Millions of dollars of stock and a sprawling real estate empire. These are just some of the investments billionaire developer Rick Caruso, a candidate for Los Angeles mayor, disclosed Tuesday.
State law requires candidates to disclose financial holdings to avoid potential conflicts of interests, such as when a company that a candidate invests in might be seeking city business. Caruso, a one-time Republican and independent who is now a Democrat, entered the race last week.
A 94-page report provides only a window into the specifics of Caruso’s wealth, which Forbes magazine has estimated at $4.3 billion. Under reporting rules, the value of his investments is listed only in broad ranges, so his exact stake is unknown and could be far higher.For example, Caruso reported holding stock in several dozen companies, including over $1 million each in Amazon, Apple, internet gear maker Cisco Systems, Costco Wholesale Corp., drug giant Johnson & Johnson, Microsoft Corp.
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