South African billionaire Ivan Glasenberg loses $490 million in 6 days

by MMC
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South African billionaire Ivan Glasenberg’s wealth has fallen by $490 million in the past six days, mainly due to market factors that significantly affected his investments, including in Glencore, a Swiss multinational commodities trading company and mining.

According to data collected by the Bloomberg Billionaires IndexGlasenberg – recognized as one of South Africa’s billionaires – has seen his net worth decline by $490 million over the past six days, from $8.16 billion on February 3 to its current value of $7 .67 billion dollars.

With a recent decline of $490 million, its year-to-date losses now total $1.19 billion. This places him among the billionaires who have seen their fortune decrease by more than a billion dollars since the start of 2024.

A drop of $490 million since February 3, an average of $81.7 million per day

The $490 million drop in his wealth translates into an average daily loss of $81.7 million since February 3. This decline is linked to the market slowdown, which had a significant impact on the market value of its stake in Glencore.

Data from the London Stock Exchange, as tracked by Billionaires.Africashow that Glencore share price fell 7.42 percent from £4.18 ($5.27) on February 3 to £3.87 ($4.79) at the time of writing.

Notably, the market value of Ivan Glasenberg’s stake in Glencore has fallen by £370.91 million ($467.56 million) over the past six days, from £5 billion ($6.3 billion). of dollars) on February 3, 2024 to £4.63 billion ($5.84 billion) as of February 30, 2024. at the time of writing.

The pivot of Ivan Glasenberg’s portfolio

Ranked 318th among the richest in the world, Ivan Glasenberg has slipped from 302nd place since February 3. Most of his wealth comes from his 9.81% stake in Glencore, worth $6.82 billion.

Today, in search of diversification, Glasenberg close to closing acquisition with Pinarello, a respected Italian bicycle manufacturer. The transaction, estimated at approximately 190 million euros ($273 million) taking into account debt and equity, is currently underway.

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