How did the richest man in the Philippines lose $16 billion of his wealth in 3 days?
Company shares collapsed "Golden M.V"one of the most profitable companies in the Philippines in recent days, wiping out more than $16 billion of its founder’s wealth, and raising questions about its sharp rise and sudden decline.
Shares of the company began… "Golden MV Holding For real estate development" The decline after regulators lifted the suspension imposed on the stock’s trading for 6 months, causing the stock to lose 76% of its value from Thursday to Tuesday, recording the worst series of losses in its history.
These losses removed the company’s founder, Manuel Villar, from the throne of the richest man in the Philippines, and whose wealth has now fallen to $5.6 billion, according to the Bloomberg Billionaires Index.
Toby Alan Arce, an analyst at the company, said: "Globalinx": "When a stock returns from a stop Trading– Especially if it is linked to a prominent businessman like Manuel Villar, investors usually re-evaluate its price compared to the fundamentals of the company. The market appears to have concluded that the company’s valuation before the shutdown was highly overvalued."
Regulators suspended trading in the company’s shares last May after it failed "Golden M.V" In submitting its financial results due to a dispute with its auditor.
The point of contention was the valuation of the land that the company acquired from its founder for $93 million, and was later re-evaluated to $23.3 billion.
This deal came after the rise of The share price rose dramatically, pushing the price-earnings ratio to over 1,000 points, which baffled financial circles in the Philippines.
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