Here Are The Losers Of Forbes 2023: They Are No Longer Billionaires

The escalation of the war in Ukraine, rising inflation, and sharp depreciation of the crypto market have been a nightmare for many billionaires in 2022.

According to the Forbes Billionaires List 2023, almost half of the world’s 2,640 billionaires are poorer than in 2022. However, some wealthy people have lost their billionaire titles. According to the Forbes 2023 list, 254 people lost the ‘dollar billionaire’ title this year.

Among those whose wealth fell below a billion dollars, there were also household names in the world. The famous singer Kanye West and the former crypto billionaire Sam Bankman-Fried, who was accused of fraud, are some of these names.

HUGE LOSS OF BILLIONS OF TECHNOLOGY

He was also among the most lost tech billionaires this year. The wealth of 52 tech billionaires fell below $1 billion last year. From the world of finance and investment, 44 people were missing from this year’s list. 35 people from the manufacturing sector said goodbye to the list.

These include Alex Atallah and Devin Finzer, co-founders of NFT OpenSea marketplace, Andy Fang and Stanley Tang, co-founders of food delivery app DoorDash, venture capitalist and cryptocurrency backer Tim Draper, and Capital One CEO, Richard Fairbank.

Here are the highlights of the names who lost the billionaire dollar title:

SAM BANKMAN-FRIED

Net worth: Less than $10 million (versus $24 billion)

Source of wealth: Crypto asset exchange

Citizenship: USA

Bankman-Fried, founder of cryptocurrency brokerage platform FTX, has convinced many investors that his exchange is the future of cryptocurrency.

FTX, whose fraudulent transactions were exposed, collapsed in late 2022 and Bankman-Fried faces federal charges of fraud, money laundering and campaign finance violation. The one-time crypto genius is now under house arrest at his family’s home.

Gary Wang, another FTX co-founder who has admitted to fraud charges and collaborated with authorities along with Bankman-Fried, is another crypto billionaire who fell off the list this year.

KANYE WEST

Net worth: around $400 million (down from $2 billion)

Source of wealth: Music, sneakers

Citizenship: USA

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Sponsorship and cooperation deals were canceled when the famous musician added anti-Semitism to his controversial moves that have been going on for a while.

Although West said in October: “I can say anti-Semitic things and Adidas can’t let me go,” clothing giant Adidas has canceled sales of its Yeezy model, which was developed in cooperation with Kanye West.

The cancellation of deals worth hundreds of millions of dollars also dropped West from the billionaire rankings.

ALEV ATALLA and DEVIN FINZER

Net worth: Less than $600 million each (down from $2.2 billion)

Source of wealth: Online sales

Country: United States

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The NFT bubble sold on the OpenSea online marketplace burst last year.

Values ​​and sales of works fell sharply on the platform, which sells computer files used to track ownership of unique digital assets, including art and music.

OpenSea’s value fell from $13.3 billion to $3.1 billion. Thus, the founders of OpenSea said goodbye to the list. In July 2022, OpenSea laid off 20 percent of its staff.

ZHAO WEIGUO

Net worth: Less than $100 million (under $2.8 billion)

Source of wealth: information technology

Citizenship: Chinese

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China’s regulators have accused Zhao, the former chairman of government-backed semiconductor conglomerate Tsinghua Unigroup, of corruption.

Zhao, who disappeared for a while while bankruptcy proceedings were underway, was said to have no shares in the Tsinghua Unigroup companies. Zhao, on the other hand, did not comment.

yvon chouinard

Net worth: less than $100 million (below $1.2 billion)

Source of wealth: Textile

Citizenship: USA

Known for his environmental views, Chouinard donated his company to environmental organizations and relinquished his spot on the list.

In September, the billionaire donated hundreds of millions of dollars to outerwear and accessories retailer Patagonia to an organization fighting environmental crises.

In one of his speeches, Chouinard said: “Businesses should take most of the blame for being enemies of nature.” Chouinard’s business, which he founded in 1973, dedicates 1 percent of sales to funding environmental groups.