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South African billionaire Ivan Glasenberg’s wealth has dropped by $490 million in the last six days, primarily due to market factors that have significantly affected his investments, particularly in Glencore, a Swiss multinational commodity trading and mining company.
According to data tracked by the Bloomberg Billionaires Index, Glasenberg — renowned as one of South Africa’s billionaires — has seen his net worth dip by $490 million over the past six days, falling from $8.16 billion on Feb. 3 to its present value of $7.67 billion.
With a recent decline of $490 million, his year-to-date losses now total $1.19 billion. This positions him among billionaires who have seen their fortunes decrease by over a billion dollars since the beginning of 2024.
A $490-million plunge since Feb. 3, averaging $81.7 million daily
The $490-million plunge in his wealth translates to a daily average loss of $81.7 million since Feb. 3. This decline is tied to the market downturn, which has significantly impacted the market value of his stake in Glencore.
Data from the London Stock Exchange, as tracked by Billionaires.Africa, shows that Glencore’s share price has fallen by 7.42 percent, decreasing from £4.18 ($5.27) on Feb. 3 to £3.87 ($4.79) at the time of this report.
The market value of Glasenberg’s Glencore stake has notably decreased by £370.91 million ($467.56 million) in the past six days, dropping from £5 billion ($6.3 billion) on Feb. 3, 2024, to £4.63 billion ($5.84 billion) at the time of drafting this report.
Glasenberg’s portfolio pivot
Ranked 318th among the world’s wealthiest, Glasenberg has slipped from 302nd since February 3. Most of his fortune comes from his 9.81-percent stake in Glencore, worth $6.82 billion.
Now, seeking diversification, Glasenberg is on the verge of sealing an acquisition with Pinarello, a respected Italian bicycle maker. The deal, estimated at around €190 million ($273 million) when factoring in debt and equity, is currently in progress.
