Wilbur Ross apparently lied about his assets for years, fooling Forbes and everyone else into thinking he was a billionaire. In 2017, we unraveled that myth and dropped the estimate of his net worth. Now we are lowering it once more by DanAlexander21
unraveled
There is no doubt Ross is a rich man. He formed his own private equity firm in 2000 and scored big with a bet on the steel industry, personally hauling in an estimated $260 million. In 2006, he sold his firm to publicly traded financial firm Invesco for $100 million up front and the chance to earn another $275 million down the road. That adds up to plenty of money, yes, but nowhere near the $3.7 billion Ross once claimed.
Further reporting has made us rethink that decision. “Forty-one Magrittes, in my opinion probably are worth $100 million, between $80 and $100 million bucks,” said financier and art aficionado Asher Edelman. Sure, Ross has other artwork beyond Magritte, including contemporary works by Chinese artists. But when asked to hand over documents to prove the value of his collection, Ross provided nothing.
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