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Mittal loses £16 b in global meltdown
Steel baron Lakshmi N Mittal’s fortune plummeted by £16 billion in just 120 days due to the recession-hit stock market, reports Vijay Dutt.
Steel baron Lakshmi N. Mittal’s fortune plummeted by £16 billion in just 120 days due to the recession-hit stock market. He heads a list of 10 super-rich losers, including Anil Agarwal (who lost £2.9b), their total fall in fortune being £23 billion from their peaks.
With an estimated wealth of £27.7 billion according to the Times Rich List 2008, Mittal has seen his family’s stake in ArcelorMittal fall from £33.24 billion on June 4 this year to £16.63 billion at the close of Friday’s markets.
Despite the big loss, he remains the wealthiest in Britain.
Other losers include Charles Dunstone and David Ross, co-founders of Carphone Warehouse. Dunstone’s shareholding has fallen from £1.1 billion to £497m, while Ross has lost £372 million.
Lord Rothemere, chairman of the Daily Mail and General Trust, has been hit hard by the fall in advertising revenue,
with the value of his shareholding falling from £707 million in May 2007 to £275 million.
