September 17, 2013

Blame wind as Pickens’ wealth sinks

Richard A. Kessler | Recharge News | Tuesday, September 17 2013 |

T. Boone Pickens is no longer a billionaire after falling natural gas prices caused his wind energy investments to plunge in value, dropping his net worth to an estimated $950m, according to Forbes.

The magazine says that Pickens’ fortune fell below $1bn for the first time since 2005.

Forbes on Monday released its annual compilation of the richest 400 people in the United States. It listed Bill Gates of Microsoft as the richest person in the US for the 20th consecutive year.

Forbes notes that Pickens had told television station MSNBC’s “Morning Joe” program that he had “lost [his] ass in the [wind] business.” He did not quantify those losses.

Pickens, who is based in Dallas and is among the nation’s best-known businessmen, had no immediate comment

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