Think you've had a bad day in the stock market?
On Tuesday, many people had a rough day in the markets as they suffered an extremely heavy fall as Europe's political uncertainty lingers and China's economic health is looking darker than expected. On top of that, JPMorgan's disclosure of blowing $2 billion in trading losses continued to bruise the markets. But can you say you had a worse day trading than Brazil's Eike Fuhrken Batista? I doubt it.
According to Mining.com, Batista is the world of mining's richest man and has made 2012 one of his most impressive financially. According to Bloomberg's data, he has increased his wealth by a third, ranking him within the top ten of the world's richest people.
It is tough to feel too sorry for one of the richest people on the planet, but this was a doozy. His oil and gas firm OGX – which is just one of five public companies under his control-- disappointed with reserve figures of only 110 million barrels at an offshore well named Tubarão-Azul (“Blue Shark” in English), the company plummeted down 7.8%.
And how much did Batista lose because of this drop in collaboration with a very poor day on the world's stock markets? Something to the tune of $1,023,200,000. That's 1.02 billion U.S. dollars that vanished from Batista's personal fortune in just one day.
Batista isn't going to be pan-handling anytime soon after Tuesday's losses, but imagine losing more money in one day than the Republic of The Gambia's annual GDP. Now Batista is down to last $30 billion and is in danger of dropping out of Bloomberg's Top 10 Richest People in the World list if commodity stocks continue to drop. Neighbors to the Brazilian billionaire on the rich list are Wal-Mart's Walton siblings who are climbing up the list and only lost $100 million on Tuesday. Chump change in comparison to Batista.
(courtesy of Bloomberg)
Will the billionaire recover from his financial woes of the week? Maybe not. Even after his coal company, CCX, discovered a 672 million tonnes reserve in San Juan, Columbia, Batista's financial decline hasn't been reversed. This coal discovery is the fifth largest coal deposit in the world but CCX is being spun off and will list separately on the Sao Paulo exchange on May 25, leaving Batista in the dark.
This was an incredibly bad week for the billionaire. So remember, if you're having a rough day on the market, just be grateful you haven't dropped a billion dollars in 24 hours.
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