Imagine how it would feel to hit the jackpot
at one point in your life, but to not even realize it until years later. To be involved in the early stages of a startup
that would go on to become a multi-billion-dollar enterprise, but then walk away practically
penniless before it had even gained momentum. It would probably be similar to that feeling
you get when you put off buying a plane ticket, then check the airline website a few weeks
later to find the price has doubled. If you want to feel better about yourself
for all the times you wasted or lost money, then keep watching. Your slip-ups won’t even come close to these
ridiculously expensive historic mistakes – I’ll bet you ten thousand dollars. Let’s start off modestly – and by modest,
I mean a mistake that cost less than $100 million dollars. That’s how expensive we’re talking for
the rest of the video. In 2014, a French train company ordered two
thousand new trains for its cross-country railways. The manufacturer proceeded to design, make,
and ship out these trains…only for the French officials to have a horrible realization. The trains they’d ordered were too wide
to actually fit on the rails. How could this have happened? Turns out those officials failed to measure
all the stations. Some of the rails fit the train perfectly,
but others were 50 years older and much thinner. Amazingly, everyone had forgotten that there
were railways of different sizes. The good news is that they didn’t need to
throw away the trains. But the bad news is that the only way to solve
the problem was to widen all the older, thinner rails to make them the right size for the
trains. There were over a thousand stations to change,
making the total cost $68.4 million. That’s on top of the $20.5 billion it cost
to make the trains in the first place. But if you thought that was bad, wait until
you hear about the guy who single-handedly lost more than $100 million. Investing in Bitcoin at its low and selling
during the peak is an investor’s dream. But the only people crazy enough to buy Bitcoin
in its early days were a few technology afficionados with a passion for cybersecurity. One of them was the British IT worker James
Howells. Can you see where I’m going with this? Howells mined a whopping 7,500 bitcoins back
in 2013. Do you know how much a single bitcoin is worth
now? Yeah… Unfortunately, James got careless. One day he decided he wanted a new computer,
so he broke his old laptop into parts so he could sell them individually. Although he had the foresight to keep the
hard drive in case bitcoins did gain value one day, let’s face it. Keeping a hard drive worth millions lying
around your house is a disaster waiting to happen. One day, the man was cleaning his house when
he accidentally placed the hard drive in the trash can. The trash ended up in a landfill site – and
James didn’t even notice until years later. Bitcoin eventually hit its peak, leaving James’
collection to be worth a whopping $127 million. In theory. Except there was absolutely no way of accessing
it. Naturally, James did everything he could to
try and retrieve the bitcoins, turning up at the landfill and begging his local council
to let him search for the hard drive himself. But it was no luck – the officials deemed
searching through the landfill a safety risk due to the potential of toxic gases and fires. Alas, James was forced to soldier on knowing
he’d made one of the most expensive mistakes ever. Poor guy. You could say that investing in Bitcoin in
the early days is just like winning the lottery, and losing the coins is like throwing away
your winning ticket. But what about actually winning the lottery
and losing it? Yup, that’s happened too. Some more careless Brits bought a few lottery
tickets, one of which went on to be the winner. Imagine the joy! The excitement! Your mind racing as you thought about how
you’d spend the money… Unfortunately, this pair made a fatal error. They also had a few losing tickets, so to
avoid confusion, the husband tried to throw away the losing tickets. But – you guessed it – he ended up throwing
away the winning ticket instead. If ever there was a test of true love, it’s
got to be that… In some ways, you could say that their lottery
ticket was as good as lost in space. And it’s not the only thing lost in space
that’s worth millions… In 1998, NASA launched a Mars Climate Orbiter
– in other words, a space probe that was sent off to orbit Mars and study its atmosphere
and surface. As that orbiter left earth, little did the
engineers know that they’d made a fatal mistake when calibrating the units of measurement
on the machine. The team had used English units of measurement
instead of the metric system more commonly used for that type of operation. It might not sound like a big deal, but we’re
talking about rocket science here – kind of. As a result, the spacecraft team managing
the orbiter were using different units to the flight team. Everything was mixed up. Navigation commands were released in one set
of units, and read in another. And yet nobody realized until everyone was
together to celebrate the entry of the ship into Mars’ orbit. Instead, they watched everything go wrong. Due to the problems with unit conversions,
the engine of the orbiter fired when it was 100 kilometers closer to Mars than planned
and 25 kilometers below the level it was designed to function at. The engine failed to fire once it got to Mars
and just continued into the atmosphere, leaving a nice crater behind. The total damage was $193 million. But it gets worse. Far worse. We’ve all pressed send on a text in a split
second, only to realize that we had a stupid typo in the message. Most of the time, these messages are simply
minor inconveniences or embarrassments – but occasionally, typos can be very expensive. This is one of those occasions. You don’t want to make a slip-up like this
when you’re trading stocks and shares. In 2005, a Japanese broker listed a new company
called J-Com at just 610,000 shares for 1 yen each instead of issuing one share for
610,000 yen. Oops. Easy mistake. To put that into context, one Japanese yen
was then the equivalent of 0.8 cents in US dollars. All in all, not a bad price for more than
a half a million shares… The number of shares in the order was 41 times
more than the number of shares that were actually available, so the broker was left with an
order it literally couldn’t execute. Yet even though it was completely nonsensical,
they couldn’t cancel it. In total, $225 million was lost as a result
of the transaction. It was so phenomenal an error that the entire
Nikkei 225 index, the Japanese equivalent of the S&P, dropped by almost 2% that day. One broker embarrassed the whole of Japan. I can only imagine how he felt going to work
the next day. What’s that, you don’t think anything
could beat $225 million of damage? Sweet summer child, we’re not even close
to the level of economic damage humans can cause and have caused. Imagine being a visionary designer, convinced
you’ve dreamed up the perfect car that the masses will flock to buy. Only to find that, in fact, nobody gave a
damn. Let’s go back to 1958… Ford launched a new line of cars named the
Edsel, a large family car. Supposedly, they’d proven consumer demand
through a series of customer surveys. But at the time Ford had a bad reputation
for basing their data collection on false assumptions, giving them results that would
stroke their egos rather than grow their business. Nobody cared very much about the release of
the Ford Edsel. As if making a car nobody wanted wasn’t
bad enough, they ended up launching it in an environment where nobody could have afforded
it even if they did want it. Just as the model was released to the public,
the stock market declined, spooking consumers and putting them off making any big purchasing
decisions. It’s estimated that the car manufacturer
lost around $250 million due to their poor research and timing. Ouch. But now it’s time to take things up a notch. Before Alaska was a US state, it was owned
by Russia. But in 1867, the nation decided the territory
was more of a resource drain than a gold mine, and decided to sell instead. So, Russia struck a deal with the US, and
agreed to sell them Alaska for $7.2 million. Little did they know how profitable Alaska
would turn out to be. Russia thought they’d already exhausted
the gold reserves of the region, but there turned out to be vast amounts of rich gold
and oil sources still there. So much so that the US made a profit of $700
million from buying its 49th state, meaning Russia lost the same amount. Come on, Russia. I don’t condone colonization, but if you’re
going to do it, then at least be smart about it. You might have thought that sounded like a
big loss, but until now we’ve been talking baby money. Now it’s time to talk about those nine figure
numbers. The Northrop B-2 Spirit, also known as the
Stealth Bomber, is the most expensive plane in the US Air Force, worth a ridiculous $1.4
billion. So expensive that the government could only
afford to make 21 of them. You’d think we’d handle something that
valuable incredibly carefully, right? But you’d be wrong. One day, a pilot was on a test flight in Guam
when the plane began to stall during take-off, crashing straightaway. Yep, that’s right – the plane was completely
destroyed. All because there was moisture in the engines
and a technique to remove it properly got lost in translation, resulting in water entering
a sensor and making it faulty. You’d think they might have given the job
of maintaining a plane worth $1 billion to a world-class expert, not the intern. Luckily the two pilots escaped carefully,
and their lives were priceless, of course. You might think you could never be in the
running to lose so much money as long as you stay away from machinery and business, but
billions have also been lost at the hands of man’s oldest enemy: lust. After Tiger Wood’s infamous cheating scandal,
the golfer is estimated to have lost $12 billion. That might seem like a crazy amount considering
he was never actually worth that much in the first place, but the estimate includes value
lost by shareholders of his former sponsors as a result of the affairs, as well as the
sports star’s substantial personal loss. Would it have really been that hard to have
kept it in your pants, Tiger? Do you think we can triple the size of that
mistake? You bet we can. Everyone has heard of Steve Jobs, and if you’re
a real Apple enthusiast you might have heard of Steve Wozniak. But what about Ron Wayne? He’s the third founder of Apple, but he
decided to sell his equity back in 1976. Why would he make such a crazy decision? Wayne joined Jobs and Wozniak as an old hand
with more experience and expertise. And it was precisely because he was at a different
stage of his life that Wayne wasn’t prepared to take the financial risks involved in pursuing
a project like Apple. Whereas Jobs and Wozniak were young men – aged
21 and 23 – with nothing to lose, Wayne had assets and became terrified of losing
everything he had. So, he decided to sell his shares back to
the co-founders. Wayne once held 10% of the shares for Apple,
and guess how much he sold them for? $800. If only he’d decided to wait until 2013,
his share would have been worth $35 billion. There’s no two ways about it – that’s
a massive loss. But now think even bigger. You might have heard of the Dot Com bubble,
a huge speculative bubble that built up at the start of the millennium. Investors had begun to suspect the internet
and technology would be big, but they weren’t quite sure what form that would take or which
companies would make it. Basically, lots of people got overexcited
and started making some pretty big gambles. Two companies pitted as future successes were
Time Warner and AOL. The two media companies merged together in
2000 at the height of the bubble – it was believed to be a genius move that would revolutionize
the industry. Hey, stop laughing! Time Warner’s cable network and content
would merge with the online presence of AOL, making them unbeatable together. At least, that was the theory. It couldn’t have been further from the truth… Firstly, the workplace cultures of the two
firms didn’t exactly merge together smoothly. Then, things went from bad to worse. The bubble finally burst, plunging the economy
into a recession and harming the merger. AOL was hit hard and forced to take a write-off
of almost $100 billion by 2002, taking its stock value from a whopping $226 billion to
a measly $20 billion. Ouch. By 2009, Time Warner left AOL with a valuation
of $36 billion, leaving AOL with a value of just $2.5 billion. All in all, the whole thing resulted in a
total loss of $146 billion. Well, if that doesn’t make you feel better
about every stupid way you’ve wasted money then I don’t know what will. Check out our videos about the most expensive
works of art destroyed by tourists and how the US lost a $1.4 billion aircraft.
