Steve Ballmer’s $2-billion offer for the Los Angeles Clippers — nearly four times the record sale for an NBA team — has experts puzzling over how the former Microsoft chief plans to make any money on the deal.
But Ballmer, with a net worth estimated at about $20 billion, may have little need for profit. The eye-popping bid from the world’s 34th richest man underscores the explosion in tech wealth and the nonchalance with which billionaires chase trophy brands.
“This reflects an enormously wealthy person buying a toy,” said Lawrence Mishel, president of the Economic Policy Institute, a Washington think tank. “It’s not a financial investment.”