Some of the most famous rich people have declared bankruptcy at some point in their lives. Some have built themselves up after the fall, while some are still struggling. Here are some of the rich people who have lost a lot of money.
1. Vijay Shekhar Sharma
Vijay Shekhar Sharma is the founder and CEO of Paytm. At his peak, Sharma had a net worth of $2.35 billion. That was right before Paytm got listed in November 2021, after which it’s only gone downhill. According to reports, Sharma has been losing around ₹88 crores every day.
2. Anil Ambani
In 2008, Anil Ambani was the sixth richest man in the world and had a net worth of $42 billion, but as of 2020, he has pleaded poverty. He even had a close shave with jail time but his elder brother, Mukesh Ambani, bailed him out at the last minute.
3. Vijay Mallya
The king of good times, Vijay Mallya, once had a net worth of $1.8 billion, and today he owes around ₹9,000 crores to 17 Indian banks. A former member of Rajya Sabha, owner of Kingfisher Airlines and IPL team RCB, Vijay Mallya, is now facing extradition from the UK.
4. Mehul Choksi
Mehul Choksi became breaking news while being a suspect in the Punjab Nation Bank $1.8 billion fraud case. He was the owner of the retail jewellery company, Gitanjali Group. Mehul Choksi is wanted by the Indian authorities, and is currently living in the island nation of Antigua and Barbuda.
That’s the real Money Heist right there.
5. Ramalinga Raju
Ramalinga Raju is the face behind the infamous Satyam Computers case. He is the former Chairman and CEO of Satyam Computers, which used to be a highly successful IT company back in the day. He admitted to having embezzled ₹7,140 crores from the company. He was sentenced to seven years of jail but was bailed out within a month.
6. Donald Trump
The former US President has never personally declared bankruptcy. But from Taj Mahal casino in Atlantic City to the Plaza Hotel in New York, six of his companies have filed for bankruptcy protection.
7. Amitabh Bachchan
Amitabh Bachchan is one of the most successful actors of all time. In 2019, he was the fourth richest celebrity in India, with an earning of ₹239.25 crores. But in 1999, Amitabh Bachchan went bankrupt after he opened his production house, Amitabh Bachchan Corporation Ltd (ABCL).
I had a huge financial failure in the corporation that I began. It went bankrupt and it bankrupted me. You sit back and think ‘What can I do?’ and I said, ‘You are an actor. Go back to acting so, that’s what I did.
8. Martha Stewart
Martha Stewart, regarded as the Queen of Domestic Arts by many, built her media empire from scratch. Then she was charged with insider trading and was sentenced to five months in jail. She was also forced to step down from her company and lost her $2 billion empire. But after coming back from the jail, she built back her empire.
9. Elizabeth Holmes
Elizabeth Holmes was once the face of Forbes. She started Theranos, a biotechnology company, which was worth 9 billion dollars back in 2015. Once regarded as a revolutionary startup, Theranos turned out to be a fraud. She now faces up to 20 years in prison.