Eike Batista: From The Richest Man In South America To A Brazilian Laughingstock

Eike Batista: From The Richest Man In South America To A Brazilian Laughingstock



Published by Marcela Brasil June 29, 2015 11:37 am

For many years, Brazilian businessman Eike Batista had a prestigious life and was known for his entrepreneurship and intelligence. He was considered one of the richest men in the world and named “The Saint of Brazilian Capitalism.” But this is all history: he is now immersed in billions debts and all his wealth is gone. Batista was once worth $32 billion, but lost it all in a short period, now being called the “negative billionaire,” — he claims that he is currently worth a negative $1 billion. Now, Batista not only lost his fortune but has been the reason of endless sarcastic jokes among Brazilians.

A Bright Start

The former billionaire had business running in his blood. His father, Eliezer, was the minister of mines and energy in Brazil and also the president of Vale (Brazilian multinational diversified metals and mining corporation and one of the largest logistics operators in Brazil). Having a powerful father inside the mining industry influenced Batista. He started working on his wealth at a young age. At the age of 24, Batista had already made his first million dollars by trading gold and diamonds.

Batista invested in mining, oil and gas exploration, and had interlinked businesses. He believed that the letter “X” had a strong meaning, being the symbol for the multiplication of wealth, and he intentionally named all his companies with three-letter combinations ending with “X.” The superstition worked for many years and all his companies profited well, making him one of the wealthiest men in the world.

Batista was considered the entrepreneurship guru and was admired by many Brazilians. The excessive recognition boosted his ego. In repeated occasions, he said “Serei o mais rico do mundo” (I will be the richest man in the world), claiming that he would overtake Mexican Tycoon Carlos Slim Helu no later than 2015. What happened later only confirmed a timeless lesson: fortune always strikes where it hurts the most.

More:
http://xpatnation.co/eike-batista-from-the-richest-man-in-south-america-to-a-brazilian-laughing-stock/

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