Gary Michelson lies to Forbes editors about his wealth and spending

Forbes came out with their 2013 billionaires last week. Gary Michelson is included. Forbes asks these people what they are worth when they can. They just take the person's word for it. They don't try to verify anything. Their information is wrong. I will correct their info here.

http://www.forbes.com/profile/gary-michelson/

1. "Through the Twenty Million Minds Foundation, he helps students get free textbooks."

He started the foundation but hasn't even really started funding it. I posted the 990 here. I think he spent $30,000. He hasn't given any free text books.

2. "He has also spent $10 million to convert municipal animal services from kill facilities to adoption centers and to provide free spaying and neutering services to low-income households."

According to the Found Animals Foundation's 990, he has spent $3-5M over the last seven years for animal related causes. He has not converted any municipal shelters from kill centers to adoption centers.  He has donated some money to spay and neuter pets of people with low income.

3. "Through his Found Animal Foundation, he created a $25 million-prize for medical inventors to come up with a nonsurgical method to sterilize dogs and cats to help reduce the number of strays. The foundation is now offering $50 million in grants to help fund promising research towards the prize."

Gary Michelson has offered the $25M and $50M but he hasn't funded the Foundation with that amount. He also has not awarded the prize to anyone and it's been seven years. The Foundation started in 2005. It's now 2013. He has spent maybe $3M tops on grants for research. His goal is to get a drug he can patent and sell for profits. His goal is not to sterilize animals. If it were, he would take existing drugs and do that right this second but he hasn't. And again, it's "Found AnimalS Foundation," plural.

If he really purchased that much space in Austin, Texas, that is not a good idea. While the area is attracting some large corporations, it's only because it was super cheap. If rents rise, they could leave. The only way Michelson can make a profit on capital investments is if rents rise. I hope he spreads out his real estate investments.

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