10 Billionaires Who Are Now Broke

10 Billionaires Who Are Now Broke

People often think that once a person hits the Billionaire status, they will never have to worry about money again. It takes money to accumulate more money, and with Billions in the bank, that cash generation will be incredibly high. Well, that's not always the case, with several famous Billionaires who made mistakes and spent too much, which resulted in the biggest business sin, bankruptcy.
From poor investments to getting caught up in fraud - here comes 10 Billionaires Who Became Bankrupt

10 - Donald Trump
Former President Donald Trump has experienced bankruptcy several times, despite never actually filing for it personally. With that being said, he has filed for bankruptcy on several of his companies. The most infamous of these cases was the Taj Mahal casino in Atlantic City, which was declared bankrupt back in 1991 after it failed to pay interest payments to bondholders. This was also the case with the Plaza Hotel in New York.
Other companies filed for bankruptcy by Trump was his string of Trump Hotels and Casino Resorts in 2004, which had massed $1.8 billion in debt, as well as his Trump Entertainment Resort in 2009. Despite his failures in business, Donald Trump still went on to become the President of the United States, having a say on the country's business management strategies.

9 - Walt Disney
Walt Disney started from humble beginnings but used his entrepreneurial drive to become one of the most famous names in the entertainment industry. Despite his incredible legacy, however, Walt Disney once filed for bankruptcy in 1921 after his company, Laugh-O-Gram Studios, lost its main backer as they went bankrupt themselves. At the time, Walt had hired several animators who could no longer pay.
In 1923, Walt managed to secure a loan from his family, which led him to starting a brand new company. In 1928, Walt Disney found success with his most famous creation, Mickey Mouse. Walt wasn't out of stormy seas, however, as his first feature-length film, Snow White and the Seven Dwarfs, caused the company to hemorrhage money. In fact, the film cost $1.5 million to make, which was triple the original budget. Because of the financial troubles, the film was almost never finished.
Before he had to file for bankruptcy again, Walt managed to secure a bank loan which meant the film could be completed. Luckily, the film was a huge hit and grossed $6.5 million in profit, which led to other Disney classics that cemented his fortune. When Walt Disney passed away in 1966, he was worth $5 billion. Keeping in mind that this was in the 60s, that value would be worth incredibly more in terms of today's money.

8 - Jocelyn Wildenstein
Jocelyn Wildenstein once owned billions, but after a messy divorce, she lost everything. In May 2018, Wildenstein, the former wife of famous art dealer Alec Wildenstein, filed for bankruptcy. In fact, the socialite admitted that she had no income except for the $900 Social Security payments and money loaned to her by family and friends.
The reason for her financial downfall was the result of her divorce settlements, despite being awarded $2.5 billion in the divorce. She was even given two paintings, but one of them, which was the work of Diego Velázquez, turned out to be a fake, while the other, painted by Paul Cézanne, was sold for much less than it was worth. The story of Jocelyn Wildenstein is a stark reminder to everyone that it is essential to live within your means and not continue a lifestyle because you believe you deserve it.

7 - Vijay Mallya
Vijay Mallya was once a billionaire who lost his fortune after committing financial fraud and committing avoidance tactics. This led to the extradition of the businessman, where he was called back to India to face his string of fraud charges. Mallya began making his fortune after inheriting his father's company at 28 years of age. He took the modest company and made it a multi-billion dollar company which amassed Mallya an impressive $1.5 million fortune.
At the peak of his career, Vijay Mallya started Kingfisher Airlines, which multiplied his already incredible wealth and funded his lavish lifestyle. While things were looking good from the outside, however, the internal affairs of the company were amassing crippling debts that led to Kingfisher Airlines closing down in 2012. Behind the scenes, Mallya was using the company to perform fraudulent acts to benefit himself. In order to try and get the failing company back on the right track, Mallya tried to take his Airline overseas. Unfortunately, according to the law, an airline must prove itself financially before expanding to international markets. To try and avoid this rule, Mallya purchased a low cost airline company already operating internationally, but as the 2008 financial crisis struck, it resulted in the businessman being unable to pay back the huge loans, as well as the upkeep of his companies.

6 - Eike Batista

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