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08.15.

Eike Batista Has Lost $34.3 Billion In The Last 12 Months

oops

 

Eike Batista was born November 3, 1965 in Governador Valadares, Minas Gerais, Brazil. His father was the Minister of Mines and Energy for a state-owned conglomerate. As a teenager, Batista moved with his family to Europe when his father was promoted to new positions in Switzerland, Germany then Belgium. After the family returned to Brazil, the 22 year old Batista stayed in Europe and took a job as a door to door insurance salesman. When he was 23, Eike moved back to Brazil where he launched a gold trading company called Autram Aurem. Over the next 20 years, he went on to launch five new companies that specialized in mining gold, silver, natural gas, petroleum and various other commodities. The companies were controlled by Eike’s umbrella firm, EBX Group.

Eike’s wealth began to soar in the mid-90s, thanks to booming markets in commodities, real estate, entertainment, tourism and hospitality in Brazil. Pretty soon, Mr. Batista found himself sitting on a bonafide 10 figure bank account. When times were good, Eike violated one of the most important rules of modern business: Never personally guarantee anything. If your business borrows money, never personally guarantee to pay the loan back.

In December 2010, Eike Batista told 60 Minutes that Carlos Slim should watch out, because some day soon he would be stealing the Mexican tycoon’s title as richest person in the world. Two months later, Batista told Business Week that within 10 years his net worth would top $100 billion. Bold statements for a man whose net worth at the time was just $8 billion, compared to Carlos Slim’s $63 billion. But fast forward two years and those predictions didn’t seem so crazy after all. As worldwide commodities markets continued to soar, by August, 2012, Batista’s net worth grew an astonishing 331% to $34.5 billion. That was enough to make him the richest person in South America and the eighth richest person in the world.

Unfortunately, August 2012 turned out to be the absolute peak of the worldwide commodities market and subsequently Eike Batista’s personal wealth. Over the last 12 months, Batista’s OGX has declined 87% after oil production slowed from 750,000 barrels per day to just 15,000. The collapse of mineral prices equally obliterated Batista’s remaining four companies. Making matters worse, because Eike personally guaranteed $3.5 billion worth of corporate loans, a variety of creditors began to circle him like vultures.

In less than a year, Eike Batista has seen his wealth decline 99.4%, from $34.5 billion to just $200 million. If this decline remains or gets worse, it may turn out to be the largest evaporation of personal wealth in human history. After his Playboy model wife left him, he actually began parking his $1.2 million Mercedes-Benz McLaren SLR in the living room, because he could. In recent weeks, Eike has been forced to the Benz along with mansions, artwork, a $19 million racing yacht and three private jets. Only time will tell if Eike can make a comeback, but things are certainly not looking good at the moment. Eike himself announced over twitter that anyone who bets against him now will be “caught with their pants down”. I guess anything is possible… How would you feel if you lost $34.5 billion in 12 months?

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01.26.

$4.8 Billion Yacht? Seriously?

What is the most expensive yacht in the world? You might want to sit down before you read the next sentence. The most expensive yacht in the world is the $4.8 billion, gold plated, History Supreme that was built for a one very wealthy and very anonymous Malaysian multi-multi-billionaire. The History Supreme is a 100 foot yacht that is adorned with 100 thousand kilograms (220,000 pounds) of solid gold and platinum. It also features some of the rarest and most un-obtainable decorations found in the universe. The History Supreme was built by UK based Start Hughes and Company and took over three years to complete.

In case you were wondering, $4.8 billion is 5 times more expensive than the #2 most expensive Yacht in the world, the $800 million Eclipse which is owned by Russian billionaire Roman Abramovich. For $4 billion less, the Eclipse is 557 feet (457 feet longer than the History Supreme) and features an anti-missile defense system, helicopter (plus landing pad) and an anti-paparazzi laser shield that scans and blocks nearby prying camera lenses. So what does the the extra $4 billion buy? Every single rail, deck, staircase, dining table and the anchor on the History Supreme is wrapped in solid gold or platinum. The entire base of the boat is wrapped in a thin layer of solid gold. The master bedroom is decorated with rocks from a meteorite, a 68 kilogram 24-carat gold aquarium and an actual bone from a Tyrannosaurus Rex! Also on board you may find your self drinking out a liquor bottle that features an extremely rare 18.5 carat diamond worth $45 million on its own.

Some speculate the the owner of the most expensive yacht in the world is Malaysian billionaire Robert Kuok who has a net worth of $14.5 billion. Kuok is the richest person in Southeast Asia and made his fortune from a wide range of businesses including sugarcane plantations and hotels. He is nicknamed the “Sugar King of Asia” but if he really is the owner of the History Supreme, perhaps his nickname should be the “Yachting King of the World”

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01.08.

Baller’s $22K Gold Shirt Is Goldest Shirt Ever

Don’t be fooled by Indian businessman Datta Phuge’s walrus-like mustache and demure facial expression. The man’s a world-class baller. Just take a whiff of his $22,700, gold, short-sleeved shirt. Smells like some good, old-fashioned cha-chingSo why did Phuge hire 15 goldsmiths to create this shining combination of gold thread, velvet, and Swarovski-crystal-adorned buttons that’s almost made us forget about Kanye West’s crystal mask? “I know I am not the best looking man in the world,” he says, “but surely no woman could fail to be dazzled by this shirt?” Surely no.

Well, even if it doesn’t work for him, at least he gave the world this amazing photo. Now will one of you go and make a meme out of this already?

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11.28.

Jimi Hendrix’s Fender Stratocaster set for auction

Some of the other highlights of this Live Auctioneers’ sale include a Monterey Stratocaster used by Jimi Hendrix (pictured above) for the best part of his set at the inaugural U.S. performance with his experience at Monterey, which is the highlight of the auction and is expected to garner as much as $288,580, along with Paul McCartney’s played and recorded violin bass guitar, a Mick Jagger played guitar and Eric Clapton, Elvis Presley and John Lennon guitars.

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