From the Juul founders to Nordstrom heirs, here are the 15 most notable people who dropped off the Forbes billionaires list this year

  • Forbes knocked over 260 people off its iconic Billionaires List in 2020.
  • Members of several retail dynasties – including the families behind Forever 21, Gap, Urban Outfitters, and Nordstrom – are no longer billionaires, according to Forbes.
  • While some of the drop-offs lost their fortunes before the coronavirus pandemic, others lost millions in the ensuing market turbulence, Forbes reported.
  • Many of the 2020 drop-offs inherited their fortunes.
  • Visit Business Insider’s homepage for more stories.

The coronavirus pandemic has been hard on many Americans’ wallets – including billionaires.

Forbes removed 267 people from its Billionaires List when the 2020 edition was published, the magazine reported earlier this month. Only 2,153 were on the list in 2019, according to Forbes.

While many of the drop-offs could be traced to pandemic-related market turbulence, some former billionaires lost their fortunes long before the novel coronavirus was identified in Wuhan, China, in December. Retailers Gap, Forever 21, Urban Outfitters, and Nordstrom have long been struggling with sinking sales that helped knock their founding families off Forbes’ Billionaires List, while company missteps contributed to the falls of WeWork’s Adam Neumann and Juul’s Adam Bowen and James Monsees.

Keep reading to see who lost their billionaire status this year, listed in no particular order.

Adam Neumann lost both his job and his fortune when WeWork’s IPO collapsed in the fall of 2019.

Net worth in 2019: $US4.1 billion in March 2019

Current net worth: between $US450 million and $US750 million

Source of wealth: WeWork

Coworking giant WeWork was valued at $US47 billion before investor concerns about the viability of its businesses and the company’s leadership corporate governance sank its IPO in 2019, Business Insider reported. Neumann served as WeWork’s CEO from its founding in 2010 until he stepped down from his positions as CEO and on the board of directors in late 2019 as part of a buyout deal from SoftBank.

The net worths of Forever 21 founders Do Won and Jin Sook Chang collapsed as the fast-fashion retailer filed for bankruptcy.

Net worth in 2019: $US1.5 billion each

Current net worth: $US800 million each

Source of wealth: fashion retailer Forever 21

The Changs sold the fast-fashion retailer they founded in Los Angeles after emigrating from South Korea to a group of buyers that includes mall operators Simon Property Group Inc., Brookfield Property Partners LP, and Authentic Brands Group LLC for $US81 million in February, Business Insider reported. The chain had already filed for bankruptcy amid falling sales and growing debt.

At the company’s peak in 2015, the couple had a combined net worth of $US5.9 billion, according to Forbes.

Dani Reiss became a billionaire after turning the high-end outerwear company he inherited from his father into a household name, but lost his fortune as sales slowed.

Canada Goose CEO Dani Reiss.

Net worth in 2019: $US1.3 billion

Current net worth: unknown

Source of wealth: luxury outerwear maker Canada Goose

Reiss’ Canada Goose is best known for selling heavy-duty coyote fur and goose parkas which typically retail between $US600 and $US950 apiece, according to Business Insider. Once favoured only by expeditionists and mountain climbers, the parkas became favourites of wealthy city dwellers after being worn by celebrities including Kate Upton and David Beckham and being featured in films like “National Treasure” and the 2015 James Bond movie “Spectre,” Business Insider reported.

The outerwear maker’s stock price fell in 2019 amid concerns about slowing sales and high inventory, but some of its analysts have recently changed their rating to “buy,” according to Seeking Alpha.

Juul’s valuation collapsed amid concerns about vaping-related illnesses, knocking founders Adam Bowen and James Monsees out of the three comma club.

Adam Bowen James Monsees.

Net worth in 2019: $US1.1 billion each

Current net worth: $US900 million apiece

Source of wealth: Juul e-cigarettes

Bowen and Monsees founded Juul after meeting on smoke breaks while studying product design at Stanford University in 2004,Business Insider reported. Ploom, a precursor to Juul, was launched in 2007 and first released Juul products in 2015. The company’s Juul line was spun into a separate firm in 2017. The majority of the pair’s respective net worths are tied to their 1.75% stakes in the e-cigarette maker, Forbes’ Sergei Klebnikov reported.

The company’s value plummeted $US14 billion last year from a peak of $US38 billion in December 2019 amid widespread public concern about its marketing tactics and the long-term health impacts of its products amid a rising number of vaping-related illnesses and deaths, Business Insider reported. Juul’s decreased valuation lowered the value of Bowen and Monsees’ stakes in the e-cigarette maker, knocking them out of the three comma club.

Robert and William Fisher, the heirs to retailer Gap Inc., have watched their net worths plummet alongside their stores’ sales.

Bob Fisher, Doris Fisher and Bill Fisher.

Net worth in 2019: $US1.4 billion each

Current net worth: unknown

Source of wealth: retailer Gap Inc.

Robert and William are the sons of Doris Fisher, who founded Gap with her late husband Don in 1969 and served as Gap’s chief merchandiser until 2003, according to Forbes. The family controls 43% of the company, which also owns Old Navy, Banana Republic, and Athleta, according to Fortune. The company is now struggling to stay afloat amid a consistent sales decline and recent executive transitions, including the sudden departure of CEO Art Peck in November, Business Insider’s Bethany Biron reported.

In November, Forbes estimated that the larger Fisher family – including Fisher and her sons, John, Bob, and Bill Fisher – owned a stake in Gap worth $US2.3 billion.

Martha Ford, heir to the Ford Motors fortune, lost her billionaire status as the automaker’s stock price sank.

Martha Ford.

Net worth in 2019: $US1.4 billion

Current net worth: unknown

Source of wealth: automaker Ford Motors

Ford, who was once married to the grandson of Ford Motors founder Henry Ford, shares a small stake in the automaker with other family members, Forbes reported. Ford’s son, William C. Ford, Jr. is the company’s executive chairman, according to Forbes. Ford also owns the Detroit Lions NFL team, according to Forbes.

Shares of the automaker have fallen over 45% in 2020 so far as the coronavirus pandemic has halted both the sale and production of new cars, Markets Insider reported.

Anne Gittinger and Bruce Nordstrom, the grandchildren of Nordstrom department store founder John W. Nordstrom, lost money as their stores did.

Bruce Nordstrom. Anne Gittinger not pictured.

Net worths in 2019: $US1.3 billion (Gittinger) and $US1.2 billion (Nordstrom)

Current net worths: unknown

Source of wealth: Nordstrom, Inc. department stores

Siblings Gittinger and Nordstrom are the department store chain’s largest shareholders, according to Forbes. Nordstrom served as chairman of the company’s board before his retirement in 2006, Forbes reported.

Nordstrom is one of several retailers, along with American Eagle, Gap, and Macy’s, promoting deep discounts online as it struggles to stay afloat during the pandemic. The department store has also cancelled orders from its suppliers, indicating that it does not expect to return to business as usual anytime soon, Business Insider reported.

Celebrity make-up artist Anastasia Soare became a billionaire after immigrating to the United States from Romania in 1989, only to lose her billionaire status this year.

Anastasia Soare.

Net worth in 2019: $US1.2 billion

Current net worth: unknown

Source of wealth: cosmetics line Anastasia Beverly Hills

After gaining fame as the brow artist of Cindy Crawford, Naomi Campbell, and the Kardashians, Soare launched her own makeup line called Anastasia Beverly Hills, according to Forbes.

The brand’s revenue is expected to drop 20% in 2020 because of operations issues and a weak capital structure, Women’s Wear Daily reported.

Early Uber employee Ryan Graves became a billionaire when the ride-hailing app went public in 2019, but its sliding stock price knocked him out of the three comma club.

Net worth in 2019: $US1.6 billion

Current net worth: unknown

Source of wealth: Uber

Graves was the first employee hired by former Uber CEO Travis Kalanick after responding to a January 2010 tweet from Kalanick asking where Kalanick could find an “entrepreneurial product mgr/biz-dev killer 4 a location-based service,” CNBC reported in May.

Forbes added Graves to its Billionaires List in 2019, the same year Uber went public. However, Graves net worth sank alongside Uber’s market performance. Uber’s stock price has dropped 33% over the past 12 months, Markets Insider data shows.

Urban Outfitters CEO Richard Hayne lost his fortune as the retailer’s profits sank.

Net worth in 2019: $US1.2 billion

Current net worth: unknown

Source of wealth: retailer Urban Outfitters

Hayne founded the trendy youth-focused retailer in the mid-1970s, according to Forbes. The majority of Hayne’s fortune comes from his roughly 25% stake in Urban Outfitters, Forbes reported. While the company was able to grow its profits in 2019, its profits likely shrunk 20% during the same time because of rising expenses, according to NASDAQ.

Hedge-fund manager Edward Lampert made a billion-dollar fortune in the stock market and then lost it trying to turn around Sears.

Net worth in 2019: $US1 billion

Current net worth: unknown

Source of wealth: hedge fund ESL Investments, retailer Sears Inc.

Lampert made much of his fortune after founding hedge fund ESL Investments in 1988, Forbes reported. Lampert’s career took a turn in 2003 when his firm purchased struggling retail giant Sears Holdings, which also owns Kmart and Kenmore Appliances, according to Forbes. Lampert “failed miserably” in trying to turn Sears around,Forbes wrote.

Sears filed for Chapter 11 bankruptcy in October 2018, Business Insider reported. As of February 2020, only 182 stores are still open, down from 3,500 stores in 2010.