Business

Two-thirds of them come from China, Russia and the US. Here are some notable faces.

Two-thirds of them come from China, Russia and the US. Here are some notable faces.  - Photo 1.

Vlad Tenev and Baiju Bhatt

Net worth: Under $800 million/person (down from $1 billion/person)

Source of wealth: Stock trading app

America

Vlad Tenev and Baiju Bhatt are the two co-founders of the stock trading app Robinhood Markets. The company’s stock is down 71% since its IPO last July, leaving Tenev and Bhatt off the billionaires list. Both Vlad Tenev and Baiju Bhatt are the sons of immigrants, growing up in rural America before attending Stanford University, where they met. The company’s Robinhood app was first introduced to users in late 2014 on the iOS platform through the AppStore before officially launching in March 2015. (Photo: AP)

Two-thirds of them come from China, Russia and the US. Here are some notable faces.  - Photo 2.

RJ Scaringe

Net worth: Under $700 million (down from $3.4 billion)

Source of wealth: Electric vehicle

America

A year ago, the electric car company founded by RJ Scaringe, Rivian, gained attention when it raised 23.1 billion — including $11.2 billion as a private company and $11.9 billion. billion in its November IPO, valuing the company at $90 billion. But since then, the founder and CEO has struggled with ramping up production, disappointing analysts and sending the stock down 64%. (Photo: Bloomberg)

Two-thirds of them come from China, Russia and the US. Here are some notable faces.  - Photo 3.

Oleg Tinkov

Net worth: Under $700 million (down from $4.7 billion)

Source of wealth: Bank

Country: Russia

Tensions between Russia and Ukraine and subsequent Western sanctions have caused the fortunes of many billionaires to plummet. Tinkov is one of 35 Russians who fell off the billionaires list. Shares of his digital bank Tinkoff – listed in London – had dropped by 90% in value before being suspended from trading on March 2. (Photo: Bloomberg)

Two-thirds of them come from China, Russia and the US. Here are some notable faces.  - Photo 4.

Whitney Wolfe Herd

Net worth: Under $700 million (down from $1.3 billion)

Source of wealth: Dating apps

America

Whitney Wolfe Herd became America’s youngest self-made female billionaire after Bumble – the dating app she founded – went public in February last year. However, the token fell 72% after the IPO bringing her fortune to less than $700 million. Wolfe Herd teamed up with billionaire Andrey Andreev to found Bumble in 2014 not long after she sued Tinder – her former company – for harassment. (Image: Getty Images)

Two-thirds of them come from China, Russia and the US. Here are some notable faces.  - Photo 5.

Jitse Groen

Net worth: Under $600 million (down from $1.4 billion)

Source of wealth: Food delivery service

The Netherlands

Groen founded the food delivery service, now known as Just Eat Takeaway.com as a student, in 2000 and listed it on Euronext Amsterdam in 2016. In the years that followed, the company ramped up acquisitions. competitors such as Delivery Hero (for $1 billion in 2018), Just Eat (for $7.7 billion in 2020) and GrubHub (for $7.3 billion last June). The company’s stock peaked in October 2020 during the outbreak of the pandemic, but has since lost 72% of its value as many customers have returned to eating at restaurants and shopping for groceries. The company delisted on Nasdaq earlier this year (still trading in Amsterdam and London) and is likely to have to sell GrubHub to ease the pressure of losses. (Image: Getty Images)

Two-thirds of them come from China, Russia and the US. Here are some notable faces.  - Photo 6.

John Foley

Net worth: Under $400 million (down from $1.5 billion)

Source of wealth: Peloton

America

Foley, co-founder of Peloton, first appeared on Forbes’ billionaires list last April with a net worth of $1.5 billion. The home gym equipment company benefited from a boom in consumer demand during the pandemic, with sales growing 250% in the first quarter of 2021. Peloton’s business, however, did gradually struggled when the gyms reopened. In February of this year, Foley stepped down as CEO but retained the position of chairman. (Photo: Bloomberg)

Two-thirds of them come from China, Russia and the US. Here are some notable faces.  - Photo 7.

Will Wei Cheng

Net worth: Under $300 million (down from $1.2 billion)

Source of wealth: Ride-hailing app

Country: China

Will Wei Cheng is the CEO of ride-hailing company Didi Global – a company listed on the New York Stock Exchange in June 2021. However, just a few days after Didi went public, the Chinese government announced a cybersecurity review and banned Didi’s app from app stores. Before founding, Cheng worked at Alibaba and was the Vice President of online payment service Alipay. (Photo: Bloomberg)


According to Linh Lam

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