From 8th richest to $200 million in less than 16 months...

Eike Batista, Formerly World's 8th Richest Man, Loses $33 Billion In Just 16 Months

You think losing a $10 bill is bad? Trying losing $33 billion, and with it your ranking among the world's richest men.

That’s what’s happened to Brazilian oil tycoon Eike Batista, who last year was quite literally on top of the world. Life was good, he was eighth richest man on the planet, and once he even vowed to overtake Mexico’s Carlos Slim as the planet's richest man.

It didn't last, and Batista has since watched his $34 billion net worth plummet some $33 billion over 16 months or so, according to Bloomberg. The big problem? His oil conglomerate, OGX Petroleo & Gas Participacoes SA, lost 90 percent of its value over the last year, leaving Batista with a relatively paltry $200 million when including debts he owes to investors.

Batista, known for his charismatic persona and opulent lifestyle, simply may have been overly optimistic at a time when his country was experiencing strong economic growth. (Brazil’s economy has since fallen on harder times.) Sergio Lazzarini, of the INSPER Business School in Sao Paulo, told BBC News that Batista's business model “was exaggerated in every sense.”

Batista’s optimism nevertheless appears undiminished, even in the face of debts to OGX investors such as General Electric, IBM and Abu Dhabi’s state investment fund Mubadala, The Wall Street Journal reports.

“I will honor all of my obligations,” Batista wrote in a Valor Economico newspaper op-ed last week where he admitted regretting taking his companies public. “I won’t leave a single penny unpaid for each one of my debts.”

Huff Post

I have a hard time feeling bad for a guy who still has $200 million to his name, but to go from $34 billion to $200 million in less than 16 months has to be a total culture shock... Not saying that he cant still live a glamorous life at $200 million, but the difference in wealth is like night and day. He essentially has 1/165th of his wealth left. Talk about taking a HUGE hit, but that's what happens when you're heavily invested in your own company and then it takes a 90% hit.

Anyways, I found this story interesting and figured I'd share it. I bet you all feel very bad for this man

Reminds me of Bruce Wayne in Dark Knight Rises...

To bad he is not De Ordenança!

Originally posted by abeverage
Reminds me of Bruce Wayne in Dark Knight Rises...

To bad he is not Hombre Murciélago!

LOL, very nice... Yes, Bruce Wayne lost his wealth, but was able to keep all those fun toys off the books...

So, with 33 billion he was eighth richest.
How much is the total wealth of those richer than he is/was?

It just goes to show why there is so much poverty in the world.

Originally posted by VoidHawk
So, with 33 billion he was eighth richest.
How much is the total wealth of those richer than he is/was?

It just goes to show why there is so much poverty in the world.

Carlos Slim - $73B
Bill Gates- $67B
Amancio Ortega- $57B
Warren Buffet- $53B
Larry Ellison- $43B
Charles Koch- $34B
David Koch- $34B

It sounds kinda sad, but, I'm not shedding any tears for the fellow.

I think i could somehow manage to scrape by with $200 Million.
I might have to have a garage sale or something, but, with $200 Million, it might just be barely possible to somehow eek out a meager living somewhere on this planet. I mean, life might be hard and I might not get to have that new private 747 jet with the gold trim I wanted this year, but, somehow I think with a little bit of sacrifice I'd somehow manage to scrape by with $200 Million.

We should take up a collection for this guy! But I gave at the office so someone else go first.


ETA: My thumb and index finger are rubbing together. You know what that means!