In the worst year for billionaire drop-offs since 2009, 329 fell from the ranks. ForbesBillionaires
, whose fortunes soared more than any other group during the pandemic, were hit the hardest–53 dropped off, including 32 from China and Hong Kong. But the pain was widespread, with the fashion and retail , manufacturing and real estate industries also taking significant hits to their billionaire ranks. Two of Covid-19’s biggest early winners, the healthcare and finance sectors, also lost 25 billionaires apiece.Of the 10 former billionaires whose net worths sank the most, eight were from China.
Meckenzie secured an 11% stake in daily fantasy and sports-betting firm DraftKings when it combined with his gambling-technology provider SBTech in a three-way SPAC merger in April 2020. He’s since sold shares, but not quickly enough–the value of his remaining 5% stake has plummeted by 73% in the last year, as the company’s aggressive spending produced a larger loss than analysts projected, and investors refocused on profitability with interest rate hikes looming.
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