Chip Wilson loses $283.5 million in net worth today as lululemon shares hit 52-week low
Lululemon athletica founder Chip Wilson lost more than a quarter of a billion dollars on paper today as his company's shares fell nearly 16 percent.
According to lululemon's management information circular, the Vancouver billionaire owned 40,215,219 common shares as of February 14, 2014.
The shares closed today at a 52-week low of $37.25—down $7.05 from the day before when lululemon held its annual general meeting in downtown Vancouver.
This means that the value of Wilson's shares fell by $283.5 million today.
Based on his February filing with the SEC, he's still a billionaire: his lululemon shares are worth $1.5 billion even at today's lower price.
However, that's down from the $3.1 billion his lulu shares were worth when the stock reached its 52-week high of $77.75.
Wilson, who holds 27.5 percent of the company's shares, voted to remove the chairman, Michael Casey. However, Wilson wasn't able to persuade a majority to back him.
Lululemon reported first-quarter earnings of $19 million, which is being linked to the drop in shares.
Meanwhile, the entire Dow Jones Industrial Average was off more than 100 points after the markets became spooked by the success of Isis, a Sunni jihadi group, in Iraq.
Isis controls the second largest city, Mosul, as well as Falluja, Tikrit, and Ramadi, and now has its sights set on Baghdad.
Even though Wilson's net worth has taken a beating this year, he still has something to look forward to.
This October, the Vancouver-based Fraser Institute will honour Wilson—an admirer of the libertarian Russian-American writer Ayn Rand—with its T. Patrick Boyle Award.
This is for Wilson's "lasting and recognized accomplishments in the promotion of freedom and free markets, entrepreneurship, and philanthropic support for private sector, non-profit enterprises".