Digital bank Tinkoff was one of Russia’s tech success stories but the invasion of Ukraine, and sanctions, triggered a 90% drop in its share price, erasing billions from the fortunes of its high-flying founder Oleg Tinkov.
Oleg Tinkov is one of the 11 super-rich Russians to have lost billionaire status after stock markets, and the ruble crashed, following Russia's invasion of Ukraine.Digital bank Tinkoff was one of Russia’s tech success stories but the invasion of Ukraine, and sanctions, triggered a 90% drop in its share price, erasing billions from the fortune of its high-flying founder Oleg Tinkov.
Oleg Tinkov became one of the richest men in Russia after hopping from selling beer and dumplings to floating his digital bank Tinkoff on the London Stock Exchange. Tinkoff shares slumped more than 90% since the start of Russia’s assault on Ukraine. His fortune has fallen more than $5 billion in less than a month, and on Tuesday he lost his billionaire status.
Tinkov is one of at least 10 former Russian billionaires to have dropped out of the three comma club as a result of Russian stocks tanking, and the ruble hitting record lows against the dollar, amid sanctions and increasing isolation of Russia by the West. Other notable drop-offs include. That’s because a significant portion of his wealth is tied up in Russia’s take on Capital One, Tinkoff Bank, whose market cap fell from a high of $23 billion in November to just over $1 billion on Tuesday.
While the Moscow Stock Exchange has been closed, Tinkoff Bank, and other Russian businesses with dual listings in London have seen their share prices collapse precipitously. Shares of Lukoil, Russia’s largest independent oil producer which was founded by billionaire
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