Billionaire No More: These Americans Fell Off The Forbes 400 List In 2022 | Forbes
October 24, 2022
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2:32Now PlayingBillionaire No More: These Americans Fell Off The Forbes 400 List In 2022 | Forbes
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as posted by the channelIt was a bit easier to make The Forbes 400 list of America’s richest people this year, with the minimum net worth dropping by $200 million, to $2.7 billion. Still, amid surging inflation and recoiling markets, 41 members of the 2021 Forbes 400 lost their spot among this elite set in 2022. Six lost their billionaire status altogether, while another five members of last year’s 400 passed away.
In all, half of the 44 people who made the list for the first time in 2021 ended up falling off in 2022. Among them: Baiju Bhatt (now worth less than $700 million), cofounder of no-fee stock trading app Robinhood Markets; serial crypto entrepreneur Jed McCaleb ($2.5 billion), believed by some to be bitcoin creator Satoshi Nakamoto; and two cofounders of photo-bookmarking site Pinterest, Ben Silbermann ($1.4 billion) and Paul Sciarra ($1.3 billion).
More than half of this year’s drop-offs have fortunes rooted in technology and finance, sectors that contributed nearly two-thirds of last year’s newcomers. Fifteen tech billionaires dropped from the ranks, including early Facebook employee Jeff Rothschild ($2.5 billion), venture capitalist Jim Breyer ($2.1 billion) and the cofounders of online home goods retailer Wayfair: Steve Conine (less than $800 million) and Niraj Shah (just over $800 million).
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