Indonesian billionaire’s net worth plunge among world’s steepest

As chairman of Barito Renewables Energy, Indonesia’s leading petrochemical firm, Pangestu’s fortune has decreased by 16.9% since the year’s start, landing at $25.8 billion as of Thursday afternoon, according to the Bloomberg Billionaires Index.

Prajogo Pangestu’s net worth. Screenshot taken from the Bloomberg Billionaires Index

This reduction represents a $5.2 billion loss within just 11 days, ranking as the third-largest drop among the world’s 500 wealthiest individuals. This positions him behind French billionaire Bernard Arnault, who lost $13.6 billion, and the world’s richest man Elon Musk, whose wealth decreased by $12.2 billion.

Pangestu is no longer Indonesia’s richest person, a title now held by Low Tuck Kwong, the president director of coal mining company Bayan Resources, with a net worth of $27.7 billion.

The shares of Barito Renewables Energy had previously soared by 850% from October to December. An analyst said the stock had become overvalued and traders are now taking profit, according to the Straits Times.