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South African billionaire Ivan Glasenberg’s net worth has taken a hit, dropping by $389 million in the early days of 2024. This adds to the $140-million loss he experienced in 2023 when his net worth plunged from $9 billion to $8.86 billion.
According to the Bloomberg Billionaires Index, Glasenberg, ranked among the world’s top 500 billionaires, saw his net worth decrease from $8.86 billion on Jan. 1 to its present value of $8.47 billion in the past two weeks.
The decline is attributed to sustained sell-offs affecting the market value of commodity trading and mining companies, impacting Glasenberg’s fortune.
Glasenberg’s $389-million loss tied to Glencore’s market woes
The recent $389-million dip in his fortune has resulted in an average daily loss of $25.9 million since the start of the year. This decline is tied to the market downturn affecting the stake’s value, primarily driven by the fall in Glencore shares.
According to data from the London Stock Exchange, Glencore’s share price has dropped by 5.08 percent, falling from £4.72 ($6.02) on Jan. 1 to £4.48 ($5.71) at the time of this report.
The market value of the stake in Glencore has seen a significant decrease of more than $100 billion since the start of 2024, going from $6.83 billion on Jan. 1, 2024, to $6.93 billion at the time of drafting this report.
Glasenberg’s wealth hit as Glencore starts 2024 with a plunge in market value
Glasenberg is the world’s 278th richest man according to the Bloomberg Billionaires Index. Most of his wealth is derived from his 9.81-percent stake in Glencore, a Swiss multinational commodity trading and mining company.
In the second quarter of 2023, Glasenberg unveiled a strategic initiative to acquire stakes in Cicli Pinarello Srl (Pinarello), an Italian bicycle manufacturer. This calculated move was designed to broaden the scope of his wealth portfolio, extending beyond his current holdings in Glencore.
Glasenberg’s strategic foresight is evident in his pursuit of opportunities beyond the mining industry, showcasing his visionary leadership and commitment to diversifying and expanding his investment portfolio, demonstrating his ability to expand his portfolio.
