The Rise and Fall of Former Billionaires: Where Are They Now?
Believe it or not, being a billionaire isn’t all glitz and glamour. Due to market volatility, business fluctuations, and even personal decisions, fortunes can evaporate in the blink of an eye. Many powerful people who once graced the cover of magazines have seen their net worths decline, leading to their exclusion from billionaire rankings.
From entrepreneurs to business moguls, here are 12 former billionaires who fell off Forbes’ 2024 Billionaires List, plus insights into their dwindling fortunes.
1. Gary Lauder
Estimated Net Worth: $960 million (Down from $1.3 billion)
As a descendant of Estée Lauder, Lauder’s net worth took a nose dive after the company’s stock price fell by 36% in October 2023. The downturn was attributed to slowing growth in China and Asia, which constitute large portions of Estée Lauder’s global sales and operations. Consequently, Lauder, along with other family members, experienced a hefty decrease in their fortunes.
2. David Tran
Estimated Net Worth: About $400 million (Down from $1 billion)
As the founder of Huy Fong Foods, best known for its Sriracha hot sauce, Tran faced challenges due to disputes with suppliers coupled with adverse agricultural conditions. These issues led to mass product shortages, which greatly affected sales.
3. Ryan Breslow
Estimated Net Worth: Less than $100 million (Down from $1.1 billion)
Breslow, the co-founder of e-commerce software company, Bolt, saw his company’s valuation soar to over a billion in early 2022. But various lawsuits, coupled with security probes, raised concerns and triggered a sharp decline in the company’s value. In January, Bolt saw a 97% markdown after firing 29% of its staff and was forced to buy back investor stock.
4. Wang Wenyin
Estimated Net Worth: Less than $800 million (Down from $19 billion)
The Chinese entrepreneur and chairman of Amer International Group saw his net worth sharply decline due to a court-ordered freeze on shares worth $2.2 billion. This legal action significantly impacted his financial standing, leading to his removal from the billionaire rankings. Challenges in the metals and mining industry were also cited as factors for the company’s decline.
5. Hui Ka Yan
Estimated Net Worth: About $700 million (Down from $3 billion)
As the chairman of real estate giant Evergrande Group, Hui amassed massive wealth in Asia. But in March, securities regulators slapped hefty fines on the company, including $580 million on Evergrande and $6.6 million on Hui personally. The fines were linked to Hui for defrauding investors and falsely inflating revenues by 564 billion yuan (about $78.4 billion).
6. Rene Benko
Estimated Net Worth: $0 (Down from $6 billion)
Once a prominent real estate magnate with a net worth of $6 billion, Benko saw his fortune completely wiped out — ouch. His company, Signa Holding, collapsed under massive debt, which led to its insolvency late last year. Two of his major subsidiaries, Signa Prime Selection and Signa Development — both owning high-profile assets like New York’s Chrysler Building and the Park Hyatt Vienna — also filed for insolvency soon after. Are we wealthier than this former billionaire? Up top!
7. Byju Raveendran
Estimated Net Worth: $0 (Down from $2.1 billion)
Similarly, the co-founder of Byju’s — once India’s most valuable startup — saw his massive net worth drop from $2.1 billion to a big, fat zero. Raveendran founded the tech company in 2011 and spearheaded aggressive acquisitions, but financial troubles began to surface when Byju’s reported a staggering $1 billion net loss for the fiscal year ending in March 2022.
8. Osman Kibar
Estimated Net Worth: About $750 million (Down from $1.7 billion)
Osman Kibar, a biotech entrepreneur and founder of BioSplice Therapeutics, saw his fortune shrink from $1.7 billion to about $750 million. The company’s valuation, which soared during the pandemic as healthcare firms experienced a boom, has since drastically declined. BioSplice is now valued at $1.6 billion — a far cry from its peak of $12 billion in 2018.
9. Luc Tack
Estimated Net Worth: Less than $900 million (Down from $1.2 billion)
The Belgian businessman and CEO of Tessenderlo saw his net worth fall below $900 million, down from $1.2 billion. Driven by a decline in demand for agricultural chemicals, Tessenderlo’s shares dropped 18% over the past year. To make matters worse, a criminal complaint by a Swiss fiber manufacturer accused the former billionaire of using insider information to edge out his competitors.
10. Eike Batista
Estimated Net Worth: Negative $1 billion (Down from $10.6 billion)
Once Brazil’s richest man, Batista’s net worth plummeted due to the collapse of his oil and mining empire. Failed ventures and mounting debts led to Batista revealing that he had a net worth of “negative $1 billion.” Talk about a dramatic fall from grace.
11. Elizabeth Holmes
Estimated Net Worth: $0 (Down from $4.5 billion)
Holmes, the founder of medical diagnostic company Theranos, saw her net worth evaporate following revelations of fraud within the enterprise. Legal battles and the dissolution of Theranos left her with “limited financial resources.” Once valued at billions, Holmes’ fortune dwindled to nearly nothing by 2020. She is currently serving an 11-year prison sentence in Texas.
12. Lakshmi Mittal
Estimated Net Worth: $16.1 billion (Down from $27 billion)
Once known as India’s fourth richest man, the steel magnate’s fortune dropped from $27 billion to around $16.1 billion as the price of steel maker ArcelorMittal fell sharply. This decline caused him to miss the top 10 list for the first time since 2004, and the title of the world’s largest steelmaker. The downturn in the steel industry also significantly impacted his net worth.