July 20, 2024

Political Commentary

News Politics Business Sports

Asia’s Worst Stock Loser Erases Thai Founder From Billionaire Status

2 min read

Somphote Ahunai, whose net worth topped $4.8 billion two years ago, is no longer a billionaire after a series of unwieldy efforts to diversify one of Thailand’s biggest renewable-power producers into a Tesla-like transport specialist.

Article content

(Bloomberg) — Somphote Ahunai, whose net worth topped $4.8 billion two years ago, is no longer a billionaire after a series of unwieldy efforts to diversify one of Thailand’s biggest renewable-power producers into a Tesla-like transport specialist. 

Shares of Energy Absolute Pcl posted a record monthly drop of 51% in June, slashing Somphote’s fortune to less than $600 million, according to the Bloomberg Billionaires Index. Even after a 11% rebound this month following Somphote’s furious defense of the company’s financial health, the stock has still lost about 70% of its value this year, the biggest decline among almost 1,400 companies in the MSCI Asia Pacific Index. 

Advertisement 2

Bloomberg News

2024-07-09 22:21:46

All news and articles are copyrighted to the respective authors and/or News Broadcasters. VIXC.Com is an independent Online News Aggregator


Read more from original source here…

Leave a Reply

Copyright © All rights reserved. | Newsphere by AF themes.