Joseph Lewis, the second-largest shareholder of Bear Stearns Cos., may have lost $US850 million ($906 million) on Friday after the securities firm took emergency funding from the New York Federal Reserve and JPMorgan Chase & Co.
The billionaire investor accumulated a 9.4% stake last year as New York-based Bear's stock declined 47% amid the collapse of the subprime-mortgage market. He paid an average of about $US107 apiece for his 11 million shares, according to a US Securities and Exchange Commission filing.
