Turkey's Richest Man Loses Half His Wealth in One Day
In June, Feridun Geçgel, the Chairman of Astor Energy Management Board, surpassed Murat Ülker with a fortune of 5.3 billion dollars, becoming the richest person in Turkey. However, he lost nearly half of his wealth in a single day. The sharp drop in the Istanbul Stock Exchange following the arrest of Muhammed Yarız, the Chairman of Pusula Portfolio Management, hit Astor shares as well, causing the company to halt trading with a loss close to 8%.
According to Forbes, the wealth of the 56-year-old businessman from Şanlıurfa fell to 3.2 billion dollars, with his loss over the past three months exceeding 2.1 billion dollars.
He was the wealthiest man in Turkey. However, he lost half of his fortune.
In June, Feridun Geçgel, the Chairman of Astor Energy, who topped the list of 'Turkey's wealthiest business people' by surpassing Murat Ülker with a fortune of $5.3 billion, saw his fortunes reverse dramatically in a single day. With a sharp decline in Astor shares, the total value of Geçgel's assets plummeted to $3.2 billion, meaning that almost half of his wealth evaporated compared to the record level in June.
The spark that ignited the downfall was the arrest and detention of Muhammed Yarız, the Chairman of Pusula Portfolio Management. Following this development, the selling pressure that ensued led to a rapid and severe loss in value across companies traded on the Istanbul Stock Exchange.
The company shares plummeted.
With the companies under the management of Tera Group trading at floor prices consecutively, the distinction between sectors in the stock market was eliminated, causing dozens of companies in different fields to lose value simultaneously. Astor Energy, considered one of Turkey's largest energy companies, halted trading shortly after the opening of the trading day with a decline approaching 8%.
The rapid rise of Astor Energy over the years had also exponentially increased the personal wealth of its founder and chairman of the board, Geçgel. According to Forbes Magazine, Geçgel's current fortune has dwindled to as low as $3.2 billion, resulting in a loss of over $2.1 billion in the wealth of the 56-year-old businessman from Şanlıurfa over the past three months.
On the same day, the BIST 100 index at Borsa Istanbul also experienced one of the sharpest declines in recent times, losing more than 5% on the third trading day of the week. With this market scenario, the decline in Geçgel's wealth emerged as part of a selling wave engulfing the overall stock market, rather than being limited to a single company.
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