Who is Oleg Tinkov? Ex-Russian billionaire claims he lost $9 billion in a day for an Instagram post

A former Russian banking tycoon has claimed that he lost $9 billion in a single day due to just one Instagram post where he opposed Moscow's attack on Ukraine. The 2022 ordeal had forced him to sell his stake at Tinkoff Bank at an unbelievable discount, effectively costing him almost all his fortune as billions of his wealth got wiped out in a day.

In a BBC interview in 2022, Oleg Tinkov said he had published the post condemning the Ukraine war in April 2022. Within one day, officials linked to Kremlin contacted senior officials of his bank with a shocking ultimatum, he told the publication, effectively leading him to sell his assets and move out of Russia.

Who is Oleg Tinkov?

cOleg Tinkov used to be one of the richest people of Russia, a banking tycoon and an entrepreneur. Oleg Tinkov founded Tinkoff Bank in 2006, and was one of Russia's wealthiest bankers at a time.

According to Forbes, before starting Tinkoff Bank, he founded frozen food producer Daria, Tinkoff Beer and Tinkoff Restaurants.

He sold his alcohol business to InBev in 2005, and then started the bank next year, which has now become one of the world's biggest online banks.

Following his alleged fallout with the government, Tinkov sold his 35% stake at Tinkoff Bank for just 3% of the valuation, he told BBC. Thereafter, he moved out of Russia and later gave up his citizenship for the country.

What happened to Oleg Tinkov?

In April 2022, Oleg Tinkov publicly lashed out at Russia's war on Ukraine, condemning the conflict as “insane”.

According to a report by Hindustan Times, he also claimed that 90% Russians are opposed to war, and called the remaining 10% “morons”.

“I do not see ONE beneficiary of this insane war!” he wrote in Russian in the post, according to CNBC. “Innocent people and soldiers are dying. The generals woke up from a hangover, realised they had a sh---y army.”

“And how will the army be good if everything else in the country is s--t and dirty in nepotism,” he said.

A day later, officials he claimed were associated with the Kremlin, called senior executives at Tinkoff Bank and said it would be nationalised unless all ties to its founder were cut.

“I couldn't discuss the price,” Tinkov told the New York Times, according to the BBC report.

“It was like a hostage - you take what you are offered. I couldn't negotiate,” he added.

Within a week of the ultimatum, Tinkoff Bank was sold to a company connected to metals billionaire Vladimir Potanin. The bank was sold at a fraction of its worth, and Oleg Tinkov sold $9 billion in a day.