12. Bobby Ray Johnson Jr.
Bobby Ray Johnson Jr. is a former IBM software developer, American entrepreneur and founder of the Centillion Networks, which he sold to Bay Networks in 1995 for $140 million. Nortel Networks Corp. further bought Bay networks, together with Centillion products and technologies, for $1 billion. In 1999, the company launched an IPO just when Wall Street was at its peak, and its shares rose by 525%, making Bobby Ray an instant billionaire with an approximate net worth of $2.3 billion. He became the second highest paid American of the time. However, the shares later plunge by 90% between March and December, a move that cost Bobby Ray his billionaire status. Although he is still a wealthy millionaire, Bobby Ray Johnson Jr. has lost more money than whole communities in developing countries will ever make collectively.
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