After all the hype, the shareprice of commodities trading giant Glencore has nosedived since the May IPO.That’s bad news for the shareholders, and worse for one in particular: CEO Ivan Glasenberg owns 15.7% of the company.
When Glencore debuted on the FTSE on May 19, the stock closed at 539.54 pence ($8.70). It has been sliding ever since.
At the close of trade yesterday, Glencore closed at 473 pence ($7.63).
According to Bloomberg, Glasenberg “has had $1.1 billion wiped off the value of his stake in the company in three days as the stock slumps on missed earnings estimates and lower commodity prices.”
The stock has plummeted 11.6% over the past three days. Glencore is down about 13% since the May debut. (Of course, May was a terrible month for commodities and even John Paulson is down a lot.)
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