Leon Cooperman is, as it were, rather a grumpy old man. It does not take much to annoy or aggrieve him. And he has much to be rather pissed off about these days, not least of which his taxes look likely to be rising more than he’d likely prefer. And he needs the money, people!
Wall Street legend Leon Cooperman… fell off The Forbes 400 for the first time in years.
The 25 wealthiest hedge funders are worth a combined $220 billion, up an impressive $35 billion from last year…. Eighty three-year old Jim Simons, founder of quantitative trading firm Renaissance Technologies, is yet again the richest hedge fund manager in America, for the 4th year in a row, according to Forbes. Though he technically retired more than a decade ago, Simons remains co-chairman at Renaissance….
Even more galling is that those of vastly lesser intellectual means than he managed to hold on to their places. Any chance he could get that $100 million back, Saint Barnabas? No? Well, it would still leave him $300 million shy anyway, and at least he has something to take about with his old phone buddy and fellow grievance machine Donald Trump, who we’re sure is taking this news in stride.
Donald Trump is worth an estimated $2.5 billion, leaving him $400 million short of the cutoff to make this year’s Forbes 400 list of America’s richest people. The real estate mogul is just as wealthy as he was a year ago, when he stood at No. 339 on the ranking, but he is down $600 million since the start of the pandemic.
As far as those we’re concerned with, though, there’s not much new to report. Only one—John Paulson, of course—lost money in what seems likely to be his last year on the list, although it must be said he’s making the most of it and going out in style. As well as hedge fund managers did over the past year, they did relatively poorly vis-à-vis their fellow multi-billionaires, as most lost ground on the 400. The richest 10 hedge fund managers this year are the same as last (with the exception of Two Sigma’s John Overdeck and David Siegel, who dropped out of a tie for the last spot with David Shaw). Carl Icahn bounced back from a disappointing 2020 to leapfrog Ken Griffin and Steve Cohen, and Izzy Englander and Chase Coleman each padded their wealth by more than $3 billion to overtake a stagnant George Soros, as did Ray Dalio, although he’s still got a ways to go to catch the aforementioned retiree. But none did quite so well as Coatue Management’s Philippe Lafont, who made at least $4.5 billion over the last year to enter the list in fine style. Blackstone Group founded Steve Schwarzman, however, blows that out of the water: His net worth nearly doubled to more than $37 billion, putting him in the top 20 overall. (Oh, god, don’t tell Leon about that one.)
On the other side, joining Cooperman and Trump among the have-nots, are Ron Perelman, a fixture among the 400 for even longer than Trump; hedge funder Noam Gottesman; private equity magnates Jim Coulter, Alec Gores, Bruce Karsh, Howard Marks; man of many enthusiasms Jeff Gundlach; and Nikola Motors founder Trevor Milton, whose frankly has bigger problems to worry about.
The Forbes 400 [Forbes]
The Richest Hedge Fund Managers On The 2021 Forbes 400 List [Forbes]
The Richest Private Equity Billionaires On The Forbes 400 List 2021 [Forbes]
Donald Trump Falls Off The Forbes 400 For First Time In 25 Years [Forbes]
Oprah, Trump And 49 Other Billionaires Who Dropped Out Of The Forbes 400 Ranks [Forbes]
Six New Crypto Billionaires Join The 2021 Forbes 400 [Forbes]
Moderna’s vaccine profits propel three new names onto Forbes’s list of the 400 richest Americans. [NYT]