Ivan Glasenberg, the South African billionaire and largest shareholder of Glencore, has seen his stake in the Swiss multinational commodity trading and mining company decline by $1.03 billion over the past 25 days.
According to data tracked by Billionaires.Africa , Glasenberg's 9.81 percent stake in Glencore has declined from £5.78 billion ($7.41 billion) to £4.98 billion ($6.39 billion), a drop of nearly 14 percent. This comes after earlier gains of $640 million between May 1 and 18 .
Glencore's market cap slumps below $70 billionGlencore, a key player in the global commodities market with operations in over 50 countries, has experienced a significant downturn.
The company's market capitalization has recently fallen below $70 billion as its share price on the London Stock Exchange dropped by 13.87 percent, from £4.83 ($6.20) on July 5 to £4.16 ($5.34) currently.
