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Former Team Owner Oleg Tinkov's Wealth Plummets after Ukraine Invasion

Tinkov was one of at least 10 former Russian billionaires to have dropped out of the "three comma club" as a result of Russian stocks tanking after the Russian invasion of Ukraine

Former Team Owner Oleg Tinkov's Wealth Plummets after Ukraine Invasion

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. 

Oleg Tinkov, owned the Saxo-Tinkoff World Tour cycling team and was even a registered pro rider at one stage.

The value of his bank Tinkoff Bank has crashed from $23 billion to less than $1 billion.

Tinkov is a number of Russian Oligarchs to speak out against the invasion of Ukraine, “In Ukraine, innocent people are dying every day,” Tinkov said, “This is unthinkable and unacceptable. Governments should spend money on treating people, on research to defeat cancer, and not on war. We are against this war!”

The 54-year-old former cyclist has been fighting acute leukemia since 2019 and is rumoured to come close to death twice

Tinkov built a vast fortune prviding loan applications through the postal system, he grew it into a giant bank in Russia, and then floated the bank on the London Stock Exchange in October, 2013.

Last November that bank was worth at least $23 billion but has crashed on the London exchange by more than 95 per cent.

Tinkov has a chain of luxury villas in California and ski chalets in the French Alps. He also owns a french Dassault Falcon 7X plane.

It's estimated that Tinkov’s net worth has now shrunk to around $800 million. That’s because a significant portion of his wealth is tied up in Russia’s Tinkoff Bank, whose market cap fell from a high of $23 billion in November to just over $1 billion on Tuesday. 

Last October, the Department of Justice in the US secured a felony conviction had been secured against Tinkov “for filing a false tax return”, he reportly paid $508,936,184 in taxes going back to 2013.

Tinkov owned the Saxo Tinkoff cycling team between 2013 and 2016 before he left cycling.