Right here’s Who Fell Off Forbes’ 2022 Billionaires Checklist

Within the worst yr for billionaire drop-offs since 2009, 329 fell from the ranks.


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ar in Ukraine, a Chinese language tech crackdown and slipping inventory costs pushed 329 folks off Forbes’ 2022 record of the World’s Billionaires, together with 169 one-hit wonders who have been a part of final yr’s report 493 newcomers. It’s the biggest variety of drop-offs since 2009, when the monetary disaster knocked 355 folks off the record. Moreover, 30 billionaires died previously yr; they’re counted individually from those that fell off attributable to web value declines.

Three international locations–China (153 drop-offs, together with 4 from Hong Kong), Russia (35) and the U.S. (33)—accounted for two-thirds of the drop-offs. Former tech billionaires, whose fortunes soared greater than another group throughout the pandemic, have been hit the toughest–53 dropped off, together with 32 from China and Hong Kong. However the ache was widespread, with the style and retail (45), manufacturing (33) and actual property (29) industries additionally taking important hits to their billionaire ranks. Two of Covid-19’s greatest early winners, the healthcare and finance sectors, additionally misplaced 25 billionaires apiece.

Of the ten former billionaires whose web worths sank probably the most, eight have been from China. The fortunes of this yr’s two greatest losers, Zhang Bangxin of TAL Schooling (previously value $13.3 billion) and Larry Xiangdong Chen of rival GSX Techedu ($10.2 billion), evaporated when the Chinese language authorities threatened to ban earnings and abroad funding within the after-school tutoring business.

Of the 30 billionaires who handed away previously yr, the latest was Edward “Ned” Johson III. He took over Constancy from his father in 1977 and ran it for 37 years, reworking the Boston-based agency into one of many largest U.S. cash managers, earlier than handing the reins to his daughter Abigail in 2014. He died on the age of 91, simply days earlier than Forbes’ finalized our 2022 billionaires record in March. Eli Broad, the home-building and insurance coverage magnate turned philanthropist died on the age of 87, leaving $6.9 billion to widow Edythe, who’s tasked with fulfilling the couple’s pledge to offer most of it away. Czech investor (and previously Czechia’s richest individual) Petr Kellner was killed in a March 2021 helicopter crash on the age of 56. The wealthiest individual to die previously yr, he left $16.6 billion to his spouse, Renata Kellnerova.

Forbes measured web worths for the 2022 record utilizing inventory costs and foreign money change charges from the shut of buying and selling on Friday, March 11, 2022. See beneath for an inventory of among the highest-profile individuals who have misplaced their ten-figure standing.

Shalom Meckenzie


Web value: Lower than $900 million (down from $1.7 billion on the 2021 record)

Supply of wealth: Sports activities Betting

Nation: Israel


Meckenzie secured an 11% stake in day by day fantasy and sports-betting agency DraftKings when it mixed together with his gambling-technology supplier SBTech in a three-way SPAC merger in April 2020. He’s since offered shares, however not shortly sufficient–the worth of his remaining 5% stake has plummeted by 73% within the final yr, as the corporate’s aggressive spending produced a bigger loss than analysts projected, and traders refocused on profitability with rate of interest hikes looming.

Vlad Tenev and Baiju Bhatt


Web value: Lower than $800 million every (down from $1 billion every)

Supply of wealth: Inventory Buying and selling App

Nation: United States


The fortunes of Stanford classmates Tenev and Bhatt soared as Robinhood Markets, the no-fee inventory buying and selling app they cofounded in 2013, grew to become the automobile for homebound retail merchants’ meme inventory mania in 2020 and 2021 throughout the worst of the pandemic. Buying and selling on the platform has declined steeply since, and the corporate’s inventory is down 71% from its IPO worth final July. The frenzy was certain to finish, however the firm didn’t assist itself–conspiracy theories unfold like wildfire when Robinhood halted buying and selling on its app of struggling online game retailer GameStop’s hovering shares in January 2021, limiting the losses of hedge funds that have been quick the inventory on the expense of beginner traders. Tenev claimed the choice was made to adjust to SEC necessities and “to guard the agency and [its] clients,” whereas denying that Robinhood confronted liquidity points.

RJ Scaringe


Web value: Lower than $700 million (down from $3.4 billion)

Supply of wealth: Electrical Autos

Nation: United States


A yr in the past his electrical automobile maker, Rivian, was using excessive, having raised a report $23.1 billion–$11.2 billion as a personal firm and $11.9 billion in its November IPO, which valued the corporate at $90 billion. However the founder and CEO has struggled to ramp up manufacturing ever since, disappointing analysts and sending shares spiraling by 64%.

Oleg Tinkov


Web value: Lower than $700 million (down from $4.7 billion)

Supply of wealth: Banking

Nation: Russia


Russia’s invasion of Ukraine—and the avalanche of Western sanctions that adopted—have crushed many fortunes: Tinkov is considered one of 35 Russians who tumbled from the ranks. Shares of his digital financial institution, Tinkoff, shed 90% of their worth in London earlier than buying and selling was suspended on March 2.

Whitney Wolfe Herd


Web value: Lower than $700 million (down from $1.3 billion)

Supply of wealth: Relationship App

Nation: United States


She grew to become the youngest self-made feminine billionaire when her relationship app, Bumble, went public in early 2021. However Bumble shares (down 72% post-IPO) have been on the rocks. Wolfe Herd has added paid customers at a slower fee than rivals like Tinder, which she cofounded and left over alleged sexual harassment. (Tinder denied wrongdoing and the case was settled.)

Jitse Inexperienced


Web value: Lower than $600 million (down from $1.4 billion)

Supply of wealth: Meals Supply Service

Nation: Netherlands


Groen based the meals supply service now generally known as Simply Eat Takeaway.com as a pupil in 2000 and took it public on the Euronext Amsterdam in 2016, spending closely within the years since to amass rivals Supply Hero (for $1 billion in 2018), Simply Eat (for $7.7 billion in 2020) and GrubHub (for $7.3 billion final June). The corporate’s inventory peaked in October 2020 on the top of the pandemic, however has since misplaced 72% of its worth, as former clients return to eating places and grocery shops. The corporate delisted from the Nasdaq earlier this yr (it nonetheless trades in Amsterdam and London) and has come underneath stress from traders to curb its losses, doubtlessly by promoting GrubHub.

Kate Wang


Web value: Lower than $500 million (down from $5 billion)

Supply of wealth: E-Cigarettes

Nation: China


Wang cofounded RLX Know-how, the most important participant in China’s vaping market, and took it public on the New York Inventory Change in January 2021 in a $35 billion itemizing. Then the Chinese language authorities threatened to nationalize e-cigarette gross sales, prompting investor lawsuits and sending Wang’s fortune up in smoke.

John Foley


Web value: Lower than $400 million (down from $1.5 billion)

Supply of wealth: Peloton

Nation: United States


Discuss a foul PR cycle: Two outstanding TV characters (Mr. Large from Intercourse and the Metropolis and Mike “Wags” Wagner from Billions) suffered fictional coronary heart assaults whereas using Foley’s Peloton health bikes final yr. The corporate isn’t faring a lot better as clients return to gyms, main Peloton to cut back manufacturing and lay off staff. Cofounder Foley stepped down as CEO in February; he stays chairman.

Will Wei Cheng


Web value: Lower than $300 million (down from $1.2 billion)

Supply of wealth: Journey-Hailing Service

Nation: China


His Didi International waged a worth battle that drove Uber out of China—solely to come back to a screeching halt when China’s authorities banned the Didi app days after the corporate’s NYSE debut final June, citing “cybersecurity issues.” (Didi mentioned it will “totally cooperate” with the assessment.) The inventory is down 89% since.

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From left-to-right: John Foley, Will Wei Cheng, Whitney Wolfe Herd, RJ Scaringe

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