Glencore sees IPO billionaire club halved

Graph And Coins

Glencore’s initial public offering minted six billionaires in 2011, when Ivan Glasenberg and five other executives together controlled stakes worth $24bn.

Bloomberg News reports that today, only three remain in the elite club - based on the value of their holdings in the company - and two of those are on the brink of losing their status after the shares of the leading commodity trader lost 70% since the flotation.

The May 2011 offering generated more wealth than the IPOs of some of Wall Street’s most prominent firms, including Goldman Sachs in 1999. Since then, Glencore’s share price has fallen every year, a decline that’s accelerated in recent months as concern China’s economy is slowing has seen commodity prices plunge.

To access the complete Bloomberg News article hit the link below:

Glencore Billionaire Club Loses Half Its Members as Stock Dives

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