South African billionaire Ivan Glasenberg has experienced a substantial decrease in his net worth, with a decline of nearly half a billion dollars in just two weeks, as his investment portfolio continues to face the challenges of a persistently faltering market.
His portfolio includes stakes in Glencore, a prominent Swiss multinational commodity trading and mining company.
According to data tracked by the Bloomberg Billionaires Index, Glasenberg, renowned as one of the world’s top 500 billionaires, has suffered a reduction of $490 million in his net worth in the past two weeks. His net worth fell from $8.84 billion on July 25 to its present value of $8.35 billion.
This recent dip of $490 million further extends his year-to-date losses, totaling $649 million. This significant loss makes him one of the many billionaires who have witnessed their fortunes plummet significantly since the start of the year.
Glasenberg presently occupies the 275th spot on the list of the world’s wealthiest individuals, according to the Bloomberg Billionaires Index. Most of his wealth is derived from his 9.81 percent stake in Glencore, which has now fallen below the $7-billion mark.
Since the start of the year, the market value of his stake in Glencore has declined by more than $1.5 billion, from $8.4 billion at the start of the year to $6.85 billion at the time of drafting this report.
The downturn in the market value of his stake can be traced back to the decline in Glencore shares since the start of the year. Market data, sourced from the London Stock Exchange, reveals that the share price of the Swiss multinational company has suffered a steep drop of nearly 19 percent, plunging from £5.44 ($6.94) on January 1 to £4.44 ($5.65).
In a strategic move to broaden his wealth portfolio beyond his holdings in Glencore, Ivan Glasenberg is now in the advanced stages of finalizing an acquisition deal involving Cicli Pinarello Srl (Pinarello), a distinguished Italian bicycle manufacturer.
Although the transaction remains pending, early estimates indicate that the acquisition might approximate an enterprise value of about €190 million ($273 million), factoring in both debt and equity.