10 Tycoons Who Are No Longer Billionaires

By siliconindia | Friday, 30 August 2013, 13:40 Hrs

6. Luis Portillo

Not long ago, the company owned by Luis Portillo was worth $1 billion. But his not so thoughtful bet cost him a lot as he took loans from more than 10 banks and the collective amount was $1.4 billion. He used his shares as guarantee but the deal was unsuccessful and he lost most of his shares. The current market value comes to around $15 million.

7. Bjorgflur Gudmundsson

Bjorgflur Gudmundsson was the chairman and former owner of West Ham United FC. His net worth was $1.1 billion in2008. But by 31 July 2009, his net worth became $0 and he was declared bankrupt by Icelandic courts since he had a debt of almost £500 million. He was thought to be the main culprit behind the Icelandic economic disaster after the total collapse of Icelandic banking system in 2008.