Key Points
From $2.1 bn a year ago to ZERO, Byju Raveendran's net worth takes a hit amid ongoing crisis..
Cash-strapped Byjus and its investors are engaged in a bitter battle over the companys rights issue of $200 million in a petition alleging oppression and mismanagement..
Byju Raveendran, whose net worth a year ago was 17,545 crore ($2.1 billion), has hit zero, according to the Forbes Billionaire Index 2024..
Noting Byju's fall from the list, Forbes said, "Only four people from last year's list dropped off this time, including former edtech star Byju Raveendran, whose firm Byju's was enveloped in multiple crises and its valuation was marked down by BlackRock to $1 billion, a fraction of its peak $22 billion valuation in 2022."..
The four investors Prosus, General Atlantic, Sofina, and Peak XV (formerly Sequoia) had sought a stay on the rights issue at less than 99 per cent enterprise valuation compared to Byjus peak valuation of $22 billion...
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Byju Raveendran's net worth plummets to zero, as per Forbes Billionaire Index 2024; Here're others who fel
03, Apr, 24Forbes' Billionaire Index 2024 highlights a drastic decline in Byju Raveendran's net worth, plummeting from ₹17,545 crore ($2.1 billion) to zero. This sharp downfall follows crises within his startup, Byju's, once valued at $22 billion. The company's financial woes, including a staggering net loss exceeding $1 billion, led to a significant devaluation, with BlackRock marking its worth at just $1 billion. Shareholders recently voted to remove Raveendran as CEO amidst ongoing challenges.