake in Perth-based Fortescue Metals Group Ltd. has shrunk to about A$5 billion from a record of A$8.7 billion on Dec. 28, according to Bloomberg data. The personal wealth of James Packer, chairman of Consolidated Media Holdings Ltd., was valued at A$7.25 billion according to BRW Magazine’s annual rich list in May.

“It is a bit unfortunate for Mr. Forrest’s fortune but he is just going to have to suffer with the rest of the people in the market,” Peter Arden, an analyst at Ord Minnett Ltd. in Melbourne, said today by phone. The stock “was just out of whack with everything else so it had to have a correction bigger then everything else,” he said.

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http://www.bloomberg.com/apps/news?pid=20601080&sid=aiKsAtCAMcgw