Who’re the unfortunate millionaires who’ve gone broke?! Is it Jamie Gold who’s reportedly been broke for years? Or how about Elizabeth Holmes, who really didn’t have the money anyways? Find out about all the other “unfortunate” rich people who’ve gone broke!
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Here are the millionaires who’ve gone broke!
9 - Allen Iverson
For anyone growing up watching basketball in the late 90’s and early 2000’s, Allen Iverson was their pick for quickest crossover in the league. Iverson was blessed with enough quickness to play for 14 seasons in the NBA.
Over the course of Iverson’s career, he earned a staggering TWO hundred million dollars, with $155 million from his salary and another 40-50 million in endorsements. Because of that earning power, he allegedly traveled with an entourage of as many as 50 people at times. He showered friends and family, especially his mother, with cars, jewelry, houses and expensive vacations. However, even for someone earning millions, bad spending habits can catch up quick.
Allen’s financial situation came to light in 2012 after a judge ordered him to pay nine hundred thousand to a Georgia jeweler but apparently Iverson didn’t have the money to cut the check. He told the judge that his monthly income was $62,500 but that his expenses were $360,000. Yeah, almost 300k in the hole each month?! What kinda math is this?! Apparently $125,000 goes to paying back various creditors and mortgages, then there’s ten thousand on clothes, and another ten thousand on restaurants and entertainment. And oh yeah, ten thousand on groceries. How many people was Iverson feeding to have a 10k grocery bill?!
During the divorce proceedings with his then-wife, Iverson claimed he was too broke to even afford a cheeseburger. But in a 2015 interview on CBS This Morning, he said that the rumors of his bankruptcy were quote “a myth.” Despite being one of the highest-paid athletes in the past, the latest figures value Iverson’s net worth at just a million in 2017. To be honest, with that sort of spending he was doing, that’s not bad at all.
8 - Elizabeth Holmes
Elizabeth Holmes is the founder and CEO of Theranos, a privately-held blood test company based in Palo Alto, California. In 2015, Forbes named Holmes as the youngest self-made female billionaire in the world, thanks to a $9 billion valuation of Theranos. However, all that would quickly fall apart, because basically the company was alleged to have made up the efficacy of the company’s products!
In October 2015, the Wall Street Journal published an investigation of Theranos alleging that only 15 of the 240 tests Theranos offers are conducted on the company's signature Edison machines, while the rest were run on older traditional blood testing machines. Also, when the tests were actually run on the company’s own machines, its lab test results were sometimes inaccurate.
On April 21, 2017, the Wall Street Journal reported that an investor had alleged that Theranos had misled company directors about its practices concerning laboratory testing. According to a lawsuit filed by the investor, Theranos had used a shell company to secretly buy lab equipment to run fake demonstrations with. However, the case was settled on May 1st 2017.
Forbes eventually released an updated valuation of $800 million for Theranos, which would make Holmes’s stake essentially worthless, because investors own preferred shares and would be paid before Holmes, who owns common stock. Holmes reportedly owes a nice little 25 million dollar debt to Theranos because she exercised some of her stock options. But if you really think about it…..she really shouldn’t have technically been a billionaire anyways since a lot of the technology was just made up.
7 - Dennis Rodman
You guys remember Dennis Rodman as the Worm when he played for the Bulls right?! Most people probably now know him as one of Rocketman’s good friends! However, a lot of people forget that he was pretty much an NBA superstar who earned about $50 million throughout his career. Let’s also don’t forget about that legendary movie he made with Dane Cook called Simon Sez.