The implosion of mining giant Glencore’s stocks on Monday has given CEO Ivan Glasenberg’s wealth a serious kicking, after shares tumbled 29.42%.
The Bloomberg Billionaires Index says Glasenberg lost more than a quarter of his wealth from the end of trading on Friday, with $US500 million (£329.74 million) of a $US1.9 billion (£1.25 billion) fortune wiped out by the market.
That means over the course of this year, his personal wealth has dropped by more than 70%, since a very large proportion of it is denominated in Glencore shares.
Even among other mining stocks, which have suffered during the commodity price crash, Glencore has performed particularly abysmally.
Shares have fallen 78% since just five months ago, at the end of April, and they’re down by more than half in the last month alone:
Forbes says that Glasenberg was the 301st wealthiest person on their rich list just after the mining giant’s IPO in 2011, but he’s now slipped more than 1,000 places to 1,335th, and he’s the last Glencore billionaire.
They have a pretty similar decline recorded for the CEO, suggesting that Glasenberg lost $US478 million (£315.23 million) during yesterday’s rout.
Analysts at Investec warned on Monday that the tumbling value of the company could see it completely overwhelmed by its debts, arguing that “If major commodity prices remain at current levels, our analysis implies that, in the absence of substantial restructuring, nearly all the equity value of both Glencore and Anglo American could evaporate.”
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