Known as the 'British Bill Gates', Mike Lynch formed Autonomy before selling the tech company to Hewlett-Packard in 2011 for a sum of $11 billion (around £8bn) in 2011.

British tech tycoon Mike Lynch is said to have seen his net worth plummet in the months before his superyacht capsized off the coast of northern Sicily during a thunderstorm on Monday.

The 59-year-old's wife Angela Baceras survived the sinking but the couple's 18-year-old daughter Hannah is among those who remain missing, while one body has already been recovered. Ms Baceras is said to be in a "state of shock" after seeking refuge in an Italian hotel.

The Bayesian superyacht is said to be resting at a depth of 50m, which is posing problematic for rescue divers combing the area. Rescuers say there is a "world of objects" blocking the scene and the depth means they have to work in 12-minute shifts.

The sailing trip appears to be a something of a celebration, with dad-of-two Mr Lynch, from Suffolk, having recently been acquitted in a major fraud case. He had been accused of orchestrating a fraud and conspiracy leading up to the $11 billion deal (£8billion) that saw his Autonomy firm bought out by giants Hewlett Packard.

Italian emergency services in Sicily (

Image:

A federal court jury in San Franciso cleared Mr Lynch of 15 felony counts. While U.S. District Judge Charles Breyer threw out a count of securities fraud included in the U.S. Justice Department case against him in an indictment dating back to 2018. Speaking to The Times, Mr Lynch described the aftermath of the court case as a chance to live a "second life".

Although, the last year has said to have seen the couple's net worth plummet, with estimates saying they lost around £352 million.

What is Mike Lynch's net worth?

The sale of Autonomy to HP is said to have earnt the former chief executive a personal windfall of $800 million (£616million). According to the Sunday Times Rich List in 2024, however the couple were worth £500m - putting them at 286th in the top 350 richest people.

Mike Lynch was acquitted after a US legal battle. (

Image:

Just a year before, the couple were thought to have been worth around £852m. This put the couple at 199th on the annual rich list.

The Times said the couple had made their money through software, in particular Autonomy and Darktrace. The latter, a cyber security company, was formed in Cambridge in 2013, after the sale of Autonomy.

Mr Lynch made the Forbes billionaire list in both 2014 and 2015, with the American magazine predicting he had a net worth of around $1 billion. But it says he fell off in 2016.

Bailed for $100 million

When Mr Lynch was extradited to the US in 2023 as part of the legal case with HP, he was bailed for $100 million (around £77 million). He was put on house arrest instead of spending time in custody ahead of the trial.

Facing two decades behind bars if found guilty, he told the BBC that one of the reasons he was able to remain a free man was due to his wealth. He told PM programme on BBC Radio 4 he was only able to prove it in a US court because he was rich enough to pay the enormous legal fees involved.

“You shouldn’t need to have funds to protect yourself as a British citizen," he said. “The reason I’m sitting here, let’s be honest, is not only because I was innocent... but because I had enough money not to be swept away by a process that’s set up to sweep you away.”

Six people remain missing after Italian tragedy

Those still reported missing following the sinking of the Bayesian include:

Mike Lynch

Hannah Lynch

Morgan Stanley International chairman Jonathan Bloomer

Mr Bloomer's wife Anne

Mr Lynch's lawyer Christopher Morvillo

Mr Morvillo's wife Nada