Billy McFarland net worth, How did the entrepreneur acquire his wealth? Check this article to find out more about Billy McFarland Net Worth, his career and relationship.
About Billy McFarland
William Z. “Billy” McFarland is a convicted swindler and former entrepreneur from America, who co-founded the doomed Fyre Festival.
He swindled investors of $27.4 million by promoting and selling tickets to the festival and other occasions. In 2013, McFarland created Magnises, a firm that sold an invitation-only charge card, using $1.5 million of investor money.
As of 2019, Billy McFarland net worth is $-5 million. Read on to find out more about Billy McFarland net worth.
|Full Name:||William Z. “Billy” McFarland|
|Date of Birth:||December 11, 1991|
|Net Worth:||$-5 Million|
Billy McFarland Early Life and Career
William Z. “Billy” McFarland was given birth to on the 11th of December, 1991, in Millburn, New Jersey. His parents are real estate developers.
When Billy was 13 years old, he founded an online outsourcing startup that matched clients with web designers. McFarland attended Bucknell University in Lewisburg where he studied computer engineering for less than 9 months.
Billy McFarland dropped out of college and founded the short-lived online ad platform Spling where he served as CEO. In 2013, he seeded payments company Magnises with $1.5 million of investor funding. McFarland also launched Fyre Media Inc, which was the parent company of the Fyre Festival.
He founded Fyre Media and publicized a luxury music festival in the Bahamas, called Fyre Festival, working alongside rapper Ja Rule. The festival was supposed to be held in 2017 and was advertised by a video which included a bevy of Instagram models such as Kendall Jenner, Bella Hadid, and Emily Ratajkowski.
However, the festival turned out to be a complete fiasco and was canceled after all the guests had begun to arrive on the Great Exuma Island.
McFarland borrowed as much as $7 million in an effort to fund the festival, taking one loan with an effective annualized rate of 120 percent. The lender sued, alleging McFarland defaulted on the loan.
In March 2018, McFarland pleaded guilty to two counts of wire fraud in Federal Court in Manhattan.
Billy McFarland Net Worth
As of 2019, Billy McFarland net worth is one of the lowest among entrepreneurs in the world, with a net worth of $-5 million.
Billy McFarland Personal Life
Billy McFarland is an American convicted fraudster and former entrepreneur who co-founded the ill-fated Fyre Festival. He defrauded investors of $27.4 million by marketing and selling tickets.
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