$35 Billion Gone.
Ouch, that’s gotta hurt.
Eike Batista the Brazilian tycoon who announced that he would become the world’s richest man by around now has lost 99% of his fortune. This is a record breaking drop in wealth.
However, according to estimates he is still worth about $200 million. I suppose that you could survive on that if you cut back on the Starbucks visits.
“His loss of credibility is explained by not delivering on the results promised when he listed his companies,” Elad Revi, an investment analyst at Spinelli SA, said by telephone today from Sao Paulo. “There was a chain reaction: he lost credibility in one, then he lost it in all of them.”
You can watch the Bloomberg crew discuss Batista’s downfall here.
Here’s an interview with him from 2012.