New York - CNN founder Ted Turner had quit his post at AOL Time Warner, the media conglomerate that absorbed his company, "in disgust", he said in an interview published on Monday.
Turner told Fortune Magazine he kicked himself for holding on to his AOL Time Warner shares as he had lost billions of dollars. He was concerned that his philanthropic causes would suffer.
Fortune, which is also part of AOL Time Warner, noted that Turner would step down as vice-chairman at Friday's annual shareholder meeting.
When Turner was not consulted about a change in top management at CNN, "it was the final straw", he said.
Referring to former AOL Time Warner chief executive Gerald Levin, Turner said: "The biggest mistake I made was trusting Jerry too much."
Turner initially sold his TBS broadcast empire - CNN, TNT, the TBS Superstation, Turner Classic Movies, the Cartoon Network, New Line Cinema and several sports teams, including the Atlanta Braves - to Time Warner in 1996.
That became absorbed into AOL Time Warner when America Online used its high stock value to acquire the media giant in 2000.
The magazine estimated that Turner's stock holdings had declined from $10.7 billion in early 2000 to $1.4 billion. Because he sold or gave away some stock during that period, his losses were pegged at $8.5 billion.
"I'm the stupidest person in the world not to have sold earlier," Turner was quoted as saying.
"Over 90 percent of my liquid assets were in AOL Time Warner. No one with substantial wealth should ever concentrate their wealth like that, particularly in a company where they don't have control."
Turner's net worth, which includes 768 000ha of land and sizable cash holdings, was estimated at $2 billion.
But because he still owed more than $600 million to his UN Foundation, Turner was down to his last billion, Fortune said.
"All I was doing with my multiple billions was giving them away," he said.
He had scaled back his philanthropy which, he said, "gives me a great deal of pain because the needs are greater than ever".
Turner cashed in $790 million in AOL Time Warner shares and said he would invest it "prudently and conservatively".
According to Fortune, he is considering treasury bonds, stocks and more land. He is committed to putting at least $40 million into his Ted's Montana Grill restaurant group, which pumps money into bison ranches.
Turner, who will be 65 later this year, recently separated from his 53-year-old French girlfriend, Frederique Darragon, according to Fortune.
"I'm like a little baby left at a doorstep, needing a woman to take care of me," he said.
Turner was not amused by his one-time rival Rupert Murdoch, who now had a massive media empire in place with Fox broadcasting and film, and a host of other global media firms.
"Rupert Murdoch is the most dangerous man in the world," Turner was quoted as saying.