Brazilian Billionaire Eike Batista Loses $33 Billion

Brazillian Billionaire and oil tycoon Eike Batista loses $33 billion within 16 months, plus his position as the 7th richest man in the world.

In 2012, the 56-year-old Eike has a total wealth of $34 billion. However, after bidding to bring the 2016 Olympics to his home country, he has dropped to number 100 on the Forbes rich list.

Eike bought his first gold mine when he was 24 years old. His oil conglomerate, GX Petroleo & Gas Participacoes SA lost 90 percent, leaving him with only a $200 million net worth.

“His loss of credibility is explained by not delivering on the results promised when he listed his companies. There was a chain reaction: he lost credibility in one, then he lost it in all of them,” said Elad Revi, an investment analyst in Sao Paulo.

“I think big, and I'm not afraid to take risks, even if I'm alone,” said Batista. “I started out in the gold business. I know about risk and loss and having to build a business from scratch when nobody believes in you. I will honor all of my obligations. I won’t leave a single penny unpaid for each one of my debts.”

The father of two is also known for his fondness of speedboats. He has won the World Championships in powerboat racing in the 1990's, and broke a speed record on his $19 million super yacht, Spirit of Brazil, in 2006. He also owns a Mercedes-Benz SLR McLaren he bought for $1.2 million that he parked at his Rio home as well as a fleet of private jets.

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Brazilian Billionaire Eike Batista Loses $33 Billion