Last March the Brazilian commodities tycoon ranked as the world’s eighth richest person with a net worth of $34.5 billion. His net worth today: $200 million, according to Bloomberg Billionaires.
Batista, who has been called the Donald Trump of Brazil, may have suffered one of the “worst wealth losses in history,” says Bloomberg Billionaires Index editor Matt Miller. “He was the face of Brazilian capitalism. He’s mired in debt. This is a tragic fall for him.”
Most of Batista's problems stem from the erosion of nearly 90% of the value in his flagship company, OGX Petroleo & Gas Participacoes SA (OGXP3). Shares in the business have plummeted in the last year as the company missed targets for production output and reserves.[
Unlike billionaires Bill Gates and Warren Buffett, Batista was ostentatious about his wealth, even declaring that he would overtake Mexico’s Carlos Slim for the world’s richest person title by 2015. He told Bloomberg: "Just give me time, let me work please.
ostentatious about his wealth, even declaring that he would overtake Mexico’s Carlos Slim for the world’s richest person title by 2015. He told Bloomberg: "Just give me time, let me work please.
quote:Most multi-billionaire financial gurus would probably laugh at the idea that they need someone to tell them what to do with their money.
How the frick do you manage to lose 34.3 billion dollars? It just doesn't seem possible. Shouldn't he invest his money in multiple places? Who is this dude's financial advisor? I'm sure he's probably dead by now for losing 34.5 billion.
quote:And yeah this. I just can't imagine having an absurd amount of money like that and not considering putting my eggs in several baskets. At a certain point you have to say, "yeah I'm richer than God. Let's play it cool from here". I guess these guys just don't do that. Hence all his bragging about eventually becoming the richest man in the world.
He wouldn't have even gotten to 200 million by diversifying, let alone almost 35B.