Bose speakers firm founder no longer worth a billion

March 29th, 2009 - 8:06 pm ICT by IANS  

Washington, March 29 (IANS) Amar Bose, the Indian American founder-chairman of the famed speakers company Bose Corporation, has dropped off the Forbes magazine’s list of the world’s billionaires.
Bose faced a similar fate in the recent economic downturn, according to the Worcester Business Journal. In the September 2007 list of the richest Americans, Forbes put his net worth at $1.8 billion.

By the same time in 2008, that was down to $1.5 billion. Now the wealth held by the former MIT assistant professor has apparently fallen below $1 billion.

According to Forbes, he is believed to own a 60 percent stake in Bose Corp., which, like many companies, has been going through difficult times in recent months.

In January, the company announced it would cut 10 percent of its workforce, or about 1,000 jobs.

Bose is not alone. Forbes reports that the average worth of the world’s billionaires has dropped 23 percent over the past year. The total number of billionaires dropped from 1,125 to 793.

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