Posted on 26 April 2010.
Even though these individuals started out well and made billions within a short period of time, they lost a great chunk of it soon after as well.
1. J.Christopher Flowers
The recent recession and the economic meltdown had a great impact on J.Christopher Flowers’ company whose total worth has been estimated at $500 million recently. This is a great fall from the $2.3 billion that they reported in 2004.
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 is a well-known capitalist in China and his net worth in March 2008 was estimated at 3 billion dollars. However, due to debts related to bad currency, there was a major drop in stocks and even though some of the lost glory has been regained, this tycoon is no longer a billionaire with a net worth of 750 million dollars.