How to lose $34.5 billion in one year


eike batista

 

It can be seen that no other person in history has ever matched Eike Batista in times of ‘losing the most money in one year’. Once regarded as Brazil’s richest person, and the world’s 8th, Eike gets himself lost in his personal realm of excessive self-confidence.

What has he done so much that he could easily let all the money plunge into null and void in such short time and become the public shame of the whole nation? Here are some of the ‘tips’:

1. Be absolutely proud in one’s own ambition and goals, no matter how irrelevantly questionable they are as attested to reality.

2. Grill business loans as though they were more scrumptious than any signature dishes a Michelin-star chef can prepare.

3. Boast that you are going to be the world’s richest person while your company, entrenched in debts, is yielding nothing.

4. Poke with risks – even if you have little or no craftsmanship in handling the consequences.

5. Accept no bad news and ‘shoot the messenger’.

6. Don’t stop believing… in superstitions.

7. Media, please!!

Read the full report in Bloomberg Businessweek.

 

Excerpt:

 

Rare is the person—at least until recently—who meets Batista and is not seduced by his supreme self-confidence. As Daniel Lamarre, CEO of Cirque de Soleil, said when announcing a partnership with Batista’s IMX entertainment venture in 2012: “He is alone in his league.”

Batista has always been the leading chronicler of his own legend. He has long liked to tell the story of how as a teenager in Germany, he dreamed of becoming wealthy on gold, and how those dreams came true. At one point, a clairvoyant advised him to go to Machu Picchu, the ancient Inca site in Peru, and gaze at the sky at a certain hour, saying it would bring him luck. “Seems that it worked,” he told Brazilian TV host Jô Soares in May 2011. It’s all part of a mystical streak he embraced, and peddled. His company names all end in X—EBX, OGX, MMX. In his numerology, X stands for the multiplication of wealth.

 

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