Astor Energy's owner Feridun Geçgel lost billions of dollars in three months
Feridun Geçgel, who was Turkey's richest person in June, lost a significant portion of his wealth due to stock market losses.
Astor Energy Chairman of the Board Feridun Geçgel, who captured the title of Turkey's richest businessperson in June, faced a process that shook his position at the top after experiencing a massive loss of wealth due to stock market volatility over the last three months.
The Process of Falling from the Top
Astor Energy Chairman of the Board Feridun Geçgel, who surpassed Murat Ülker with a fortune of 5.3 billion dollars in June to become Turkey's richest businessperson, experienced a major decline in his assets.
Following the recent declines in Astor shares, the businessperson's total wealth dropped to 3.2 billion dollars, recording a serious melting in a short time.
Severe Losses in the Stock Market
The volatility that started in the markets following the arrest of Compass Portfolio Management Chairman Muhammed Yarız brought along sharp drops in the shares of companies in Borsa Istanbul.
The fact that the companies managed by Tera Group hit the floor and Astor Energy triggered a circuit breaker with a drop of nearly 8 percent played a decisive role in the deepening of the losses.
Three-Month Balance Sheet
According to Forbes Magazine data, the current fortune of the 56-year-old businessperson from Urfa has dropped to 3 billion 200 million dollars.
Over the three-month period since his peak in June, Feridun Geçgel's total loss has exceeded 2.1 billion dollars.