Outgoing Chesapeake Energy Corp. CEO Aubrey McClendon is no longer a billionaire, according to the latest Forbes list of the wealthiest people on the planet.
The magazine points out that McClendon was forced to sell nearly all his Chesapeake shares in a 2008 margin call.
Chesapeake announced last month that McClendon will leave the company he founded on April 1 with a severance package worth about $47 million.
McClendon is falling off the list as it has been revealed that he’s leveraged against his personally held oil and gas interests in the same way he did with Chesapeake leading up to 2008. Put another way, the guy has mounds of debt,” Forbes reported.
Five Oklahoma families remain on the list this year, led by Continental Resources Inc. CEO Harold Hamm, who ranked No. 90 overall with a net worth of $11.3 billion.
Hamm was followed by Tulsa oilman and Bank of Oklahoma Chairman George Kaiser at $10 billion and ranked No. 109 overall.
Hobby Lobby founder David Green is listed at No. 276 with an estimated net worth of $4.5 billion.
Oklahoma retailers Tom and Judy Love tied with Lynn Schusterman — widow of Samson Resources’ Charles Schusterman — to round out the state’s presence on the list at No. 384 with a net worth of $3.5 billion.