Boss loses $500m in one day


Now that's got to hurt.

Glencore CEO Ivan Glasenberg lost $500m Monday as the mining group tumbled to a new low after analysts questioned the company’s prospects in the face of persistently low commodities prices.

Glasenberg’s fortune fell to $1.4bn from $1.9bn at the close of trading Friday, according to the Bloomberg Billionaires Index. He’s lost 74% of his net worth this year and 81% since July 2014, when he was the 190th-richest person in the world with $7.3bn, although the stock recovered 17% at one point Tuesday.

In recent weeks, the South Africa-born billionaire has announced a debt-reduction plan, bought company shares and scrapped a series of dividends in an effort to shore up its balance sheet.

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

Glasenberg Loses $500 Million in One Day on Glencore Share Drop

Glencore Shares Rebound in London Day After Record Slump

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