Latest news with #financialdownfall
News.com.au
4 days ago
- Entertainment
- News.com.au
Reality star Kate Gosselin forced to return to regular job after ‘sickening' financial downfall
Kate Gosselin was forced to return to her nursing career with gruelling 12-hour shifts after a 'sickening' financial downfall. The former reality star took to TikTok this week to share her 'long day' as a home health care nurse with her fans and one of them questioned why she returned to the challenging full-time job in the comments. 'Honestly? Providing for 8 kids,' the mother of eight responded to the fan. 'College funds which I am proud to say covered all of their college and more and LAWYERS.' 'Sickening but I was drug [sic] into court constantly and that costs A TON,' she continued. 'Sad bc my kids could have a lot more saved and I could have a retirement saved if it weren't for lawyers :(' 'It's okay. I'm helping other families and I feel needed and I enjoy helping,' Gosselin concluded. Another fan questioned why she would have to work after spending years on the small-screen, but Gosselin explained that 'reality TV doesn't pay as well as it should when you have to provide for 8 kids on your own.' Gosselin has been very active on TikTok recently, often showing her followers how she preps for her work days. Her daughter, Alexis, made a rare appearance in her one of her mum's videos last week where she was packing her lunch. Her last appearance on reality TV was in 2023 on the first season of Special Forces: World's Toughest Test, but she left the show early in the first episode due to a physical injury. Prior to that, she had her own spin-off show Kate Plus Date that aired for one season in 2019. Many of the users in the comments applauded the Jon & Kate Plus 8 star for her hard work and apologised for thinking she was the 'villain' during her reality TV days. 'I love this Kate. As we've all grown older, we now recognise how misunderstood you truly were. We hear you now,' one user wrote, with Gosselin thanking them. 'Looking back now, I can see how you were portrayed as the villain and you weren't. I apologise for ever thinking that,' another added. She and her ex-husband, Jon Gosselin, rose to fame on their reality TLC show, Jon & Kate Plus 8, which aired from 2007 to 2009 and documented their family's chaotic life. After Jon and Kate split in December 2009, the show was rebooted to Kate Plus 8, which aired from 2015 to 2017. The exes share twins Cara and May, 24, and 21-year-old sextuplets: Alexis, Hannah, Aaden, Collin, Leah and Joel. Kate has not been in communication with Collin or Hannah since Jon was granted full custody of them in 2016, which resulted in a nasty family feud. One user commented on Kate's TikTok video with a screenshot of Collin's recent TikTok where he claimed that him and his siblings were 'forced apart' by her. 'He knows why..' she wrote back, seemingly denying the accusation that the estrangement was her fault. Kate has maintained that Collin is 'troubled' and 'violent' and attributes that to the reason why she institutionalised him in 2016. Collin, on the other hand, has been extremely outspoken about the alleged mistreatment he faced from his mum while under her care and has accused her of horrific abuse. 'My mother had a room built in our unfinished section of the storage basement,' he claimed to the US Sun in September 2024. 'She had a room put up with cameras in it, a tiny window in the corner and it was bolt-locked from the outside.' 'When my mother would put me in that room multiple times, she had zip-tied my hands and feet together and bolt-locked the door, turned the lights off and had cameras there just watching me,' Collin claimed. In his recent TikTok, Collin expressed that he 'will always love [his siblings] more than anything,' despite them siding with his mum, and is open to a reconciliation. 'The tears I shed behind closed doors, thinking about the memories we could've shared. I love you guys,' he completed his heartbreaking post before adding a red heart emoji.
Forbes
10-05-2025
- Business
- Forbes
From Riches To Rags, Millionaires And Billionaires Who Lost It All
The media loves celebrating the meteoric rise of millionaires and billionaires. It's a feel good story. They highlight their lavish lifestyles and business triumphs. Sometimes it seems that everyone is doing fabulously well, and we're missing out. Not everyone has a happy ever after story. Those who amassed vast fortunes only to lose some or all of their wealth are less frequently told. These tales of financial downfall, driven by poor investments, fraud, economic crises, or personal missteps, offer valuable lessons about the fragility of wealth. Here's the stories of some formerly prominent millionaires and billionaires who lost it all or nearly everything. 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.
