Bruton Smith no longer a billionaire

Bruton Smith isn't smiling as much these days

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