While some tech giants are thriving, others have faced major setbacks this year. From boardroom blow-ups to legal troubles, here are the Silicon Valley bosses who have been properly plucked in 2023.
SAM ALTMAN – OPENAI
Sam Altman, the former CEO of OpenAI, experienced a bizarre boardroom battle this year. Altman was ousted by the board in November but returned as chief executive just five days later. The incident raised concerns about the responsibility of AI players.
JOSE NEVES – FARFETCH
Jose Neves, founder of luxury marketplace Farfetch, saw the company's value soar during the online shopping boom. However, a dramatic fall in 2023 nearly led to bankruptcy. Farfetch was ultimately saved in a £395 million deal with South Korea's Coupang.
MASAYOSHI SON – SOFTBANK
Billionaire Masayoshi Son, known for his tech-focused Softbank Vision Fund, suffered a record £25 billion loss this year. One major blow was his backing of office rental business WeWork, which filed for bankruptcy protection. Son has expressed his deep concern over the crisis.
SAM BANKMAN-FRIED – FTX
Sam Bankman-Fried, once hailed as the "King of Crypto," faced a stunning fall from grace. His firm, FTX, the world's largest cryptocurrency exchange, went bankrupt. Bankman-Fried was found guilty of lying to investors and stealing billions of dollars, facing potential decades in prison.
GREG BECKER – SILICON VALLEY BANK
Greg Becker, the former CEO of Silicon Valley Bank, was fired after the collapse of the tech-focused lender. The bank faced a massive withdrawal of $42 billion in just 24 hours due to social media rumors. It had to be rescued by HSBC, and Becker was accused of "fatal mismanagement."
CHANGPENG ZHAO – BINANCE
Changpeng Zhao, CEO of Binance, pleaded guilty to money laundering charges and agreed to pay a £39.9 million fine. Binance was also fined £3.7 billion for allowing money to flow to terrorists and cybercriminals. The company's founder stepped down as a result.
FRASERS SNAP UP MATCHES
Frasers Group, led by Mike Ashley's son-in-law Michael Murray, is acquiring luxury site Matches Fashion. The online retailer, which has been loss-making, will help Frasers Group access top brands. Despite a drop in luxury sales, Murray is confident that Matches will become profitable.
LSE RULE SHAKE-UP
The Financial Conduct Authority is moving forward with a shake-up of the London Stock Exchange listing rules. The changes aim to attract more companies but have faced criticism for potentially increasing risk for investors and weakening governance rules.
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