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What is Billy McFarland’s net worth?

Table of Contents

Introduction 

William Z. “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 to the festival and other events.

In 2013, McFarland founded Magnises, a company that marketed an invitation-only charge card, using $1.5 million of investor funding. 

As of January 2024, Billy McFarland’s net worth is approximately -$26 Million. 

Early Life

William Z. “Billy” McFarland was born 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. 

Career 

While he was once on his way to becoming one of the richest people in the world, Billy McFarland has since lost his entire fortune. 

Although he’s in hot water now, not long ago he was one of the hottest up-and-coming entrepreneurs around thanks to his business skills. 

When he was only 13 years old, he founded an online outsourcing startup that matched clients with web designers around the world. 

After graduating from Pingry School in 2010, he attended Bucknell University but dropped out in May of his freshman year. 

From Dropout To Millionaire

After dropping out of college, McFarland caused a stir by creating the online advertisement platform Spling, which he served as the CEO of. 

Described as a content-sharing network, Spling was criticized for how similar it was to other available services at that time. 

While Spling was a short-lived venture, McFarland didn’t stay down for long and bounced back with the company Magnises. 

Hailed as NYC’s most exclusive credit card, Magnises was a “black card” that came with perks and club memberships in certain big cities.  

While Magnises was one of the most exclusive black cards in the world when it started, it has since been described as a scam. 

Following McFarland’s Fyre Festival disaster, Magnises was shuttered, and its website stopped allowing new sign-ups. 

The Infamous Fyre Festival

The Fyre Festival was founded by Billy McFarland and Ja Rule and it was set to take place in 2017 in the Bahamas. 

McFarland heavily advertised the festival on Instagram and even enlisted the likes of Kendall Jenner and Bella Hadid to help promote it. 

Unfortunately, during the first weekend of the festival, there were issues with almost everything, including food, accommodation, security, and medical services. 

Instead of the gourmet meals and luxury villas, the attendees had paid for, they were given pre-packaged sandwiches and shoddy tents. 

Because of this, the festival ended up being indefinitely postponed, though due to its high profile, it was immediately met with scrutiny. 

The Lies Come Out

Although guests were promised luxury accommodations and performances from artists like Lil Yachty and Migos, that was far from what they got. 

After the festival was indefinitely postponed, it was revealed that McFarland had borrowed roughly $7 million for funding.

One such loan was for $3 million, and it required McFarland to repay at least $500k within 16 days of taking it out. 

In an attempt to repay the loan, McFarland emailed attendees suggesting they deposit between $300 to $500 for everyday they planned to attend. 

According to a lawsuit, this raised roughly $2 million for festival goes and went towards paying off his short-term loan. 

Billy McFarland and Ja Rule were sued for $100 million in 2017 for leaving attendees stranded in the Bahamas without basic provisions. 

Law And Order

Along with the first lawsuit, another class-action suit was filed in May 2017, along with 6 federal and 4 individual lawsuits. 

McFarland was then arrested by federal agents and charged with wire fraud, with the possibility of 4 years and 9 months in jail. 

While he was out on bail, he continued committing fraud with a NYC VIP Access scheme, selling tickets to unavailable events. 

In 2018, he pleaded guilty to 2 counts of wire fraud and agreed to forfeit $26 million that investors had put into his company. 

The same year, he was sentenced to six years in federal prison, and he was released in March 2022 with his house arrest ending in September.  

His story was covered in one of the best documentaries on Netflix, Fyre: The Greatest Party That Never Happened. 

However, in April 2023 he announced on Twitter that Fyre Festival II was happening, so he may not have learned his lesson. 

Billy McFarland Net Worth

As of January 2024, Billy McFarland’s net worth is -$26 Million.

Highlights 

Here are some of the best highlights of Billy McFarland’s career: 

• Fyre Festival
• Billy defrauded investors of $27.4 million by marketing and selling tickets
• McFarland founded Magnises (2013) 

Favorite Quotes from Billy McFarland

“We’re going to take every measure to make this right for everybody now, and make this right for everybody next year, on a large scale.” – Billy McFarland 

“The Exumas didn’t have a really great infrastructure – there wasn’t a great way to get guests in here – we were a little bit ambitious. There wasn’t water or sewage.” – Billy McFarland

“I’ve always sought and dreamed to accomplish incredible things by pushing the envelope to deliver for a common good, but I made many wrongs and immature decisions along the way and I caused agony. As a result, I’ve lived every day in prison with pain, and I will continue to do so until I am able to make up for some of this harm through work and actions that society finds respectable.” – Billy McFarland 

“I’d like to thank everyone who has supported me every step of the way. Your love keeps me focused. Your hope keeps me motivated. Earning your forgiveness will fuel the rest of my days.” – Billy McFarland 

“I am incredibly sorry for my collective actions and will right the wrongs I have delivered to my family, friends, partners, associates and, you, the general public.” – Billy McFarland 

3 Lessons from Billy McFarland About Fraud 

Now that you know Bill McFarland’s net worth; Let’s take a look at some of the lessons we can learn from him about fraud: 

1. Fraud Exists Everywhere 

Corruption, embezzlement, fraud, are all characteristics that exist everywhere. What successful economies do is keep it to a minimum. No one has ever eliminated any of that stuff.

2. Fraud is an Escape 

If it is too good to be true….it is probably a fraud.

3. Worst of All Frauds

The first and worst of all frauds is to cheat one’s self. 

Frequently Asked Questions

How much is Billy McFarland worth?

Billy McFarland’s net worth is estimated to be -$26 Million.
 

How old is Billy McFarland?

Billy McFarland was born on December 11, 1991, and is currently 32 years old.
 

How tall is Billy McFarland?

Billy McFarland’s height is 1.93 m, which is equal to 6 ft 4 in.
 

Summary

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.

As of January 2024, Billy McFarland’s net worth is estimated to be roughly -$26 Million.

What do you think about Billy McFarland’s net worth? Leave a comment below.

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