Nelson Bunker He was considered the richest man in the world for monopolizing most of the international silver business. The American had earned millions of dollars with the precious metal and diversified his fortune with oil companies. The businessman was hit by financial disasters and declared bankruptcy before passing away at the age of 88.
The American never led an ostentatious life despite leading some of the Forbes lists. Bunker also minimized having lost $1 billion in a single day.. The former billionaire went on to live in a modest home and spent his last days in a nursing home, in a constant fight against Alzheimer’s disease.
Who was Nelson Bunker Hunt?
The tycoon He was one of the seven children of Haroldson Huntwho was one of the pioneers of the oil boom in the state of Texas with the company Placid Oil Co. His descendant inherited a large part of his fortune and the fossil fuel company. Nelson was in charge of expanding its production of gas and crude material, while at the same time discovered a huge oil field in Libya.
The second generation businessman managed to be considered as the richest man in the world because his fortune ranged from 8,000 to 16,000 million dollars. This fluctuation varied depending on the different periods and because Hunt gave it little importance. He was once asked about the value of his assets at a congressional hearing and the billionaire replied: “I don’t have the number in my head. People who know what they’re worth are usually not worth that much.”
Hunt was characterized as a modest man, who led a life without luxuries despite his millions of dollars. He himself did not finish university and was recognized for being a market visionary, who decided his investments by natural instinct because he was guided by his hunches. At the same time, he also identified politically as far-right because he indicated that State regulation prevented the development of capitalism.
How Nelson Bunker Hunt lost $1 billion in one day
The American’s misfortune began in 1969, when Colonel Muammar Gaddafi overthrew the king of Libya and nationalized all the country’s oil companies. This lost Hunt’s investments in the country and he decided to protect himself by buying silver. Nelson joined his brothers Herbert and Lamar to purchase 55 million ounces of the precious metal at $1.94 each.
The Hunt family demonstrated their frustration because the price of silver was not revaluating and because of the laws of the United States that prevented them from monopolizing this monopoly. The union of the magnate, his brothers and some partners controlled 200 million ounces of silver. They manipulated the price of their raises to reach a ceiling of $50 per ounce.
Nelson Hunt’s monumental loss was during the “Silver Thursday”on March 27, 1980. Its name was due to the drop in the price of the metal to less than $11, a 78% loss in value in just four weeks. This price plummeted the fortune of the Hunt brothers and they could not afford the loans they had made to obtain the capital to try to monopolize the silver market.
In total, Nelson Hunt lost $1 billion in a single day. This amount was added to the fall in the prices of oil, sugar and real estate properties. All of this meant that the billionaire had to face fines, tax charges and interest on his loans until he declared bankruptcy in 1988.
Source: Ambito
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