How Brazil’s richest man lost 97% of his fortune in less than two years

Posted by Ravi Gulati | Posted in News of Interest, Uncategorized | Posted on 11-09-2013

In 2010, Eike Batista announced that he would soon become the world’s richest man, and it didn’t seem particularly hyberbolic. Brazil’s economy was thriving, and investors around the world were lining up to invest in his commodities empire, which consisted of six highly successful public Brazilian companies, including OGX, the country’s second largest oil company, and MMX, one of its largest miners. By 2012, his wealth stood at some $30 billion, making him the seventh-richest man in the world.

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And then the last 18 months happened.

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Amidst Brazil’s economic slowdown, Batista’s net worth hasn’t merely tumbled—it’s evaporated. Batista isn’t vying for the richest man any longer, or for a place among the world’s top 100, or even among its billionaires. According to estimates by Forbes, his worth has now dropped to an estimated $900 million, a 97% drop.

How Brazil’s richest man lost 97% of his fortune in less than two years – Quartz.