How are you supposed to regain your Brazilian commodities and logistics empire if you don’t have a decent mode of transport from Rio to Sao Paolo?
That’s the question we’re asking since Bloomberg reported that former billionaire tycoon Eike Batista has sold his Brazilian-made Embraer Legacy 600 plane.
At this time last year, Batista was one of the 10 richest people in the world, then everything turned. His umbrella company EBX, holds 6 companies that control everything from coal mines to off shore drilling logistics all over Brazil. It used to be worth an estimate $US33.5 billion. Now its worth is unknown, but Bloomberg estimates that Batista himself is worth about $US200 million.
And then there’s all the serious people he owes billions of dollars to.
So it makes sense that Batista had to sell his wings — but it’s still sad. Embraer, for its part, is hoping that an improving U.S. economy will help boost its sales. The company hasn’t had a bad year either.
Commercial regional-jet orders, not business aircraft, have buoyed Embraer in 2013, sending the stock up 33 per cent through yesterday as Brazil’s benchmark Ibovespa index fell 17 per cent. Bombardier rose 30 per cent. Orders from U.S. airlines helped push Embraer’s firm order backlog to 366 regional jets, topping the 279 for Montreal-based Bombardier’s competing models. Embraer fell 0.8 per cent to 19.05 reais at 11:20 a.m. in Sao Paulo.
Check out a shot Batista’s former toy below… isn’t she a beaut?: