South African billionaire Ivan Glasenberg’s net worth soars by $590 million

South African billionaire Ivan Glasenberg has witnessed a significant surge in his fortune over the past seventeen days. His investment portfolio, which includes stakes in Glencore — a Swiss multinational commodity trading and mining company — has successfully navigated the challenges of a recent downturn in the market.

According to data tracked by the Bloomberg Billionaires Index, Glasenberg — renowned as one of South Africa’s billionaires — has seen his net worth soar by $590 million over the past 17 days, from $7.73 billion on Nov. 11 to its present value of $8.27 billion.

Following the recent $590 million surge in his wealth, his year-to-date losses now total $680 million — placing him in the ranks of billionaires who have witnessed their fortunes plummet significantly since the start of the year.

Glasenberg’s $6.82-billion stake in Glencore surges amid global market shifts

Ivan Glasenberg presently occupies the 281st spot on the list of the world’s wealthiest individuals. Most of his wealth is derived from his 9.81 percent stake in Glencore — his stake in the commodity trading and mining company is worth $6.82 billion.

In recent times, the market value of his stake in Glencore has climbed by more than $450 million, from $6.34 billion on Nov. 11 to $6.83 billion at the time of drafting this report. The surge in the market value of his stake can be traced back to the surge in Glencore shares.

According to data tracked by Billionaires.Africa, the share price of the Swiss multinational company has improved by 4.92 percent, climbing from £4.27 ($5.39) on November 11 to £4.48 ($5.65).

Ivan Glasenberg set to acquire Pinarello in a $273 million strategic move to broaden his wealth portfolio

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.