This Ceo Just Lost 500M In One Crazy Day On The Stock Market Ouch

You’re probably assuming that Glasenberg can afford to lose even such a staggering amount as $500 million, and in the strictest terms, sure, you’d be more or less correct. But even for a billionaire, this was a significant blow to his finances, draining half a billion dollars from a personal fortune estimated to be around $1.9 billion. Even if you round that up to $2 billion, this is an even quarter of his personal net worth lost in a single day – you can imagine how you’d feel if you lost 25% of your personal net worth after one day, and you might have a rough approximation of what Glasenberg is going through. The day in question was this past Friday, when Glencore’s shares took a massive 29.42% hit in value. Unfortunately for Glasenberg and the rest of the Glencore stockholders (a group that counts Glasenberg as its sole remaining billionaire following steady financial declines), this particularly bad day wasn’t some fluke in an overall healthy business climate. It’s been estimated that since the beginning of this year, Glasenberg has lost around 70% of his own personal fortune. For one reason or another, Glencore is faring even worse in today’s market than its competitors in the mining field, which is suffering tremendously diminishing returns owing to various market trends. This would be the part of the article where I’d insert some good news for Glasenberg and his big mining company buddies, if there were any. That’s not the case, though, as a recent Investec analysis of Glencore and fellow mining company Anglo American laid out in no uncertain fashion: So if you were thinking about breaking into the mining business, this is clearly not the right time.