How to pay and get Ranked in @Forbes Billionaire List
We live in a world where information is everything. You rely on the morning weather forecast to decide what you’re going to wear. You rely on the financial news to decide on the investments to make. For many of us, we’ve relied on Forbes to tell us who made the most money each year.
You shouldn’t though because, it appears people pay to get ranked on the Forbes World’s Billionaires List. Forbes appears to be staffed with pen-wielding mercenaries who’ll write anything and fabricate facts if someone is willing to pay up.
Not so Long ago, a Saudi Prince Alwaleed Bin Talal Alsaud, sued the magazine for undercutting his net worth. According to the prince’s lawyers, Forbes leasing with two of its writers, misrepresented the Prince’s wealth to the rest of the world.
You might not understand what the fuss is all about. It’s not like Forbes stole from the guy or something. However, such journalistic, and editorial, malfeasance is unethical as it is an apostasy of journalism standards.
Forbes have, it seems, incorporated the Billionaires List into its business plan. They are determined to milk it as long as they can, because no other part of the Forbes magazine is making money. If I were, they wouldn’t be forcing their views to turn off their ad blockers just to show them a few cents of adverts.
The minutiae of the Forbes Billionaire list, and other lists, such as the Forbes 30 under 30 has always been on people’s mind. No one dared to question it though, until the Saudi Prince voiced his doubts, by taking Forbes to court.
Forbes agreed to settle the matter out of court, which is always a sign of culpability, and has since rectified its ranking. However, the magazine didn’t learn its lesson. The Forbes 30 under 30 is also of questionable integrity.
When the list came out, most Wall Street traders couldn’t bring themselves to believe some of the names even go to that list. A few sources were quoted saying most of the people on that list were white collar criminals.
While it is not for us to judge, it seems a valid observation, because the comments above came from the peers of the people who appeared on that list. In fact, the commenters are the elite of Wall Street.
To further give you a perspective of just how far Forbes will go to misrepresent information, Lynn Tilton the founder of Patriarch Partners has a net worth of $450 million according to Forbes. Yet, the Wall Street Journal places her in the neighborhood of $830 million and managing a USD 8 Billion empire.
Who would you believe? A magazine that’s been sued for libel, or a journal that thousands count on for accurate and up-to-date financial information? Or a magazine who’s promoters are bankrupt themselves and failed to sell this “Iconic” magazine for $300 M to the “Chinese” and even they backed out of the deal due to lack of value.