South African billionaire Ivan Glasenberg has witnessed a significant surge in his fortune in just 3 days. His investment portfolio, which includes stakes in Glencore — a Swiss multinational commodity trading and mining company — has displayed resilience and recovery amidst market volatility.
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 $230 million within 72 hours, from $8.19 billion on Dec. 5 to its present value of $8.42 billion.
The recent $230-million surge in his wealth, has trimmed down his year-to-date wealth losses to $580 million — placing him in the ranks of African billionaires who have displayed remarkable resilience in recent times amidst market volatility.
With the recent surge in his net worth, Glasenberg presently ranks as the 275th richest individual in the world. 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 $6.92 billion.
Ivan Glasenberg’s Glencore stake soars: Market value jumps $230 million
In recent times, the market value of his stake in Glencore has climbed by more than $230 million, from $6.66 billion on Dec. 5 to $6.92 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 increased by 3.88 percent, climbing from £4.38 ($5.51) on Dec. 5 to £4.55 ($5.72).
In a strategic move to broaden his wealth portfolio beyond his holdings in Glencore, 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 deal might approximate an enterprise value of about €190 million ($273 million), factoring in both debt and equity.
