By Kent Larsen
Will Huber Remain Richest Mormon?
COLUMBIA, MARYLAND -- With the stock price of his company, Corvis Corp.,
dropping to a more realistic level, LDS billionaire David Huber's personal
net worth is also dropping, so much that he may not remain the world's
richest Mormon. The value of Huber's personal holdings in Corvis has dropped
by $5.5 billion from its late August high, to a value of $4.3 billion, just
a little above Forbes magazine's estimated net worth for Jon Huntsman, who
is currently the Mormon with the second largest net worth.
Much of Huber's net worth is tied up in Corvis, a fiber optic equipment
manufacturer that went public last July. The company's stock rose to triple
its offering price on the first day of trading, and peaked in late August at
$103.81 a share, valuing Huber's 94 million shares at more than $9.75
billion. Since then, the company's stock price has dropped, first leaving
Huber's estimated net worth at $8.4 billion for Forbes' annual survey of the
400 richest americans, and then settling to less than half its peak, closing
last Friday at $45.38 a share.
Analysts are not surprised at the stock's fall since August because they
considered the price wildly overvalued, especially because Corvis went
public without posting any revenues. The company has since reported revenues
of $200 million for the past quarter, but even these revenues have been
considered suspect by some analysts because they come from a company that
owns a stake in Corvis.
Business In Brief: $5,473,120,900
Washington Post 12Nov00 pgE02 B2