If watching Beyoncé pour $20,000 champagne into a hot tub made you queasy, hearing about how one of the richest men in China managed to lose $15 billion — or, roughly, half of Mark Zuckerberg's net worth — in just one hour probably isn't the best way to settle your stomach.
CNN Money reports that Li Hejun had a good chunk of his $32 billion fortune wiped out this week. In addition to being one of China's wealthiest men, Li is also the chairman of solar panel company Hanergy, owning 80% of its shares. The company's Hong Kong trading was suddenly suspended Wednesday due to suspicions of "insider information." The stop in trading caused shares to plummet 47%, resulting in an $18.6 billion loss in market value for Hanergy and $15 billion for Li. The businessman may have bigger problems to worry about than his account balance, however. Reports of market manipulation, overspeculation, and risky investing are now surrounding Hanergy. The BBC reports that Hanergy's parent company insisted it was still in a "good financial position,"and were not planning to sell any shares. So, apparently you can lose billions of dollars and still be okay. Or, in total denial.
CNN Money reports that Li Hejun had a good chunk of his $32 billion fortune wiped out this week. In addition to being one of China's wealthiest men, Li is also the chairman of solar panel company Hanergy, owning 80% of its shares. The company's Hong Kong trading was suddenly suspended Wednesday due to suspicions of "insider information." The stop in trading caused shares to plummet 47%, resulting in an $18.6 billion loss in market value for Hanergy and $15 billion for Li. The businessman may have bigger problems to worry about than his account balance, however. Reports of market manipulation, overspeculation, and risky investing are now surrounding Hanergy. The BBC reports that Hanergy's parent company insisted it was still in a "good financial position,"and were not planning to sell any shares. So, apparently you can lose billions of dollars and still be okay. Or, in total denial.