Martha Stewart, Who Once Had a $2 Billion Empire, Lost Half of Her Entire Fortune as She Thought She’s Above the Law
Martha Stewart earned millions throughout her career. The entrepreneur has been involved in various ventures, which became the basis of her multimillion-dollar fortune. When a person steps up the ladder of success, complications come hand in hand.
Similar is the case of Stewart, who couldn’t handle the power of her fortune, following which she lost almost half of her net worth. Many people admired Stewart for her work, but unfortunately, she couldn’t keep up with their expectations, and she brought herself into serious legal trouble.
Martha Stewart couldn’t maintain her fortune
Martha Stewart, being an influencer for many, couldn’t maintain her image for long as she fell into legal trouble. Success can often be overwhelming, and it may get hard at times to handle it. Stewart once faced a similar situation as her business empire saw a dramatic downfall.
Back in 2003, the lifestyle businesswoman was accused of criminal counts including obstruction of justice and securities fraud. She landed in this situation because she reportedly tampered with business information to avoid a stock loss of over $45,000.
Stewart was found guilty, following which she was bound to pay the penalty of $30,000. These accusations highly impacted her image before her followers, which resulted in the loss of hundreds of millions as her company’s worth dropped. Her notorious action led to five months of imprisonment with two years of supervised release. Being a part of the scandal not only affected her fortune but also almost ended her career altogether.
Martha Stewart’s reputation in the market today
Martha Stewart is renowned for her various ventures. Her career rose to prominence as the author of books based on lifestyle. Later, he expanded her business and served as CEO of Martha Stewart Living Omnimedia. Stewart was an inspiration to many people, and her business empire was certainly built on her fans’ trust.
But after being sentenced to prison for her business affairs, her fortune took a huge backward leap. Her company saw a huge downfall as it agreed to a $350 million buyout from Sequential Brands Group in 2015.
Stewart, who was once a billionaire, saw a drastic downfall in fortune as it fell to $400 million.
However, even after losing almost half of her fortune, the entrepreneur didn’t lose hope, as she continues to inspire many people. Recently, the domestic diva was featured as the oldest swimsuit model for the 2023 Sports Illustrated Swimsuit issue.
Source: The Thing
