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This summer, analysts were predicting that Harold Hamm could lose half of his $20 billion fortune in his divorce. Since then, Hamm's fortune has indeed been cut in half. But the reason is oil prices, not his divorce.
Since the end of August, the CEO and founder of oil-company Continental Resources has seen the value of his shares in the company fall from $20 billion in late August to just over $10 billion on Friday. We don't know what other major assets or debts he has, or how leveraged he might be, but it's safe to say that Hamm's paper fortune from Continental has been cut in half in just three months. The $10 billion wealth-cut comes at the same time as his costly divorce ruling. Last month, a judge ruled that Hamm has to pay his ex-wife, Sue Ann, nearly $1 billion for their divorce. As part of the ruling, the judge has placed a lien on 20 million shares in Continental stock. Sue Ann's attorney has said she may appeal for more money. Of course, Hamm is still rich. Even if he's down to his last $8 billion or $10 billion, he'll still be able to live the life to which he's grown accustomed.
- Harold Hamm's Ex-Wife: $1 Billion Isn't Enough
- Hamm Divorce Price Tag Is Almost $1 Billion
- Can Oil Prices Drop to $40 a Barrel
-- Robert Frank, CNBC