Australian mining magnate 'Twiggy' Forrest once compared short sellers to drug dealers

Andrew ForrestWikimediaAndrew Forrest

Executives can get very testy when things aren’t going well for their companies.

Andrew Forrest, the founder and chairman of Australian mining company Fortescue, has seen his roughly 33% stake in the company fall to A$2.65 billion in value from A$6.2 billion a year ago, according to The Financial Times’ Jamie Smyth.

Fortescue is the fourth largest miner of iron ore in the world.

Iron ore prices have tumbled nearly 70% since last January, taking with it the value of iron ore companies, and in turn, the personal wealth of Forrest.

And Forrest is not happy about this decline.

Here’s what Forrest told the Financial Times in an interview last year:

“Equity markets are short-term things so when the iron ore price crashes the stock market is fit to write us off. Short-sellers are only slightly above marijuana peddlers and they spread vicious rumours about the company.”

According to Smyth, Forrest is the 10th-richest Australian, down from 5th-richest a year ago.

This is, of course, not the first or last time an executive has or will lash out against those who are critical of their company.

Back in October, Lourenco Goncalves, CEO of the mining and natural resources company Cliffs Natural, shut down an analyst who had rated the stock “Underperform.”

Read Smyth’s full report here ยป

(via @M_C_Klein)

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