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.
6. Konstantin Zhevago
Zhevago was once worth over 3.4 billion dollars but due to a major drop in share value, he had to sell a few stakes at large discounts in order to raise cash. This 35 year old is a part of the Parliament of Ukraine and is currently worth 350 million dollars.
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 borrwed 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.