Jewish Philanthropist and Political Donor Adelson Loses $1 Billion
Sheldon Adelson, who gave $25 million to help Newt Gingrich in his failed attempt to win the republican nomination for president, recently lost $1 billion according to Forbes Magazine.
Shares of Las Vegas Sands, which Adelson heads as CEO and Chairman, fell 4.6% on Monday as casino stocks took a hit (MGM and Wynn Resorts also fell by more than 4% on Monday) due to poor economic outlooks in China and the United States.
In March, Forbes estimated Adelson’s net worth at $24.9 billion, one month after the Boston-born businessman said he would potentially spend $100 million to get a Republican into the White House. Adelson, who is a strong supporter of Israel and pro-Israeli causes, is also believed to have donated millions of dollars to broader GOP related causes, including the Congressional Leadership Fund, this year.