Michael Douglas lost much of his net worth during recession

Updated: Oct 03, 2010, 17:09 PM IST

London: Cancer battling Michael Douglas has revealed how he was a victim of the global financial meltdown two years ago.

The ‘Wall Street’ star admitted that he lost much of his wealth during the dark period.

“I lost 35 to 40 per cent of my net worth. I got whacked big time. It was serious and I was the classic deer caught in the headlights. I know a lot of people who lost everything. It was scary,” the Daily Express quoted him as saying.

“I know a lot of people who lost everything. It was scary.”

“There were a couple of huge drops and the market kept going down, down, down. I didn’t even know what to do with the advice I was being given. I decided to just weather the storm and wait and do nothing. We are getting back to where we were but I’ve lost two years,” he added.

Douglas, who has publicly accepted for the first time that smoking is likely to have caused his advanced throat cancer, believes he will recover his health as well as his wealth.

“I’m in an intensive combination of chemo and radiation. It seems to be going fine,” he concluded.