Thiel, according to a 2006 Bloomberg profile, has invested his entire liquid net worth in Clarium. That's not quite technically true: Thiel has actually invested his money in a separate account managed by Clarium according to the same strategy his firm uses for outside investors. (Clarium has two other such separately managed accounts, but they are small in value.)

These matters are disclosed to the investors Clarium courts. One forwarded a copy of Clarium's marketing materials to Valleywag. Figuring out Thiel's holdings is a simple matter of subtraction.

Clarium LP, the name of Clarium's main fund, had $1.7 billion in assets under management as of March. The firm's "strategy assets" — total assets, including separately managed accounts — add up to $2.1 billion. So the ceiling on Thiel's liquid net worth is $400 million. (That's not counting his 5 percent stake in Facebook, recently valued at around $100 million.) After losing roughly $5 billion in assets from bad trading and client withdrawals in the second half of 2008, Clarium has continued to perform poorly, entirely missing the recent market rally.

So who cares if he's a hundred-millionaire instead of a billionaire? Thiel does, for one. He did not make nearly as much from the $1.5 billion sale of PayPal as he believes he deserves, according to people familiar with his thinking — the source of a long-simmering feud with top Valley venture-capital firm Sequoia Capital, one of PayPal's backers.

And a perception of outsized wealth is the source of his newfound social standing in Manhattan, where he recently relocated. It's the reason why he gets impromptu dinner invitations from the likes of New York Mayor Mike Bloomberg. It's the reason why people pay the slightest attention to his crackpot social theories. Take away that crucial tenth digit on his net worth, and he's just another indistinguishable member of the averagely ultrarich.

WHICH wild child daughter of an Internet billionaire has major problems? The lady-loving gal has been to rehab twice and still doesn't show any sign of slowing down.

Sure, Semel made a ton of money prior to Yahoo as CEO of Warner Bros. But to be an Internet billionaire, Semel would have had to made a billion dollars off Internet stocks, right? Not even close: In 2004 and 2005, while Yahoo shares were rallying, Semel sold $403 million worth of Yahoo stock. Since then, he's made about $60 million by exercising options and selling shares. He now owns 1.6 million shares in the company, whose shares are trading at $24. Forbes doesn't even include him on its list of billionaires. Our conclusion? When we run blind items about him, we're going to call Semel the "non-Internet nonbillionaire."

In many ways, that in-game wealth is meaningless unless it's bankable in a system that's responsive to democratic principles. In other words, you can accumulate a lot of money in apartheid-era rand, or Soviet-era rubles, but it doesn't really mean anything because you can't really export your wealth — because the state controls access to it. And even if you can, you can't export the source of your wealth, right?

Say you managed to accumulate a lot of wealth in the former Soviet Union because you built a factory and the relationships to keep it running. Even if you can get your rubles out by converting them to something that you can smuggle out of the country like diamonds, you're going to lose your factory and you're going to lose those relationships. Those are all stuck in this kind of totalitarian state. So if we're going to say that these places are where we're going to live our life — or our second or third or fifth life — for that to be meaningful — those places need to be responsive to democratic principles.