In late 2012, Eike Batista was one of the richest people in the world with a net worth of $35 billion. Eike was the owner of a conglomerate of mining, trading, and production companies, and Eike was aiming for the $100 billion mark by the end of the decade. He even thought that he was going to be the richest person in the world. But, a sudden twist of events would crush his net worth to -$1.2 billion within a little over a year.
In the early 2010s, gold and silver had flash crashes which crumpled the profitability of his various mining companies. To make things worse, his oil production company was barely able to pump out 15,000 barrels a day despite promising 750,000 barrels. This caused investors to flee all of Eike’s companies and soon his liabilities outweighed his assets.
This wasn’t the end of the story though, Eike was soon arrested for bribery and insider trading and sentenced to prison for 30 years. Fortunately for Eike, he was able to work out a plea bargain and get out with a hefty fine.
Eike says that he’s going to restart his empire and that he will rise to the top once again, but we’ll have to see how things go for Eike. This video explains the story of Eike and how he went from riches to rags.
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