WeWork co-founder and former Chairman, Adam Neumann, received $ 1.7 billion in shares, loans and fees to step down as the company's chief executive. He is one of many executives who have received a "golden parachute" – and now he is also one of the many billionaires in the world. Once someone has achieved their billionaire status, it is incredibly rare for them to lose them.
The ultra-rich are typically able to diversify their wealth and protect themselves from economic instability (How the rich protect their wealth in a recession.) But there are cases where some billionaires go bankrupt – some lose their money, and the more dishonest lose their freedom.
In order to investigate the bankruptcy of billionaires, Wall Street researched reports from financial institutions such as 24/7 Forbes, Business Insider, and others about people with net worth of nearly $ 1 billion or more who either have filed for bankruptcy or lost most of their assets through poor investment, government seizure, or other legal measures. In several cases, the billionaires were charged with financial inappropriateness or filed for bankruptcy, but died before their wealth could be seriously affected.
The gone bankrupt doesn't seem to have much in common. Most made their fortunes in different ways – banking, hedge funds, oil, biotechnology, and even umbrellas. They also come from many different countries, including the United States, Brazil, Iceland, India and others. Still, many of the billionaires have one thing in common: they ran their own businesses with great success, but lost their fortune when they were caught violating the law.
These former billionaires, who lied to shareholders, cooked books in their companies, or literally stole money from their investors, often ended up in prison. In fact, many business leaders are still caught committing crimes. These are the worst CEOs of the past year.
Click here to see the gone billionaires