British tech entrepreneur Mike Lynch has disappeared after a luxury yacht sank off the coast of Sicily, Italy.

Lynch is considered one of the few examples of a British businessman who founded a global tech company.

Italian coast guard officials reported that a man was killed and 6 others are missing, including Lynch, after a violent storm unexpectedly struck a luxury yacht off Palermo, the capital of Sicily.

The Daily Mail published new details about the incident yesterday, Tuesday, as rescue teams searching for survivors trapped in the overturned yacht off the coast of Sicily stated that the next 24 hours would be "crucial" if there was any hope of finding anyone alive.

Earlier, authorities announced that 6 people were missing from the yacht, including British tech entrepreneur Mike Lynch, his 18-year-old daughter, and the head of Morgan Stanley, after the £30 million yacht sank due to a thunderstorm.

-Where is the boat?

Search teams say the boat is stuck at a depth of 164 feet beneath the surface, which is too deep for diving teams to descend for more than 10 minutes at a time, as their efforts are hindered by furniture blocking the yacht’s entrances.

One expert claimed that the yacht, which remained completely intact despite not being anchored in a safe place before sinking, may have released air pockets inside, a possibility that rescue workers are counting on to allow any survivors to remain alive after the yacht sank.

Nick Sloan, the engineer who led the rescue operation on the Costa Concordia yacht, stated that the next 24 hours are critical, adding: "If we want to find any of the missing alive, we have a time limit of 2 to 3 days before oxygen runs out for anyone found in an air pocket."

The luxury yacht was anchored just a few hundred meters off the coast of Porticello in the Pacific Ocean when it was suddenly hit by a violent waterspout just before 5 a.m. the day before yesterday, Monday.

It is noted that there have been instances in the past where people have survived for several days underwater in such conditions, but rescue divers warned that they are prepared to find bodies rather than alive and breathing survivors.

In 2013, chef Harrison Ojugba Okeni was remarkably rescued after 3 days of his boat sinking to the bottom of the Atlantic Ocean when he found safety in an air pocket.

It is believed that the ship sank after its mast, one of the tallest masts in the world at 246 feet, broke during the storm and flipped, causing the yacht's structure to overturn, according to marine experts.

Engineer Nick Sloan, who led the rescue operation for the Costa Concordia cruise ship in 2012, explained to Sky News that despite this, there may be a slim chance that survivors exist.

He said: "They have a very short window of time to try to find the people trapped inside with an air pocket in hopes of rescuing them."

He continued: "You have a maximum of 2 to 3 days to try to get someone out, so the next 24 hours are critical."

He added, "If the yacht is on its side, it could have more air pockets than if it were upright, it has a large beam, which could shift and put it on its side, I'm sure of it."

Despite a glimmer of hope, officials from the Italian coast guard said they believe the six missing people have perished and their bodies are inside the wreckage of the ship.