Billionaire Developer, Los Angeles Mayoral Candidate Rick Caruso Reveals Vast Holdings

Billionaire developer Rick Caruso, a candidate for mayor of Los Angeles, on Tuesday unveiled a vast network of investments and financial holdings that included millions of dollars worth of shares in technology, health care and financial services companies. prime properties, as well as details of its extensive real estate network. real estate empire.

State law requires candidates to disclose their financial holdings to avoid potential conflicts of interest, such as when a company in which a candidate invests might seek business in the city. Caruso, a former Republican and independent turned Democrat, entered the race last week.

A 94-page report provides only a window into the details of Caruso’s wealth, which Forbes magazine estimated at $4.3 billion. According to the reporting rules, the value of his investments are only listed within wide ranges, so his exact stake is unknown and could be much higher.

For example, Caruso said he owns shares in several dozen companies, including more than $1 million each in Amazon, Apple, internet equipment maker Cisco Systems, Costco Wholesale Corp., pharmaceutical giant Johnson & Johnson , Microsoft Corp., investment bank Morgan Stanley and the Walt Disney Co.

It also listed investments in Bitcoin and Ether cryptocurrencies and venture capital firm Harvest Growth Capital.

If elected, Caruso – who is known for building high-end shopping malls – plans to place his holdings in a blind trust, according to his campaign. He said he would take all necessary steps to avoid a conflict of interest or the appearance of such a conflict.

“We’re going to operate seamlessly,” Caruso said of a potential administration.

Some of Caruso’s rivals in a wide range of candidates have drawn attention to his wealth to suggest he is out of touch with the problems of working Angelenos, who have faced soaring housing costs, rising poverty crime, widespread homelessness and the long-lasting pandemic. .

In an interview with The Associated Press on Monday, Caruso said he would not be distracted by name-calling and would focus on fighting crime, dealing with the homelessness crisis and other problems.

Election “is about electing someone they trust, who has the background that can actually solve problems,” Caruso said.

“I don’t think people are going to care if you’re rich or poor, white or black, of any culture or background. What they care about is that they want their city back. they love,” he said.

The bulk of the report, numbering over 60 pages, was a list of names and companies that the report said were “reportable sources of income of $10,000 or more,” located or doing business in the city. .

Many appear to be businesses or individuals renting one of his many properties.

The documents also provided insight into dozens of real estate investments and other business investments within its sprawling operation.

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