Ethiopia-born billionaire Mohammed Al-Amoudi loses $1.42 billion in 67 days

Ethiopia-born billionaire Mohammed Al-Amoudi has seen his net worth decline by $1.42 billion in 67 days after it breached a nine-month high of $8.76 billion.

The billionaire founder of Preem, Sweden’s largest oil refiner, has seen his net worth fall from $8.76 billion on May 18 to $7.31 billion as of press time, 11:00 AM (UTC), today, July 24.

Data retrieved from Bloomberg revealed that he lost a total of $1.42 billion in net worth in the last 67 days.

Al-Amoudi’s real-time fortune of $7.31 billion is derived mainly from closely held companies in Sweden, Saudi Arabia and Ethiopia.

He owns Svenska Petroleum, Midroc Europe (a construction and property group) and Preem (his most valuable asset) through the wholly-owned Petroswede AB.

The billionaire also owns a 17-percent interest in Crunchfish AB, a Swedish technology company that develops gesture recognition. The Malmo-based technology firm backed by the billionaire is developing a software for mobile phones that will allow consumers to pay merchants in real-time in any currency, including the Central Bank’s digital currency and Bitcoin.

Because there are no indications of external partners in the companies, it is assumed that Al-Amoudi closely holds Svenska Petroleum, Midroc Europe and Petroswede AB.

The companies are valued using the most recent financial information and results, industry-specific metrics and macroeconomic indicators.

Al-Amoudi’s net worth of $7.31 billion makes him the 377th wealthiest man in the world behind Finnish richest billionaire Antti Herlin.

In recent times, Al-Amoudi has tightened his grip on the hotel business following the appointment of one of his sons-in-law to the board of Midroc Gold, whose portfolio includes the Sheraton hotels in Djibouti and Addis Ababa.

The Ethiopia-based Midroc Gold is the country’s biggest miner. It also operates in the hotel, oil and agro-allied industries.