Mike Lynch, one of the UK’s best-known tech entrepreneurs, is feared missing after a superyacht sank off the coast of Sicily.

Dubbed as the ‘UK’s Bill Gates’ Lynch was one of the people sailing onboard the vessel, the Telegraph reported this afternoon.

As many as 22 were on board when the Bayesian got into trouble after it was hit by a tornado near Palermo, with eight still missing as of earlier this morning. The wreck was found 163 feet (50m) down.

Mr Lynch’s wife, Angela Bacares, is among those rescued.

The 59-year-old billionaire made his fortune with his company Autonomy which was founded in Cambridge in 1996.

The software company expanded rapidly, becoming one of the UK’s leading tech firms.

He was awarded an OBE for his services to enterprise in 2006.

Earlier this year the British businessman was acquitted in the US of a multi-billion pound fraud, he believed he was only able to clear his name because of his huge wealth.

Lynch was facing two decades in jail if had been convicted of the 17 charges he faced, relating to the sale of his tech company, Autonomy, to US firm Hewlett-Packard.

The vessel named in the tragedy is the Bayesian, a British-flagged ship that was reportedly carrying 22 people on board at the time of the tragedy. 

Initial reports said four Brits, a Canadian and two Americans were among those missing, alongside one crew member who is a cook. The vessel went down near the fishing village of Porticello. An investigation is being carried out by the local Port Authority.

The body of one man was recovered by rescuers later on Monday morning (August 19). A baby girl, along with her mother, was among those rescued and taken to hospital, according to local news reports.