Truth & Rumors > Auto Racing

Bruton Smith no longer a billionaire

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The Wall Street meltdown appears to have claimed another casualty: Bruton Smith's billionaire status. Like almost everyone, the speedway and auto sales titan has seen his stock holdings battered in the financial crisis. But as majority owner of two public companies -- one in the Fortune 500 -- Smith's hit has been bigger than most: Nearly $1 billion. That staggering amount makes Smith one of many corporate giants whose portfolios have been punished by the market plunge. With Wednesday's close of 8,282.66, the Dow Jones industrial average has tumbled 36 percent in the past year, including 29 percent in the last three months. As founder, chairman and chief executive of Sonic Automotive, Smith, 81, owns more than 12 million shares in the Charlotte-based company, one of the nation's largest auto retailers. In the past year, the value of those shares has plummeted 87 percent, costing him more than $268 million. Smith also is chairman and chief executive of Speedway Motorsports, which owns Lowe's Motor Speedway and six other major tracks. His roughly 29 million shares in the Concord-based company have declined in value by more than 64 percent, erasing more than $711 million. Put those losses together, and holdings worth more than $1.4 billion last November now check in at about $434 million.

Charlotte Observer

Bruton Smith, Ken Charnock/Getty Images Bruton Smith, Ken Charnock/Getty Images
Comment #1 has been removed
November 13, 2008  07:08 AM ET

How the hell did he expect to buy NASCAR........Oh wait I forgot who I was talking about.
Brian france being the idiot that he is would of been putty in Bruton Smith's hand and would of been talked out of the business for the price of a Martinsville hot dog.

November 13, 2008  07:34 AM ET

wait for it, wait for it, wait for it....nope, I thought I would feel bad about this at some point, but I guess not. Millions of americans are without work, insurance and many without homes and on a sports webpage I read how poor Mr. Smith is no longer a billionaire...who gives a S#it. I'm sure he can survive on his other 900+ million somehow.

November 13, 2008  08:06 AM ET

As if I feel bad for Mr. Smith losing one of his Billions of dollars... Let's talk about most of the middle class who are having trouble keeping their jobs and paying their morgages.. They (or We ) are more of a story than a multi-billionaire losing some of his billions!!!! Don't feel bad for him at all !!!!!!!!!!!!!!!

November 13, 2008  08:58 AM ET

And I was complaing that my 401k was down $5,000

November 13, 2008  09:31 AM ET

i wish i had that much to lose, in this day and age, who the hell cares... this is a non story and no one cares that he has lost that much, that is like 20.00 to you and me..

November 13, 2008  09:53 AM ET

HAHAHAHA!!! Suck It Don Rickles!!!!!

November 13, 2008  10:25 AM ET

Bruton Smith no longer a billionaire

GOOD, you sorry s.o.b.

November 13, 2008  10:30 AM ET

Hopefully it gets to the point where he has to sell his tracks and it removes the stranglehold he has had on NASCAR. Conflict of interest says France should be required to sell any interest in tracks also....but we know he will circumvent that and put a clause in place, dirty crooked ****.

November 13, 2008  10:34 AM ET

When the economy rebounds, as it will and always does, he will be right back to being king of the hill. He will have the last laugh, unfortunately.

November 13, 2008  10:35 AM ET

Yippppppppppy the damn little RUNT

November 13, 2008  10:39 AM ET

non-story - it's a paper loss unless he actually sells it...he just doesn't have the liquidity he had before...boo hoo. He's still hold more than I'll make in 100 lifetimes.

November 13, 2008  10:44 AM ET

I guess the onlt thing we can POSSIBLY hope for is his outgoing funds eclipse his incoming forcing his hand. I have never hoped the DOW would drop...but in this case let the downward spiral continue until the little troll is pennyless.

November 13, 2008  10:45 AM ET

You're right Davey, most of us can't even dream about having that much money and SI wants us to feel sorry for him.. It is not happening !!!!

November 13, 2008  10:47 AM ET
QUOTE(#13):

I guess the onlt thing we can POSSIBLY hope for is his outgoing funds eclipse his incoming forcing his hand. I have never hoped the DOW would drop...but in this case let the downward spiral continue until the little troll is pennyless.

I agree with you TCK... and maybe it will take the DEI **** with it

November 13, 2008  10:57 AM ET

Speed, Teresa still has sole rights to the "Eardhardt" and "Intimidator" franchise so she will never be in the same boat as Bruton Smith as long as Cleetus and Joe Bob save their tax return money and makes it to the race to drops their cash on their new Dale Sr. wardrobe for the year. To include the Calendar, shot glass set, toilet paper dispenser, 3 pack of "chip clips" and the 2009 "limited editon" 4 pack Coozie set for $47.99.

November 13, 2008  11:04 AM ET

Cereal-Yep you are right. Teresa will still make more in a year off selling Dale's stuff than a normal person like most of us could spend in our lifetime.. So whether she loses TEI or not she will always be a rich ----ch!!!!!!!!

November 13, 2008  11:12 AM ET

That is correct Ohio....and I hate her rotten carcass for using the man before and after death.

November 13, 2008  11:39 AM ET

Well if people would not buy it then she would FOLD. Race fans have got to she what she has done and hate her equaly as much and understand that in order to get their point across, stop buying this stuff....HE's DEAD and she kepts remaking garbage.

 
November 13, 2008  12:10 PM ET

Speed- I have been a Dale fan since the first NASCAR race I went to in Mich. My boyfriend then(now my husband) told me to pick a car out and I picked a Wrangler blue and yellow car !!! I have been a fan of his since that day!!!AND I have not bought one thing after his death to support Teresa.. I didn't like her before he died and I certainly don't like her since the only Earnhardt off spring she cares anything about is the one she had with Dale.. She has totally screwed Dale's children from different mothers and hopefully she gets what she deserves and I can't wait for that day!!.

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