These 12 People Lost Their Billionaire Status Over The Past Year
Times are hard. People work from home, go to school online, and do not participate in the activities they usually do. This hurts the bottom line of a number of businesses, from your taco spot around the corner to the stores you find in almost every mall in America. As a result, 267 people have dropped the three commas in the past year.
Retail sales fell even before the coronavirus installed, which lost businesses to Gap, Forever 21 and Nordstrom and sent its owners back to mere millionaire status. For others, like Adam Neumann of WeWork and Adam Bowen and James Monsees of Juul, management errors caused their fall from the ranks of billionaires.
Adam Bowen and James Monsees
net worth”>net worth: $ 900 million each
Source: Juul e-cigarettes
Juul was created by Bowen and Monsees in 2015. The Juul electronic cigarette has become the most popular electronic cigarette in the United States, but has been the subject of several investigations by the United States Food and Drug Administration in part because of its high nicotine concentrations. In addition, concerns about vaping damage to the lungs, vaping-related illnesses and vaping-related deaths resulted in the sale of Juul to the tank.
Robert and William Fisher
Robert and William Fisher are the sons of the founders of Gap, Doris and Don Fisher. Gap sales have been declining for several years. The family also owns Old Navy, Banana Republic and Athleta and controls 43% of the company.
Bruce Nordstrom and Anne Gittinger
Net worth: $ 700 million each
Bruce Nordstrom and Anne Gittinger are brothers and sisters and grandchildren of Nordstrom founder John W. Nordstrom. The decline in sales in traditional brick and mortar stores has been on a downward trend for years.
Net worth: $ 800 million
Source: Anastasia Beverly Hills cosmetics line
Anastasia Soare has become famous for being a witch with eyebrows. She shaped and pinched the eyebrows of Cindy Crawford and the Kardashian sisters, among others. Sales of its cosmetics line are expected to drop 20% due to internal company issues. Add the fact that the coronavirus has everyone at home and does not make up daily and this figure will be larger when it is all over.
Martha Firestone Ford
Source: Ford Motors
Martha Ford was previously married to the grandson of Ford founder Henry Clay, William Clay Ford, from 1947 to his death in 2014. Ford’s shares fell by more than 45% in 2020 as long as the coronavirus stopped not only the sale of new cars but their production.
Do Won and Jin Sook Chang
Net worth: $ 800 million each
Source: Forever 21
Fast fashion retailer Forever 21 was founded by the husband and wife team of Do Won and Jin Sook Chang. At the top of the business in 2015, the Changs had a combined net worth of $ 5.9 billion. In recent years, the business has experienced difficulties and stores have closed. The chain has filed for bankruptcy. In February, the Changs sold Forever 21 to a group of mall operators for $ 81 million.
Source: Canada Goose
Dani Reiss is the owner of Canada Goose, a supplier of parkas in coyote fur and goose down from $ 600 to $ 100. Parkas have become popular after being featured in films like Specter and National Treasure and worn by David Beckham and Kate Upton. Canada Goose shares fell due to slow sales and high inventories.
Net worth: $ 400 million
WeWork was valued at $ 47 billion before concerns about the company’s leadership canceled its 2019 IPO plans. Adam Neuman was the CEO of the company’s founding in 2010 until he was expelled at the end of 2019 as part of a SoftBank buyout agreement.