Billionaires Fuming Over Market Selloff That Sinks Magnit
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Two of Russia’s billionaires have had enough of this year’s stock market selloff.
Sergey Galitskiy, the owner of grocery chain OAO Magnit, fumed over his stock’s 19 percent plunge this month, saying on a Jan. 27 conference call that “the market is so crazy that I have to apologize for the best results in history” in 2013. A day later, Oleg Tinkov, the founder of TCS Group Holding Plc, vented on Facebook Inc. that “irrational behavior” was behind the plunge that left the credit-card issuer down 36 percent since an October initial public offering.