Even though these individuals started out as tycoons and made billions if not trillions in the past, within a short period of time they lost a great chunk of their wealth. And now, they are struggling to make ends meet and climb up the ladder like the rest of us.
1. Eike Batista
This Brazilian oil tycoon lost over $33 billion in 16 months and unfortunately his position as seventh richest man in the world as well. He bought his first gold mine at the age of 24, but lost a big chunk of his fortune when his oil conglomerate, OGX Petroleo & Gas Participacoes SA, lost 90 per cent of its value in 2013. Eike Batista has now an estimated net worth of $200 million – when the debts he owes to investors were deducted.
2. Matthew Bucksbaum
Matthew Bucksbaum operated and maintained over 200 malls in the United States of America. This massive empire collapsed in April 2008 and Bucksbuam had to pay off a straggering debt of 30 billion dollars. Naturally, he filed for bankruptcy.
3. David Ross
This entrepreneur reported his net worth in March 2008 which was over 1.4 billion dollars. He co-founded Carphone Warehouse and it has been said, started funding investment for real estate with his shares. Unfortunately, when the value of property dropped, he faced many complications and his current worth is about 150 million dollars.
4. Tulsi Tanti
Tulsi Tanti owns Suzlon Energy which looks after wind energy. In March 2008, his net worth had been estimated at about 3 billion dollars. However, due to reports which detailed the faults of his wind turbine blades, the company had to create large reserves for in order to fix this problem. His net worth currently is 500 million dollars.
5. Larry Yung
Larry Yung Chi-kin “the Red Capitalist” is a Chinese businessman and the former chairman of CITIC Pacific, a Hong Kong-based corporation. He was one of the wealthiest people in mainland China with a personal net worth of US$2.9 billion as of 2013. He was in charge of CITIC Pacific when it made its first major loss in 20 years of US$2 billion. The loss resulted in a temporary suspension of CITIC Pacific shares on the Hong Kong Stock Exchange and police raids at CITIC. He’s now worth $750 million.
6. Konstantin Zhevago
Zhevago was once worth over 3.4 billion dollars in the heyday. Unfortunately, he is no longer a billionaire. This unpleasant situation was brought about by a financial crisis in Ukraine, which saw one of Poltava greatest businessman’s shares dropping by at least 80 percent in value. But the millionaire is not stepping down that easily and is looking for new ways to become a billionaire. His holding company AvtoKrAZ, producer of heavy-duty dump trucks, and delivered 150 vehicles to Uzbekistan in 2009.
7. Sanford Weill
Sanford Weil is an architect of a well-known and well-connected financial institution, Citigroup. The shares of this bank faced great decline which spread rumors in the industry that the bank was teetering on the brink. Once a billionaire, Weil is a mere millionaire today.
8. Frank Fertitta and Lorenzo Fertitta
Because of recession and the recent economic meltdown in the United States, these brothers had to file for bankruptcy in 2009. Station Casionos was once worth 9 billion dollars. However, the two brothers spent over 44 million dollars on other activities and when the operations failed; they lost a good deal of money. In 2009, their net worth had been estimated at 1.3 billion dollars each. Today, they are only multi-millionaires.
9. Luis Portillo
Luis Portillo was worth 1.2 billion dollars in March 2008. However, he borrowed over 1.4 billion dollars from at least 11 banks and used his stock for collateral. Unfortunately, the deal he was working for was not successful and since he was in major debt, he sold his shares and is now worth 15 million dollars.
10. Bjorgflur Gudmundsson
Gudmundsson had faced legal problem on the basis of embezzlement during the 1980s. He was the chairman of a bank in Iceland and also held a majority of the shares. Due to certain complications, the Government of Iceland had to seize this bank because of which Gudmundsson’s current net worth is zero.