From Riches To Rags, Millionaires And Billionaires Who Lost It All
Sam Bankman-Fried (SBF), once a crypto wunderkind, amassed and lost a staggering fortune through his ventures, FTX and Alameda Research. He was ultimately convicted for fraud. His career trajectory, from a high-flying billionaire to a convicted felon with a net worth of zero, offers a cautionary tale of unchecked ambition and flaunting the laws.
After graduating from MIT in 2014 with a physics degree, he joined Jane Street Capital, a quantitative trading firm. His salary likely ranged from $100,000 to $300,000 annually. In 2017, he pivoted to crypto, founding Alameda Research. By exploiting Bitcoin arbitrage opportunities, such as price differences between Japan and the U.S., Alameda generated daily profits up to $1 million.
The launch of FTX in 2019 catapulted SBF's wealth. As CEO and majority owner, he benefited from FTX's meteoric rise. By 2021, FTX raised $900 million at an $18 billion valuation, followed by $400 million in January 2022 at a $32 billion valuation.
SBF's net worth peaked at $26.5 billion in early 2022, with most tied to his FTX stake, FTT tokens, and a 7.6% Robinhood stake ($648 million, later seized). Cumulatively, SBF's career earnings, salary, trading profits, and equity gains, likely exceeded $3 billion in asset value at their peak, though much was illiquid and tied to crypto valuations.
The collapse of FTX in November 2022 obliterated SBF's fortune, marking one of history's largest wealth destructions. On November 6, 2022, his net worth stood at $15.6 billion, per Bloomberg's Billionaires Index. By November 11, as FTX filed for bankruptcy amid a customer withdrawal frenzy, it plummeted to zero, per CNN. Bloomberg described this as 'one of history's greatest-ever destructions of wealth.' SBF was convicted of fraud and related crimes in November 2023 and sentenced to 25 years in prison in March 2024, with an $11 billion forfeiture order.
Elizabeth Holmes, once hailed as the youngest self-made female billionaire, built Theranos on the promise of revolutionizing blood testing with a device that could perform hundreds of tests from a single drop of blood. At its peak in 2015, Theranos was valued at $9 billion, and Holmes's 50% stake was worth approximately $4.5 billion.
However, investigations by The Wall Street Journal and regulators revealed that Theranos's technology was fraudulent, producing inaccurate results that endangered patients. By 2016, the company collapsed, and Holmes's net worth plummeted to zero. In 2022, she was convicted of fraud and sentenced to 11 years in prison.
Her story underscores the risks of overhyping unproven technology and the consequences of deceptive practices. According to a 2021 report by CNBC, Holmes's downfall was a cautionary tale for Silicon Valley, highlighting how unchecked ambition can lead to financial and legal ruin.
Vijay Mallya, known as India's 'King of Good Times,' amassed a $1.5 billion fortune as a liquor baron and owner of Kingfisher Airlines. His flamboyant lifestyle, complete with private jets and yachts, masked growing financial troubles.
by 2012, Kingfisher Airlines had racked up over $1 billion in debt, and Mallya defaulted on loans from Indian banks. Facing charges of money laundering and fraud, he fled to the UK, where he has been fighting extradition.
His assets were seized, and his net worth dwindled. Mallya's case highlights how lavish spending and mismanaged ventures can erode wealth. A 2020 Business Insider report emphasized that Mallya's failure to diversify his investments and reliance on a failing airline were key factors in his financial collapse.
Jordan Belfort, immortalized in the film The Wolf of Wall Street, built a multi-million-dollar fortune in the 1990s through his stockbroking firm, Stratton Oakmont. At age 25, he was reportedly earning $250 million annually, indulging in yachts, drugs, and extravagant parties.
His wealth vanished when the FBI charged him with securities fraud and money laundering for manipulating stock prices in a 'pump-and-dump' scheme. After serving prison time and paying $100 million in restitution, Belfort was left with little. He later rebuilt a modest fortune through writing and motivational speaking, but his story remains a stark reminder of the consequences of illegal financial practices.
Bernie Madoff, infamous for the largest Ponzi scheme in U.S. history, lost a personal net worth estimated at $823-$826 million before his 2008 downfall. His firm, Bernard L. Madoff Investment Securities, defrauded investors of $64.8 billion, promising consistent returns through fabricated trades. Madoff's wealth, tied to real estate, yachts, and investments, vanished when investors demanded $7 billion in 2008, exposing the scheme, per a 2020 Business Insider report. He was sentenced to 150 years in jail in 2009. Madoff died in prison in 2021.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
9 minutes ago
- Yahoo
Serve Robotics acquires Vayu to enhance AI-driven delivery
Autonomous sidewalk delivery company Serve Robotics has acquired AI-based urban robot navigation company Vayu Robotics to enhance its AI-driven autonomous delivery. In 2021, Serve became an independent entity following spin-off from Uber. Since then, it has executed tens of thousands of deliveries for corporate clients, including Uber Eats and 7-Eleven. The acquisition of Vayu is expected to benefit Serve by 'unlocking safer, faster and more generalisable navigation while accelerating entry into new geographies and use cases'. The transaction will bring together Serve's autonomous technology stack and extensive real-world sidewalk dataset with Vayu's proficiency in AI foundation models and its scaleable, simulation-driven data engine. Serve's third-generation robots are powered by the NVIDIA Orin edge AI platform. It will also expand Serve's autonomy training capabilities through Vayu's high-speed, photorealistic simulation engine, enabling scaleable, diverse and edge-case-rich AI training. The integration of Vayu's technology could enable Serve to expand into new delivery use cases and environments, such as bike lanes and road margins, facilitating faster entry into new customer categories and regions, and driving additional revenue and customer growth. The enhanced safety, reliability and speed are also projected to improve operation costs across Serve's growing fleet. According to media reports, the deal has a value of $240m. It includes an initial consideration of 1.696 million shares of Serve's common stock to Vayu stockholders, with a potential future earnout of 560,000 shares contingent on achieving certain autonomy performance milestones. Warrants to purchase four million shares of common stock at $10.36 per share have been issued to the Vayu SAFE holder, Khosla Ventures. Some Vayu stockholders may receive cash instead of shares, and the transaction is subject to customary terms including a 180-day lockup for stock consideration and a four-year lockup for warrant consideration. Post-acquisition, Serve expects to maintain a strong balance sheet and continue having access to sufficient capital to support its growth and innovation in the autonomous delivery sector. Vayu's team includes founders Anand Gopalan, Mahesh Krishnamurthi and Nitish Srivastava. Vayu lead investor Vinod Khosla will also join Serve's advisory board. Serve has secured scaleable, multi-year agreements, notably a contract to roll out as many as 2,000 delivery robots on the Uber Eats network across various US locations. "Serve Robotics acquires Vayu to enhance AI-driven delivery" was originally created and published by Retail Insight Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
9 minutes ago
- Yahoo
Business Weekly Agenda for August 19
Tuesday August 26 Berks LaunchBox presents 'Beginner Website Building,' 6 to 7:30 p.m., at the Berks LaunchBox, Goggleworks Center for the Arts, Suite 105, 201 Washington St., Reading. This in-person session offers hands-on experience using Google Sites, a free and easy-to-use tool. Attendees will start their journey into web development by constructing their own website with guidance and support. Each major skill for building a Google Sites website will be demonstrated on a projected screen and attendees will have time to practice many of the skills on a dummy site you create. To register: This workshop is free to the public. Wednesday August 27 The Small Business Resource Association is hosting a 'Mingle at Legacy Cigar Lounge,' 5:30 to 7 p.m., Legacy Cigar Lounge, 559 Penn Ave., West Reading. Registration: This event is free for members, $25 at the door for non-members. Thursday September 4 Berks LaunchBox presents '3D Printing for Beginners,' 6 to 8 p.m., at the Berks LaunchBox, Goggleworks Center for the Arts, Suite 105, 201 Washington St., Reading. Discover the software and equipment used in this process, as essential terms and tips of 3D printing are explored. Attendees will learn the step-by-step procedures for designing, slicing and printing — transforming ideas into creations. To register: This workshop is free to the public. Monday September 8 The Schmidt Training and Technology Center at RACC will host its 'Fundamentals of Project Management' workshop from 8 a.m. to 12 p.m. This project management course offers a fundamental look into the key best practices of project management. Held over four sessions, the course will include in-class and out-of-class activities. Participants learn how to plan a project and then lead the project to a successful delivery. Full workshop description and registration can be found at or call Pandora Mazzo at 610.3724721 ext. 5312. Cost: $825 Tuesday September 9 Berks LaunchBox is accepting applications for its 'Fall Idea Testlab,' a six-week course to help entrepreneurs take an idea from concept to business. The first step is figuring out if you have identified a problem worth solving. This customer discovery investigation is designed to help. Participants will learn how to develop a business model, validate the business model and work with experienced entrepreneurs. The final night pitch competition will award cash prizes. Applications must be submitted by midnight, Sept. 9. The session starts in October. To apply: Questions: Email Michelle Hnath, mah629@ Tuesday September 9 The Greater Reading Chamber Alliance (GRCA) will host its 'Building Berks Awards & Expo,' 5 to 8 p.m., GoggleWorks Center for the Arts, 201 Washington St., Reading. The event, held every other year, honors and spotlights positive economic growth and development through construction projects in the Greater Reading community. Registration is required: Cost is $100 for GRCA members, $130 for non-members. Tuesday September 16 The Schmidt Training and Technology Center at RACC will host its four session 'Energy Leadership Training the Energetic and Influential Leader' workshop from 8:30 to 11:30 a.m. This workshop follows a process that develops an effective style of leadership that positively influences and changes those you work and interact with, yourself, and your entire organization. The workshop starts with the Energy Leadership Index assessment that will allow attendees to understand the concepts of energy. In addition to the Energy Leadership Index, attendees will take a DISC assessment to understand both their personality style and how to better manage those of differing personality styles. Full workshop description and registration can be found at or call Pandora Mazzo at 610-372-4721 ext. 5312. Cost: $795 Wednesday September 17 Berks LaunchBox presents 'Artificial Intelligence (AI) for Beginners,' 6 to 8 p.m., at the Berks LaunchBox, Goggleworks Center for the Arts, Suite 105, 201 Washington St., Reading. In this hands-on workshop, attendees will learn how to use free AI tools to save time, boost creativity and simplify business tasks. This session is geared for early-stage entrepreneurs, small business owners, creatives, and side hustlers, and will be led by Munish Munagala – a digital transformation leader, AI entrepreneur, and founder of To register: This workshop is free to the public. Saturday September 20 The Berks County Latino Chamber of Commerce with host its 'Annual Gala 2025,' 6 to 10 p.m., The Abraham Lincoln Hotel, 100 N. 5th St., Reading. The gala brings together business leaders, community advocates and individuals committed to the growth and prosperity of Berks County's Latino business community. The evening will feature keynote speakers, networking and recognition of outstanding achievements. Tickets should be purchased by Sept. 1. For details and to register contact Josie at 610-451-3239. Wednesday September 24 The Schmidt Training and Technology Center at RACC will host its 'Taking the Lead – Skill Building for Supervisors/Team Leads' workshop from 8:30 a.m. to 3:30 p.m. This workshop presents new supervisors and team leads with proven best practices to successfully coach and lead highly productive teams. Attendees will learn how to understand and supervise different generations – to coach effectively, give and receive constructive feedback using proper communication skills, conflict management for dealing with difficult behaviors, and effective time management strategies. For more information contact Pandora Mazzo at pmazzo@ or call 610-372-4721, ext. 5312. To register: Cost: $595. Wednesday September 24 The TriCounty Area Chamber of Commerce will host its 'Fifth Annual REACH Conference,' 10 a.m. to 3 p.m., RiverCrest Golf Club and Preserve, 100 Golf Club Dr., Phoenixville. The conference will feature three speakers, networking, lunch, and the REACH awards. Speakers include Melissa DelMonego, author of 'Think Like a Planner;' Kristal Markle-Temons, founder of Bossy Girl Leadership and author; and Mihika Patel, a motivational speaker that will address the 'World of Mindset & Empowerment.' Registration is required: Cost: $150 for members. Friday November 7 Concern4kids is hosting Concern's Casino Night fundraiser, 5:30 to 9:30 p.m., DoubleTree by Hilton Hotel Reading, 701 Penn St. Enjoy a buffet, DJ, Raffle and classic casino games to support Concern's Behavioral Health Fund. For information and registration: Every second Tuesday The SHRM Berks County Chapter meets from 7:30 to 9 a.m. Meetings feature a speaker presenting on a relevant HR topic. Visit to see the meeting and event schedule. Email your news to money@ Solve the daily Crossword
Yahoo
9 minutes ago
- Yahoo
Kelly Grier Elected to AT&T Board of Directors; Scott Ford Retires as Director after 13 Years of Service
DALLAS, Aug. 19, 2025 /CNW/ -- Key Takeaways: Kelly Grier joins the AT&T Board of Directors, effective Sept. 1. Grier will serve on the Human Resources Committee and the Corporate Development and Finance Committee. Scott Ford will retire from the AT&T Board of Directors, effective Sept. 1. AT&T (NYSE:T) elected Kelly Grier to its board of directors, effective Sept. 1. She will serve on the Human Resources Committee and the Corporate Development and Finance Committee. Scott Ford will retire from the AT&T Board of Directors, effective Sept. 1, after 13 years of distinguished service. Grier is the former U.S. Chair and Americas Managing Partner (CEO) of Ernst & Young LLP (EY). Over the course of her 30-plus-year career at EY, Grier served in many leadership roles both in the U.S. and overseas, including Vice Chair and Central Region Managing Partner and Americas Vice Chair of Talent. "Kelly's financial and leadership expertise are valuable additions to our strong and capable board," said John Stankey, CEO and chairman of AT&T's Board of Directors. "I am excited to have her wisdom, experience and input as we continue our transformation in pursuit of our goal to be America's best connectivity provider. Finally, I would like to thank Scott for his exemplary service on behalf of the Company and our shareholders." Grier is currently a board member for Booking Holdings, Inc., CDW Corporation, and Illinois Tool Works, Inc., among others. She previously served on the board for the Center for Audit Quality as a governing board chair. Grier holds a bachelor's degree in accounting from Saint Mary's College. To automatically receive AT&T financial news by email, please subscribe to email alerts. About AT&T We help more than 100 million U.S. families, friends and neighbors, plus nearly 2.5 million businesses, connect to greater possibility. From the first phone call 140+ years ago to our 5G wireless and multi-gig internet offerings today, we @ATT innovate to improve lives. For more information about AT&T Inc. (NYSE:T), please visit us at Investors can learn more at © 2025 AT&T Intellectual Property. All rights reserved. AT&T and the Globe logo are registered trademarks of AT&T Intellectual Property. View original content to download multimedia: SOURCE AT&T View original content to download multimedia: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
