Skip to content
Subscriber Only

Batista Loses $15 Billion as Brazil Awakes From Dream

When Eike Batista pitched investors on $6 billion in stock offerings over the past six years, he was selling more than his personal empire of interlinking commodity startups. He was selling Brazil.

That’s why, when Batista’s oil venture reduced production targets less than six months after pumping its first barrel of crude -- deepening a sell-off that erased $15 billion from his net worth and $21 billion in market value in three months --also in doubt was his vision of Brazil as a new powerhouse on the world stage.