Down and out: 138 of last year's richest are not billionaires anymore
By
Last Updated: Apr 06, 2015, 06:26 IST1 min
Prefer us on Google
Advertisement
Here’s what happened to fourWilliam Erbey (US)2014 Net Worth: $2.5 blnCurrent Net Worth: $540 mlnThe stock price of Erbey’s Ocwen Financial, a major subprime-mortgage servicer, hasplunged nearly 75 percent on accusations of wrongful foreclosures and self-dealing the company settled with New York regulators for $150 million. Erbey stepped down as chairman in January.
Advertisement
Yuri Kovalchuk (RUSSIA)2014 Net Worth: $1.4 blnCurrent Net Worth: $650 mlnVladimir Putin’s close pal (the two own neighbouring vacation dachas) was targeted by western sanctions, which have hobbled his media and financial holdings—including Bank Rossiya, where Putin and his closest advisors stash their cash.
Mark Vadon (US)2014 Net Worth: $1.35 blnCurrent Net Worth: $670 mlnVadon’s niche brand retailer, Zulily.com, has struggled to convince investors it can credibly chip away at Amazon’s dominance. Zulily stock is down 80 percent since its 2014 high.
Petro Poroshenko (UKRAINE)2014 Net Worth: $1.3 blnCurrent Net Worth: $720 mlnThe Ukrainian confectioner’s net worth has sagged in tandem with his battered country’s currency. One consolation: The dubious prize of Ukraine’s presidency, to which Poroshenko was elected last May.
Advertisement
First Published: Apr 06, 2015, 06:26
Subscribe NowAdvertisement