If it requires 100% to become a billionaire, it needs 1000% to be one. Here is a list of 10 people who lost their billionaire status in 2019:
1. Michael O’Leary (net worth, unknown)
O’Leary, the CEO of RyanAir, was recognized as a billionaire by Forbes with a net worth of $1.1 billion in 2018. But soon, the airline’s stock price plunged due to the Brexit concerns and strikes by pilots, knocking O’Leary off the billionaire list. His present net worth remains unknown.
2 & 3. Jin Sook and Do Won Chang (net worth, $800 million each)
The co-founders of the fashion chain Forever 21, Jin and Chang had a combined net worth of about $5.9 billion before they ultimately filed for bankruptcy. The couple founded Forever 21 (previously Fashion 21) after relocating from South Korea in 1984 in Los Angeles. Forever 21 will reportedly shut down around 350 outlets worldwide, but continue to operate some of the stores as well as online.
4. Miguel McKelvey (net worth, $400 million)
McKelvey co-founded WeWork along with two others (Adam and Rebekah Neumann) in 2010 and had a net worth of $2.9 billion in March 2019, according to Forbes. IN September, concerns regarding the company’s finances delayed its IPO and compelled Neumann to resign as CEO. Neumann restored his billionaire status when SoftBank took over WeWork while McKelvey lost his during the company’s IPO fiasco.
5 & 6. Adam Bowen and James Monsees (net worth, $900 million each)
Juul Co-founders Adam and James lost their billionaire status months after achieving it when one of the company’s major investors decreased the company’s valuation by more than a third.
7 & 8. Jordan Katzman and Alex Fenkell (net worth, $770 million and $700 million)
Both Jordan and Alex own about a quarter of the class B shares of the dental-products company SmileDirectClub the IPO of which made them billionaires in September. But the company’s shares slumped by more than 60%, forcing them off the billionaires’ list.
9. Charles Brandes (net worth, unknown)
Charles struck it rich by operating his self-found company, Brandes Investment Partners which he founded in 1974. In the past, Brandes had over $100 billion under management. A major chunk of his net worth comes from his stake in the company. He fell off the billionaires’ list in March 2019.
10. Andrea Reimann Ciardelli (net worth, $720 million)
Andrea Reimann, an heiress to JAB holdings, inherited a stake in her family’s company and sold it to her relatives, reportedly made her a billionaire in 2003. She emigrated to New Hampshire from Germany. And though she is not a billionaire anymore, she is still the richest in New Hampshire!
