China's Richest Man Lost $15 Billion In An Hour On Wednesday After His Company's Stock Fell 47%
Money.CNN - China’s richest man, Li Hejun, is having a really bad week. The chairman of solar panel firm Hanergy (HNGSF) lost $15 billion on Wednesday when shares in the company plummeted 47% in Hong Kong trading — in about an hour. The company saw $18.6 billion wiped off its market value. Trading in Hanergy shares was halted Wednesday pending release — the company said — of an announcement “containing inside information.” The company has not commented further since, and the shares are still suspended. Li owns just over 80% of Hanergy. He failed to show up for the company’s annual shareholder meeting on Wednesday, which began as the shares were plunging. A company spokesperson said he was attending the opening of Hanergy’s clean energy exhibition in Beijing instead. The lack of a company statement is adding to the confusion surrounding the stock crash. Bespoke Investment, a New York research and wealth management firm, called “the Hanergy story a complete mess.”
Before Wednesday’s plunge, Hanergy’s shares had surged 625% over the past year, making it seven times bigger than First Solar, the top U.S. solar firm. At its peak in April, the company was worth more than $45 billion, allowing Li to overtake Alibaba co-founder Jack Ma as China’s richest man, according to a ranking by Hurun released in March. But the huge climb spurred questions over market manipulation. And more concerns were raised earlier this year, when the company said 60% of its sales came from its Beijing-based parent company, Hanergy Holding Group. Li is also chairman of the parent.
In reality, losing 15 billion dollars in an hour really isn’t so bad. You know why? Because that means you had 15 billion dollars to lose. I’d kill for that opportunity. Since we aren’t doing any work today anyway, let’s play around with that old hypothetical: You enter a room and a guy is sitting behind a desk. There are two boxes on the table. One box has a button in it. If you press it, someone in the world will die. Could be your mother, could be some stupid poor African, could be the cutest baby. In the other box is 15 billion dollars. You get to walk out with that money if you press the button. Does anyone not press the button? What if you knew it was going to be a cute ass baby? Like straight up the guy behind the desk told you a little cute American baby all giggling n shit would die, but you’d get 15 billion dollars (tax free of course). Does that change anything? 15 billion dollars. Simmer on that one for a while.
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For the record, I don’t press the button. Don’t need to. My IRA (ever heard of it? Kinda an adult thing, nbd) is up 3.7% this year. In just 50 short years I’m going to be so rich. So HAH at this loser who lost 15 billion in an hour. What a chump. Solar energy, I’m sure that’s even a real thing.