Current:Home > StocksWho is Mike Lynch? A look at the British tech tycoon missing from a sunken yacht in Sicily -SovereignWealth
Who is Mike Lynch? A look at the British tech tycoon missing from a sunken yacht in Sicily
View
Date:2025-04-14 12:16:07
Tech tycoon Mike Lynch, one of six people missing from a sunken yacht off Sicily, had been trying to move past a Silicon Valley debacle that had tarnished his legacy as an icon of British ingenuity.
Lynch, 59, struck gold when he sold Autonomy, a software maker he founded in 1996, to Hewlett-Packard for $11 billion in 2011. But the deal quickly turned into an albatross for him after he was accused of cooking the books to make the sale and fired by HP’s then-CEO Meg Whitman.
He was cleared of criminal charges in the U.S. in June, but still faced a potentially huge bill stemming from a civil case in London.
A decade-long legal battle had resulted in his extradition from the U.K. to face criminal charges of engineering a massive fraud against HP, a company that helped shape Silicon Valley’s zeitgeist after starting in a Palo Alto, California, garage in 1939.
Lynch steadfastly denied any wrongdoing, asserting that he was being made a scapegoat for HP’s own bungling — a position he maintained while testifying before a jury during a 2 1/2 month trial in San Francisco earlier this year. U.S. Justice Department prosecutors called more than 30 witnesses in an attempt to prove allegations that Lynch engaged in accounting duplicity that bilked billions of dollars from HP.
The trial ended up vindicating Lynch and he pledged to return to the U.K. and explore new ways to innovate.
Although he avoided a possible prison sentence, Lynch still faced the civil case in London that HP mostly won during 2022. Damages haven’t been determined in that case, but HP is seeking $4 billion. Lynch made more than $800 million from the Autonomy sale.
Before becoming entangled with HP, Lynch was widely hailed as a visionary who inspired descriptions casting him as the British version of Microsoft co-founder Bill Gates and Apple co-founder Steve Jobs.
Lynch, a Cambridge-educated mathematician, made his mark running Autonomy, which made a search engine that could pore through emails and other internal business documents to help companies find vital information more quickly. Autonomy’s steady growth during its first decade resulted in Lynch being awarded one of the U.K’s highest honors, the Office of the Most Excellent Order of the British Empire in 2006.
In the months leading up to the deal that would go awry, HP valued Autonomy at $46 billion, according to evidence presented at Lynch’s trial.
The trial also presented contrasting portraits of Lynch. Prosecutors painted him as an iron-fisted boss obsessed with hitting revenue targets, even if it meant resorting to duplicity. But his lawyers cast him as entrepreneur with integrity and a prototypical tech nerd who enjoyed eating cold pizza late at night while pondering new ways to innovate.
veryGood! (994)
Related
- Head of the Federal Aviation Administration to resign, allowing Trump to pick his successor
- Ian McKellen talks new movie, bad reviews and realizing 'you're not immortal'
- Shaq calls Caitlin Clark the 'real deal,' dismisses Barkley comments about pettiness
- Delta Air Lines planes collide on Atlanta taxiway but no one is hurt
- Juan Soto praise of Mets' future a tough sight for Yankees, but World Series goal remains
- North Carolina House Rep. Jeffrey Elmore resigning before term ends
- Tom Brady is far from the GOAT in NFL broadcast debut, but he can still improve
- Living and dying in America’s hottest big city: One week in the Phoenix heat
- House passes bill to add 66 new federal judgeships, but prospects murky after Biden veto threat
- Police are questioning Florida voters about signing an abortion rights ballot petition
Ranking
- What were Tom Selleck's juicy final 'Blue Bloods' words in Reagan family
- James Earl Jones, acclaimed 'Field of Dreams' actor and voice of Darth Vader, dies at 93
- 4 people killed after plane crashes in Vermont woods; officials use drone to find aircraft
- Jennifer Coolidge Shares How She Honestly Embraces Aging
- Travis Hunter, the 2
- Amber Alert issued in North Carolina for 3-year-old Khloe Marlow: Have you seen her?
- Commanders release kicker Cade York after two misses in season opener
- 'SNL' star Chloe Troast exits show, was 'not asked back'
Recommendation
Will the 'Yellowstone' finale be the last episode? What we know about Season 6, spinoffs
Harvey Weinstein rushed from Rikers Island to hospital for emergency heart surgery
Tyreek Hill: What to know about Dolphins star after clash with Miami police
These Designer Michael Kors Handbags Are on Sale & Too Good To Be True—Score an Extra 20% off Fall Styles
Nevada attorney general revives 2020 fake electors case
Colorado man dies on Colorado River trip; 7th fatality at Grand Canyon National Park since July 31
Cleveland Browns sign former Giants, Chiefs WR Kadarius Toney to practice squad
Man charged in random Seattle freeway shootings faces new charges nearby