Last March the Brazilian tycoon ranked as the world’s eighth richest person with a net worth of $34.5 billion. His net worth today: $200 million, according to Bloomberg Billionaires.
“He was the face of Brazilian capitalism. He’s mired in debt. This is a tragic fall for him,” says Bloomberg’s Matt Miller.
Miller explained how EBX Group Co., Batista’s commodities empire, “tended to oversell the amount of resources it had,” and Batista would have to “constantly borrow against one company to pay for the needs of others.”
Unlike billionaires Bill Gates and Warren Buffett, Batista was ostentatious about his wealth, even declaring that he would overtake Mexico’s Carlos Slim for the world’s richest person title by 2015. He told Bloomberg: “Just give me time, let me work please.”
But time hasn’t helped him much.