Mike Lynch, a 59-year-old British tech investor, is reported missing after a tornado struck a luxury yacht he was aboard, causing it to sink off the coast of Sicily, Italy, early on Monday, according to a source.
Lynch is known for cofounding Autonomy, a tech company acquired by Hewlett-Packard (HP) for $11 billion in 2011. Recent disclosures by Lynch’s attorney indicate that the entrepreneur’s estimated net worth is approximately $450 million.
The sale of Autonomy was one of the largest tech transactions in the UK at the time but quickly faced challenges, with HP writing down Autonomy’s value by $8.8 billion within a year of the acquisition. Intended to boost HP’s software operations, the Autonomy deal became mired in legal issues, culminating in a recent fraud trial.
Lynch and former Autonomy finance executive Stephen Chamberlain were accused of inflating Autonomy’s revenue prior to the sale to HP. In a June verdict, Lynch was acquitted of 15 charges, including one count of conspiracy and 14 counts of wire fraud, in a San Francisco court.
Lynch remarked on the surprising verdict, stating, “When you hear that answer, you jump universes. If this had gone the wrong way, it would have been the end of life as I have known it in any sense.”
The yacht he was on, named Bayesian, is associated with his wife, Angela Bacares, who was among those rescued. Maritime records indicate that the 56-meter yacht is owned by Revtom Limited, a company registered in the Isle of Man and owned by Bacares.
In total, 15 individuals were rescued from the incident, including one child who was airlifted to a hospital in Palermo. Eight people were hospitalized, as reported by the mayor’s office. The Coast Guard confirmed that one body was located on the yacht’s hull.