Eike's Rio de Janeiro had highs and lows with the billionaire

By Marc Castro

Oct 20, 2013 10:21 AM EDT

Investors that entrusted their money to Eike Bautista have lost most of their funds amounting to bilions as his business empire imploded. Not only did investors lose their money, but his hometown of Rio de Janeiro had lost as well because of his sudden fall from financial heights.

Back in 2006, Batista offered shares in mining, energy and shipping companies through share sales that made made him the world's seventh richest person in 2012, according to Forbes magazine to be worth USD30 billion. All the names in his portfolio, such as his EBX conglomerate, had ended with the letter X. This was the letter he associated with the multiplication of wealth.

At his peak, Eike as he was known locally, had bankrolled the campaign for the 2016 Olympics to be held in Rio. He paid for some of the social services in poor neighborhoods. Nowadays though, his creditors pick over what remains of his holdings and his plan to help Rio has all become bankrupt.

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