Due to the onset of the recession last year, currencies and markets around the world plunged down and many billionaires committed such a downfall. Many of the world’s richest lost billions of money during these previous months, but we will take note only of the top noticeable persons because of the biggest blunders they made so far.
Did you know that the 25 biggest billionaire losers for the year 2008 lost a total combination amount of $167 billion? But there are more stories of other billionaires and now former billionaires, and described as really in a dreadful situation.
There is Bjorgolfur Gudmundsson who is the former chairman of Landsbanki, which is the second largest bank in Iceland, and holds a large share of the company. This company experienced the worst credit crisis all throughout the nation and removed in his possessions the amount of $1.1 billion. Since then, he placed his holding into voluntary liquidation.
David Ross is one of United Kingdom’s most lucrative entrepreneurs. He actually borrowed against his shares of the four companies wherein he was the director and the major shareholder so as to be able to pay up the investments he made through real estate but never materialized. He should sell his investment stakes to pay the debts that he incurred. So far he resigned in most of the board of the companies of which he was a member and he is no longer the Olympics adviser at present. His fortune is now worth $150 million from $1.4 billion.
Anurag Dikshit was responsible for the software design for PartyGaming, entitled PartyPoker game, wherein gambling on the internet was done on a live basis and was allowed then. When he left the company in 2006, he made sure that his portion of the chunk of shares was sold in 2006. That was also the year that the government of US banned gaming. As a result he pleaded guilty as he violated the gaming laws of the U.S. and hereby agreed to give up his $300 million. He also paid a fine amounting up to $100 million and will also pay the remaining balance in two installments the following year. He may also face up to two years in prison but he will not be sentenced until 2010.
The losses of Dikshit are such a small price as compared with the troubles encountered by Oleg Deripaska, formerly Russia’s riches man. In March 2008, he was the world’s richest person; his fortune amounts to an estimated total of $28 billion. Ever since Oleg’s troubles started, he has been forced to sell their shares in Canadian carmaker Magna International and German construction Hotchief and had to borrow almost 5 million dollars from a bank. He needs to do this, that is, sell his additional assets so that losing more of his fortune will be prevented as well.
The top billionaire blunder is Anil Ambani, as he added $24 billion to his fortune in a span of one year. His telecom company and its stock dropped terribly after his estranged brother believed to help ruin a deal with the African telecom MTN.
Hey, if you know a billionaire that had the same predicament as the people mentioned here, go ahead and comment here. You may even contribute some posts here if you like.
Source: Forbes.com
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