South African billionaire Ivan Glasenberg’s fortune has increased significantly during the last seven days, owing mostly to gains in his investment portfolio, namely his stakes in Glencore, a Swiss multinational commodity trading and mining firm.
Glasenberg, a mining sector billionaire, increased his net worth by $120 million in one week, from $8.12 billion on March 21 to $8.24 billion presently, according to Bloomberg Billionaires Index statistics.
Glasenberg’s recent wealth rise has propelled him to the 312th position among the world’s richest people, up from 315th on March 21. The majority of his $8.24 billion fortune stems from his 9.81 percent stake in Glencore.
Glencore’s recent share price increase on the London Stock Exchange has increased Ivan Glasenberg’s stake in the Swiss multinational business by almost $90 million in just one week.
Glencore shares have recently increased by 1.4 percent, jumping from £4.28 ($5.39) on March 21 to £4.34 ($5.47) as of the time of writing. This rise boosted Glasenberg’s holding, which was valued at $6.53 billion on March 21 to $6.62 billion.
Glencore completed its $75 million investment in Li-Cycle with a senior secured convertible note. The five-year note is convertible into Li-Cycle common stock at an initial conversion price of $0.53 per share. This move demonstrates Glencore’s strategic focus on the battery recycling market.
The increase in Glasenberg’s fortune demonstrates the dynamism of global financial markets. Market movements can have a considerable impact on the fortunes of individuals who have substantial assets in key industries.
