How exactly does one go from being worth billions to being worth nothing seemingly overnight? Well, one way is to have all of your net worth tied up in your ownership of a company that is being hounded by regulators, has a plummeting valuation and has less than $100 million in estimated annual revenues.
Such is the story of Elizabeth Holmes, founder of troubled blood-testing company Theranos. Holmes’ net worth has fallen from $4.5 billion to nothing, according to a big new article from Forbes that has literally broken the internet, as they say.
Holmes topped Forbes list of “America’s Richest Self-Made Women” just last year, but the magazine now says her net worth was based entirely on her 50% stake in Theranos, which Forbes now says has gone from a company worth an estimated $9 billion at its peak to roughly $800 million today.
Read the whole thing here.