How exactly do people lose BILLIONS of dollars? Is it through reckless spending? Is it through too much debt? Is it through bad marriages? Or is it just plain bad luck? Find out how one person actually lost 70 billion dollars and how other people lost billions in this video! Subscribe to Pablito’s Way!
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Here are a few people that’ve learned to lose BILLIONS of dollars! Find out how one person lost over SEVENTY BILLION DOLLARS!
14 - Björgólfur Gudmundsson
Björgólfur Gudmundsson was once the second-richest man in Iceland and a major stakeholder in the Icelandic bank, Landsbanki. But finance wasn’t the only place where he made his money. Gudmundsson had first made a lot of money in the brewing industry in russia. But why in another country? Well, in the 1990s, he was sentenced to 12 months in prison for fraud. He had faced around 450 charges! When your home country is a small island of only 320,000 and you’re a prominent business person, there's nowhere to hide. Because of that little scandal, he left to first make money in Russia. It took him less than ten years to become one of the 250 richest people in the world, with businesses stretching from Bulgaria all the way to the US. Gudmundsson's net worth was at one time estimated to be as much as $3.5 billion dollars. But then, the financial crisis happened in 2008. His companies owed roughly $10 billion dollars, nearly $1 billion of which he had personally guaranteed. He went into massive debt. He had to file the largest bankruptcy filing ever in Icelandic history at the time! His bankruptcy covered a massive $759 million dollars of personal debt. Much of the reason behind Gudmundsson's massive fall was a result of the plummeting Icelandic economy. It was almost a total collapse of the Icelandic banking system. And it was because of his bank, the second largest company in Iceland! However, amazingly enough, after that massive debt, he went back to being a Billionaire again in a crazy comeback!
13 - Jocelyn Wildenstein
Imagine having 2 billion dollars. Would you be able to blow through that? Imagine how hard it would be to blow through 2 billion dollars! But Jocelyn Wildenstein has somehow been able to do it. Back in 1999, Wildenstein, whose nickname is Catwoman, along with a whole assortment of cat related nicknames, received a whopping two and a half billion dollars. Of course, it was in a divorce from her art dealer husband Alec Wildenstein. However, just two decades later, it’s gone! HOW?! This Swiss-born socialite was all about the high life. That and the plastic surgeries that earned her nickname Catwoman. What’s more amazing than the amount of her plastic surgeries is the fact that in March of 2018, she filed for Chapter 11 bankruptcy! She listed the $900 check she gets from Social Security each month as her only source of income. She didn’t have any checking or savings accounts, no retirement fund or pension plans, and no investments. Or at least that’s what the filing said. Her personal property was valued a little more than $16 million dollars. She claimed that she owed roughly $6 million dollars to her 16 creditors but stated that she wanted to file Chapter 11 to avoid liquidation of her assets. She estimates the value of her wardrobe to be only $1,000 and the value of her jewelry at $0. She said her jewelry is worthless, despite often being seen in public wearing a 32-carat diamond ring. The details of her bankruptcy isn’t what’s important here. What’s important was how she blew through a couple billion dollars! She was rumored to spend at least a million dollars a month on random lavish purchases. But still! Just how!
12 - Alberto Vilar
Back before the internet bubble burst in the early 2000s, Alberto Vilar and his Amerindo Investment Advisors company made lots of money investing in young high-tech companies. The thing about owning a lot of stock is that it’s only on paper. Owning a bunch of stock in hot startups that skyrocketed up means that things could skyrocket down just as quickly. At one point, Vilar had an estimated net worth of more than $1 billion dollars. Well, those were the good times. Vilar had a thing of being in the limelight. He wanted fame and recognition. So for example, he gave hundreds of millions of dollars to famous opera companies and charities in exchange for his name on plaques. In addition to the millions of dollars he already gave, he also would just go ahead and pledge much more.
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