Tech entrepreneur Mike Lynch, once hailed as the British “Bill Gates,” is reportedly among those unaccounted for following a superyacht sinking off the coast of Sicily amid a sudden storm. This incident coincided with the tragic death of Stephen Chamberlain, Lynch’s former colleague and vice-president of finance at Autonomy, who was struck by a vehicle while jogging.
Lynch, 59, had been recently acquitted of significant fraud charges in the United States and was on board the Bayesian superyacht near Porticello when it sank. While Lynch’s wife, Angela Bacares, was one of the 15 people rescued, their daughter, Hannah, is among six individuals still missing, according to Salvo Cocina, head of the Civil Protection Agency in Sicily.
A native of Suffolk, England, Lynch is known for his role as an advisor to two British prime ministers and for founding Autonomy, a successful software company that was sold to Hewlett-Packard for $11 billion in 2011. He is estimated to have a fortune of £500 million ($648 million) and was regarded as an inspirational figure in the tech community.
Despite being celebrated for his entrepreneurial spirit and technological vision, Lynch’s legacy has been marred by a lengthy fraud scandal following the controversial sale of Autonomy to HP. The deal led to an $8.8 billion write-down by HP, with allegations that Lynch inflated the company’s worth prior to the acquisition.
Although he consistently denied any wrongdoing, claiming he was a scapegoat for HP’s mismanagement, a civil fraud case in London confirmed that HP had been misled and had overpaid for Autonomy. A US jury previously convicted his associate, Sushovan Hussain, of fraud in 2018, leading many to scrutinize Lynch’s conduct during his tenure at Autonomy.
Following his acquittal in June, Lynch expressed a desire to return to his family and innovate in technology. However, his legal challenges appear far from over, with unresolved claims regarding damages from the HP case still pending.
Additionally, Lynch’s complicated history has impacted Darktrace, the cybersecurity and artificial intelligence firm he co-founded. While Darktrace’s share price enjoyed a boost after a $5.3 billion acquisition offer from Thoma Bravo, the repercussions of Lynch’s past continue to linger over the company.