Shares of Grupo Elektra have fallen to a 15-year low, wiping $US5.8 billion from the fortune of its controlling shareholder Ricardo Salinas Pliego and pushing him out of the world’s top 500 wealthiest list. Salinas’ lawyers claim a creditor used the company’s shares for a $US110 million loan, leading to a sharp decline in the stock price.
Shares of Grupo Elektra have plunged to the lowest since 2007, wiping $US5.8 billion from the fortune of controlling shareholder Ricardo Salinas Pliego and pushing him out of the world’s top 500 wealthiest list.
After a month of no trading, Elektra was kicked out of the country’s benchmark index. That’s now putting pressure on the shares as exchange-traded funds managed by BlackRock and The Vanguard Group have to sell. Monday’s plunge pushed Salinas out of the world’s top 500 wealthiest list. His stake of about 75 per cent in the Elektra is now worth some $US1.9 billion, down from $US7.6 billion on Friday. That gives him a net worth of $US4.7 billion, according to the Bloomberg Billionaires Index.Advertisement
While the slump is vaporising Salinas’ wealth on paper — which had been a key fixture of his ability to take loans out against Elektra’s value — it could make a bid to de-list the shares easier. Elektra said last week it would hold a meeting in late December to discuss taking the company private.
Grupo Elektra Ricardo Salinas Pliego Wealth Stock Market Mexico Shareholder Disputes
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