Forbes world’s billionaires list: Byju Raveendran no longer a billionaire, now has $0 net worth

Forbes just released its 2024 Billionaires List. It shows that there are 2,781 billionaires globally, who together own $14.2 trillion. In India, there are 200 billionaires now, up from 169 last year. They have a total wealth of $954 billion, which is a big increase from $675 billion in 2023. Some people had to leave the list because they no longer have at least $1 billion.

While the list saw additions, some names were also removed. About 189 people, falling below the $1 billion mark, lost their elite club membership, as reported by Forbes.

Some well-known billionaires like Gary Lauder, linked to Estée Lauder, and Hajime Satomi, former CEO of Sega Sammy, are no longer on the list, along with David Tran, who owns the Sriracha hot sauce company.

Byju Raveendran, co-founder of the Indian educational app BYJU’S, was omitted from the Forbes billionaires list. His net worth plummeted to $0 from $2.1 billion, reflecting the current challenges faced by Byju’s, including funding difficulties and accounting concerns. Earlier this year, shareholders removed Byju as CEO.

In a recent development reported by Moneycontrol.com, Byju's has started the process of employee layoffs as part of its ongoing business restructuring efforts. According to sources cited in the report, Byju's is conducting the layoffs primarily through phone calls, followed by email notifications to affected employees.

These notifications specify the termination date as March 31, 2024, and instruct employees to comply with exit procedures, including the return of company assets and proprietary information.

The report suggests that the layoffs are expected to affect a major portion of Byju's workforce, with estimates ranging between 100 to 500 employees. The sales division appears to be particularly vulnerable to these restructuring measures.

China faced the largest decrease in billionaire numbers, with the country shedding 133 billionaires (including Hong Kong and Macau) compared to the previous year. The United States had only eight people lose their billionaire status, followed by Japan with six losses, and Russia with five.