[www.keralites.net] Brazilian oil tycoon loses $33 billion in 16 months - and his position as seventh richest man in the world.

 

Brazilian oil tycoon loses $33 billion in 16 months - and his position as seventh richest man in the world. Eike Batista had boasted of desire to be wealthiest person on the planet 56-year-old's oil conglomerate is estimated to have lost 90 per cent of its value.

Last year Brazilian oil tycoon and seventh richest man on the planet Eike Batista had a total wealth of $34 billion.

But the 56-year-old, who bankrolled the bid to bring the 2016 Olympics to his home country, has gone from top of the pile to number 100 on the Forbes rich list after losing $33 billion over 16 months.

It is a big drop for a man who had boasted of his plans to take over from Mexican Carlos Slim as the richest man in the world.

The father-of-two, who bought his first gold mine at the age of 24, lost a vast chunk of his fortune when his oil conglomerate, OGX Petroleo Gas Participacoes SA, lost 90 per cent of its value over the past year, leaving Mr Batista with an estimated net worth of $200 million when the debts he owes to investors have been deducted, according to the Huffington Post.

Read more: http://www.dailymail.co.uk/news/article-2380130/Brazilian-oil-tycoon-loses-33-billion-16-months--position-seventh-richest-man-world.html#ixzz2aIySZ1Bc

Ravi

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