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LaCroix Maker's Drop Erases $2.7 Billion of Founder's Wealth

  • Parent company is grappling with slumping sales, competition
  • Nick Caporella owns almost 75% of National Beverage shares
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Photographer: Patrick T. Fallon/Bloomberg
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Once the toast of millennials, the LaCroix brand of carbonated water is losing some sparkle for its billionaire owner.

Nick Caporella, the octogenarian chairman and founder of LaCroix parent National Beverage Corp., has lost $2.7 billion -- more than half of his net worth -- in the past nine months. The stock tumbled 62% through Tuesday amid slumping sales, increased competition and a whistle-blower lawsuit alleging its cans contain toxic chemicals.