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Gary Nagle, a leading South African business executive and the CEO of Glencore Plc, a Swiss multinational commodity trading and mining company, has seen a significant decline in the market value of his stake in the company. The decrease is attributed to a notable slump in Glencore’s shares on the London Stock Exchange.
According to data tracked by Billionaires.Africa, Nagle’s stake in Glencore has decreased by £2.43 million ($3.07 million) since the start of the year, reflecting the prevailing trend of investors reducing their holdings in the London-based conglomerate.
Glencore, presently ranked as the world’s largest mining group in terms of revenue, was founded in the 1970s as a trading company. Recently, it has solidified its position as one of the world’s largest global diversified natural resource companies and a major producer and marketer of more than 60 commodities under the leadership of Nagle.
The group has also strengthened its position as a major producer and marketer of commodities, with around 140,000 employees and contractors and a strong footprint in more than 35 countries in both established and emerging regions for natural resources.
With an unwavering belief in Glencore’s capacity to thrive and deliver impressive financial performance, Nagle owns a 0.016-percent stake in the company, or 2,000,000 shares.
Since the start of the year, Glencore shares on the local bourse have experienced a notable decrease of 21.99 percent, falling from £5.52 ($6.98) on Jan. 1 to £4.31 ($5.45) on Aug. 23, further pushing the group’s market capitalization below the $70-billion mark.
Consequently, the market value of Nagle’s stake in the Swiss mining giant has slumped by £2.43 million ($3.07 million), from £11.04 million ($13.96 million) as of Jan. 1 to £8.6 million ($10.89 million) at the time of reporting.
In the face of these challenges, Nagle retains his status as one of South Africa’s most affluent business executives. As the CEO of Glencore, his visionary leadership will continue to propel the multinational giant to remarkable heights, further cementing its status as the world’s largest mining group.
