Forbes’ Billionaires list, eagerly anticipated for changes in the fortunes of the world’s richest people, saw some prominent omissions this year. Those who lost their billionaire status include crypto genius Sam Bankman-Fried, musician Kanye West, and Yvon Chouinard, the founder of an outdoor clothing and gear company. Let’s delve into the top 10 billionaires who are no longer on Forbes’ 37th Annual Billionaires List 2023.
- Sam Bankman-Fried: Sam Bankman-Fried, the founder of FTX, once hailed as the future of cryptocurrency, saw his net worth plummet from $24 billion to less than $10 million. His fall from grace was due to a late 2022 investigation, which resulted in Bankman-Fried facing federal fraud, money laundering, and campaign finance violation charges. Bankman-Fried denies these charges.
- Kanye West: In October, Adidas canceled Kanye West’s Yeezy sneaker line, causing his net worth to plummet from $2 billion to $400 million. West’s controversial statements, including anti-Semitic remarks, contributed to his fall from billionaire status. Despite these controversies, he remains a prominent figure in the music industry.
- Yvon Chouinard: The founder of outdoor clothing and gear retailer Patagonia, Yvon Chouinard, voluntarily gave up his spot on the list by donating his company to a trust and a nonprofit that fights environmental crises. He had long expressed concerns about making Forbes’ wealth lists and the negative impacts of business on nature.
- Zhao Weiguo: Zhao Weiguo, the former chair of Tsinghua Unigroup, a government-backed semiconductor conglomerate in China, faced corruption charges amid a broad investigation into the country’s semiconductor industry. He reportedly “disappeared” from public view in 2022 and now has no holdings in Tsinghua Unigroup’s companies.
- Henrique Dubugras and Pedro Franceschi: The co-founders of credit card fintech Brex, Dubugras and Franceschi, lost about $600 million each, dropping their net worth to about $900 million. The startup funding frenzy fizzled in 2022, leading to a decline in the valuations of unicorns, causing them to drop from the billionaire ranks.
- Niraj Shah and Steve Conine: The co-founders of online home goods retailer Wayfair, Shah and Conine, saw their net worth drop from $1.6 billion to about $600 million each due to plummeting demand for their products and the company cutting 10% of its workforce as part of a cost-saving plan.
- Alex Atallah and Devin Finzer: The co-founders of online marketplace OpenSea, Atallah and Finzer, lost about $1.6 billion each, dropping their net worth to less than $600 million. The bubble for NFTs sold on their marketplace burst, causing a decline in sales and the value of OpenSea.
- Ernest Garcia III: The founder of the used car company Carvana, Ernest Garcia III, lost over $3 billion in net worth, dropping his net worth to less than $100 million. The company faced several challenges in 2022, including a slump in the used car market and growing investor concerns about its debt pile.
- Bruce Nordstrom: Bruce Nordstrom, the former leader of Nordstrom Inc., had a net worth of approximately $1 billion in 2022. However, his net worth dropped below the billion-dollar mark in 2023 due to his company’s sluggish sales performance, which had an impact on his overall wealth.
- Andy Fang: Andy Fang, DoorDash co-founder, faced a significant reduction in his wealth due to the company’s stock price decline and challenges in the fiercely competitive food delivery market. Consequently, his net worth fell sharply from $1.1 billion over the past year.