$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.
Charlie Rose talks with Brazilian billionaire Eike Batista about how he got started, his management and investing style, and philosophy. Eike is one of the most candid tycoons today. He has a shot at becoming the richest man in the world due to his oil holdings.
Tycoon: Eike Batista, Chairman and CEO, EBX
Brazil's wealthiest tycoon and the world's 8th richest man shares his insights and philosophy on creating wealth and helping mankind. All too often billionaires are associated with Donald Trump types who appear only interested in personal aggrandizement through the sale of gaudy condos. Fortunately, they are not all like that. Mining magnate Batista is motivated by the goal of helping his country improve economically and socially.