I had a billion dollars once.
I bought a dragon.
Then the planet exploded.
Might have been a dream.
Some people in the world really do own billions of dollars and today, were talking about some
of them who pretty much lost it all.
If we have any future billionaires watching this video - pay attention and learn from
their mistakes.
My name is Danny Burke and this is the Top 10 Billionaires Who Lost Everything.
Starting off at number 10 we have Sean Quinn.
In 2008, he was known as Irelands richest man with a net worth of 6 billion dollars.
He invested 2.8 billion dollars into the Anglo Irish Bank who were investing in Irish construction
companies.
Then, the countrys property bubble burst.
The bank lost huge losses and so did Quinn.
The government nationalized the bank to save it, wiping away all of Quinns investments.
They then seized ownership of Quinns companies and forced him off the board - leaving his
family with less than 15,000 dollars across 3 bank accounts …
Next up at number 9 we have Naruatsu Baba.
This Japanese businessman founded in Colopl in 2008 - known for making some of the earliest
mobile games in the country.
The rise of the phone gaming sent the company soaring to new heights and by 2016, Baba had
a net worth of 1.2 billion dollars.
Then, their flagship games of White Cat Tennis and White Cat Project started to lag in sales.
Company shares fell 38% - wiping over half a billion dollars off Babas net worth.
Next up at number 8 we have Eike Batista.
In 2012, he was the richest man in Brazil and 7th on the planet with an estimated worth
of $35 billion.
He amassed his fortune through Brazils natural resources, mainly mining, oil and gas.
Disaster struck when one of his oil fields proved to have a lot less oil in it than originally
thought.
His investors lost confidence, the company couldnt keep up on its debt payments and by
2013, they filed for bankruptcy.
In the space of a year, his $35 billion worth is significantly smaller ...
Next up at number 7 we have Bjorgolfur Gudmundsson.
He was the second person from Iceland to ever be worth over 1 billion dollars - the 1st
was actually his son.
He owned a bank and West Ham United football club - everything looked great.
And then, in 2008, the banking crisis hit - and it hit Iceland very hard.
He was named as one of the key figures for the collapse of the countrys banking system.
At the same time, he was also paying tens of millions in legal fees to defend himself
during a bookmaking scandal.
He filed for personal bankruptcy in 2009, owing 750 million dollars - thats thought
to be the worlds biggest recorded personal bankruptcy …
Moving on to number 6 we Manoj Bhargava.
You may not have heard of this Indian business mogul but youy have have heard of the product
hes responsible for - 5 hour energy.
Its an energy drink that gives you energy for 5 hours - surprisingly.
Things were going very well for him, the product was taking off around the world especially
among students who were using it to study without losing focus.
However, in 2012, the FDA named the drink has having possibly contributed to 13 deaths
in 4 years.
As the investigation went on, sales of the drink stalled and Manojs net worth plummeted
to 800 million, taking him out of the list of billionaires.
Next up at number 5 we have Masayoshi Son.
This is the Japanese businessman who founded Softbank, one of the countrys largest telecom
company.
The company grew quickly in the early days of the internet, sending his personal worth
to almost 80 billion dollars - that was until the internet bubble burst in 2000.
Shares of the company lost 98% of their value almost overnight and with that, Son lost more
than 70 billion of his personal worth.
Coming in at number 4 we have Vijay Mallya.
This Indian business owner inherited his fathers liquor company in 1983 and went on to amass
millions buy buying and starting other companies - even owning an airline at one point.
He spent 2 decades amassing a large conglomerate, sending his personal worth soaring to an estimated
1.5 billion.
However, his airline collapsed, he racked up huge debts and overspent in his personal
life.
The police began investigating him after reports of financial irregularities within his company.
He was forced out of his company with a 75 million dollar pay off.
Its unknown how much he has now, but experts say hes definitely not a billionaire anymore
…
Next up at number 3 we have Vince McMahon.
You guys may know him as one of the owners of the WWE or from this famous GIF.
He had worked his way up over the years to a net worth of 1.6 billion in March 2014.
Soon after, he launched the WWE network - unfortunately, it did not do as well as his investors had
hoped for after he signed a TV deal for much lower than anticipated.
In 2 days, his worth dropped by 700 million.
Hes still rich beyond his wildest dreams, but that wasnt some change he dropped on the
floor ...
Next up at number 2 we have Hung Yau Lit.
This Chinese businessman was valued at 1.3 billion in 2016.
How did he make all that money?
Bras and underwear.
You heard me.
Hung owns Regina Miracle International who supply bras and underwear to the likes of
Victorias Secret and Calvin Klein.
This were going well until Victorias Secret started slowing their orders down.
Regina Miracle International then lost 45% of the their shares values in the space of
a year, wiping over 550 million off Mr Lits personal worth.
And finally at number 1 we have Femi Otedola.
This Nigerian businessman owns a 79% stake in Forte Oil - a huge oil company.
They gave bonus shares to all their holders in 2014 but put them all on the market at
the same time.
This mass sell off of shares caused a huge drop in share prices of 83%.
At the same time, Nigerias currency took a 37% drop in value against the American dollar.
By 2017, his net worth had dropped from 1.8 billion to 275 million dollars ….
Well there you go, 10 stories which you can use to avoid losing your billions.
I notice that none of them involved giving me a few million.
Just saying.
Wont hurt.
My name is Danny Burke, thank you as always for watching and Ill see you all in the next
video.