How much is Billy McFarland’s net worth?
| net worth: | -$26 million |
|---|---|
| age: | 32 |
| Birth: | December 11, 1991 |
| gender: | Male |
| Height: | 1.93 m (6 ft 4 in) |
| country of origin: | United States of america |
| Sources of funds: | entrepreneur |
| Last Updated: | August 4, 2024 |
Introduction
William Z. “Billy” McFarland is an American convicted fraudster and former entrepreneur who co-founded the ill-fated Fyre Festival.
You are watching: Billy McFarland Net Worth
They defrauded investors of $27.4 million by marketing and selling tickets to the festival and other events.
In 2013, McFarland founded Magnesis, a company that marketed invitation-only charge cards, using $1.5 million in funding from investors.
Billy McFarland’s net worth is approximately -$26 Million.
early life
William Z. “Billy” McFarland was born on December 11, 1991 in Millburn, New Jersey.
His parents are real estate developers.
When Billy was 13, he founded an online outsourcing startup that matched clients with web designers.
McFarland studied at Bucknell University in Lewisburg, where he studied computer engineering for less than 9 months.
Livelihood
There was a time when Billy McFarland was on his way to becoming one of the richest people in the world, but he has since lost all of his wealth.
Although he is in trouble now, till some time back he was one of the most emerging entrepreneurs due to his business acumen.
When he was only 13, he founded an online outsourcing startup that matched clients with web designers around the world.
After graduating from the Pingry School in 2010, she enrolled at Bucknell University but dropped out in May of her first year.
From dropout to millionaire
After dropping out of college, McFarland made waves by creating the online advertising platform Spling, of which he served as CEO.
Described as a content sharing network, Spling was criticized for how similar it was to other services available at the time.
See more : What is Liz Miele Net Worth 2024: Wiki, Real Name, Age, Height, Family
Although the splicing was a short-lived venture, McFarland did not stay down for long and returned with the Magnesis company.
Lauded as New York City’s most exclusive credit card, the Magnesis was a “black card” that came with privileges and club memberships in certain major cities.
When Magnesis was introduced, it was one of the most exclusive black cards in the world, but was later revealed to be a scam.
Following the McFarland Fyre Festival disaster, Magnesis was shut down, and its website stopped allowing new registrations.
The infamous fire festival
Fyre Festival was founded by Billy McFarland and Ja Rule and was scheduled to take place in the Bahamas in 2017.
McFarland advertised the festival heavily on Instagram and even enlisted celebrities like Kendall Jenner and Bella Hadid to help promote it.
Unfortunately, the first weekend of the festival was marred by problems with almost everything, including food, accommodation, security and medical services.
Instead of the gourmet meals and luxurious villas that attendees had paid for, they were given pre-packaged sandwiches and shoddy tents.
Due to this, the festival was postponed indefinitely, although due to its high profile, it was immediately scrutinised.
The lie was exposed
Though guests were promised luxurious accommodations and performances from artists like Lil Yachty and Migos, they got so much more.
After the festival was postponed indefinitely, it was revealed that McFarland had borrowed nearly $7 million for financing.
One such loan was for $3 million, and McFarland had to repay at least $500,000 within 16 days of taking it.
In an effort to pay off the debt, McFarland sent an email to attendees suggesting they put down a deposit of $300 to $500 per day to attend.
According to the lawsuit, this raised about $2 million for the festival, which was spent on paying off its short-term debt.
Billy McFarland and Ja Rule were sued for $100 million in 2017 for leaving attendees stranded in the Bahamas without basic amenities.
law and order
See more : Estelle Parsons Net Worth 2024: Career, Investments, and Wealth
Along with the first suit, another class action lawsuit was filed in May 2017, along with 6 federal and 4 individual lawsuits.
McFarland was then arrested by federal agents and charged with wire fraud, for which he could face up to 4 years and 9 months in prison.
While out on bail, he continued to commit fraud under the NYC VIP access scheme, selling tickets to unavailable events.
In 2018, he pleaded guilty to 2 counts of wire fraud and agreed to forfeit $26 million that investors had invested in his company.
That same year, he was sentenced to six years in federal prison, and is set to be released in March 2022 with his house arrest ending in September.
His story was covered in one of the best documentaries on Netflix. FYI: The Greatest Party That Never Happened,
However, in April 2023 he announced on Twitter that Fyre Festival II was happening, so he may not have learned his lesson.
Billy McFarland Net Worth
Billy McFarland Net Worth -$26 Million.
Highlights
Here are some of the best highlights from Billy McFarland’s career:
- Fire Festival
- Billy defrauded investors of $27.4 million by marketing and selling tickets
- McFarland founded Magnesis (2013)
Frequently Asked Questions
How much is Billy McFarland’s net worth?
Billy McFarland’s net worth is estimated at -$26 Million.
How old is Billy McFarland?
Billy McFarland was born on December 11, 1991, and is currently 32 years old.
How tall is Billy McFarland?
Billy McFarland has a height of 1.93 m, which is equivalent to 6 feet 4 inches.
Summary
Billy McFarland is an American convicted fraudster and former entrepreneur who co-founded the ill-fated Fyre Festival.
They defrauded investors of $27.4 million through the marketing and sale of tickets.
Billy McFarland’s net worth is estimated to be approximately -$26 Million.
What do you think about Billy McFarland’s net worth? Comment below.
Source: https://th-xuyenmoc.edu.vn
Category: Net worth