The new mayor of Jerusalem is Nir Barkat, who gained more votes than Haredi contender Meir Porush. Arcadi Gaydamak came third with merely 3% of the votes.

In Tel Aviv, Gaydamak’s faction “Tze’dek Hev’ra’ti” (Social Justice) won a single seat in the city council.

But apart from losing the race in Jerusalem, Gaydamak is rapidly losing all his possessions in the Israeli economy. He walked out of Radio 99FM, without paying salaries to its 80 employees. And creditors have taken away control of his companies.

Photo by Lisa Goldman

Photo by Lisa Goldman

It’s unclear how he suddenly lost much of his money — as it is unclear how he initially gained it.

The only major possession he still owns is the soccer club Beitar Jerusalem, although he may be forced to sell it soon.