Lisa Du of Business Insider writes Monday about how Forbes, which has historically been the only business news outlet tracking billionaires, lost its edge to Bloomberg News, which launched its billionaires list overseen by former Forbes staffer Matt Miller.
“Miller supposedly proposed to raise capital from outside investors to fund his project idea, that way the company would have to take little financial risk. At the time, it was rumored that Miller got investors to commit around $1 million, the person familiar told Business Insider. But Forbes management ultimately rejected Miller’s idea.
“Shortly after that, Miller left Forbes with Rambus and started Wealth-X, an intelligence service for wealthy individuals—essentially the same idea that Miller was rumored to have pitched to Forbes.
“About a year into his Wealth-X venture, Miller was hired by Bloomberg in January 2011 to be an editor-at-large. Rambus remains the CEO of Wealth X.
“Now that Miller’s work for Bloomberg — a new and improved rich list as part of the company’s expanding wealth coverage — has been unveiled, it can’t be hard to imagine how Forbes may be feeling.
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