The amazing story of how a billionaire lost over $35 billion in 12 months

The amazing story of how a billionaire lost over $35 billion in 12 months

Very few people will ever get to see a million dollars in their lives but Eike Fuhrken Batista lost $35 billion in one year and his story is not one the world will be in a hurry to forget.

Brazilian businessman, Eike Batista, was once worth an estimated $35 billion or about GHC 185 billion according to Bloomberg, but thanks to poor management and debts, Batista lost all that and actually wen on to fall in debt of a billion dollars.

At the height of his wealth in 2012, Eike was the seventh-richest person on Earth and the wealthiest person in Brazil. He was well on his way toward a goal of becoming the wealthiest man in the world.

He owned companies in digital technology, mining, oil and manufacturing. So what happened?

Fool.com reports that while Batista is known to blame the stock market for the demise of his empire, he was really put down by debt.

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He borrowed billions to fund oil and gas exploration and development, but the oil wells could not produce the liquid gold and it hurt his company's ability to pay back those loans.

When investors saw that his oil investments could not turn out profit but only massive debts, they ran out on him. Debt forced four of his five companies into bankruptcy

By 2015, Batista had found himself holding a rather rare title; a negative billionaire as he now owed a net $1.2 billion to creditors.

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In 2018, he was hit with a 30-year court sentence after investigators revealed that he paid bribes to secure government contracts.

A rather tragic fall for a once powerful man.

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Source: Yen

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