South African billionaire Ivan Glasenberg loses $240 million in 17 days

South African billionaire Ivan Glasenberg’s net worth has declined by $240 million over the past 17 days, mirroring the recent pullback in Glencore Plc’s share price. The Swiss multinational commodity trading and mining giant has seen its stock price decline in recent weeks.

According to the Bloomberg Billionaires Index, Glasenberg, a leading figure among South Africa’s billionaires and a member of the global top 500, has seen his net worth fall to $8.71 billion as of today, down from $8.95 billion on April 14.

The $240-million decline is primarily attributed to the recent decrease in the market value of his 9.81 percent stake in Glencore. His current stake in the company is valued at $7.08 billion. Despite the decline, Glasenberg remains firmly positioned among Africa’s wealthiest individuals.

Glencore stake decline dents Glasenberg’s net worth

Glencore’s shares have dipped modestly on the London Stock Exchange, dropping 3.3 percent from £4.85 ($6.053) on April 14 to £4.69 ($5.854) at present. This decline has pushed the group’s market capitalization below $75 billion.

The recent pullback has caused concern for new investors, while existing shareholders like Glasenberg have seen a notable decline in their holdings. Glasenberg’s stake in Glencore has fallen in value by $240 million, decreasing from $7.32 billion on April 14 to $7.08 billion, at the time of drafting this report. This decline has pushed him to the 290th position on the global wealth rankings.

Glencore sticks to FY guidance despite share price slide

Despite the share price weakness, Glencore remains confident in its full-year financial performance.

The company expects marketing earnings before interest and tax (EBIT) to be in the $3 billion-$3.5 billion range, which is around the top end of its long-term $2.2 billion-$3.2 billion forecast range. However, the company has not revised its full-year production forecast.

For the first quarter, Glencore reported total copper production of about 239,700 metric tonnes, down two percent year-on-year but two-percent higher on a quarter-on-quarter basis.