The exit of Brazilian billionaire Eike Batistsa from MPX Energia officially started the collapse of his former industrial conglomerate giant EBX Group. The disintegration of the conglomerate started today, ending an almost decade long kingship over the Brazilian commodities market.
Batista is the founder and previous chairman of MPX Energia SA, an important name in the oil, energy, ship manufacturing, and mining sector. The billionaire gave all his companies an "X" mark for "the multiplication of wealth."
The company is set to change its name before October to signify its independence from the crumbling EBX Group, said the executives of MPX Energia.
The renaming also officially erases Batista out of the picture of MPX Energia. The market value of the company, which previously reached US$60 billion, quickly nosedived within the year. Batista's personal stake in the company shrunk to US$20 billion, removing the title of Brazil's richest man from him.
As of current writing, most of the shares from EBX Group are valued at nothing, considered worthless by risk consultants.
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