The wealthiest person in Asia in 2023 loses $6.7 billion in a month.

Prajogo Pangestu, the founder of Barito Pacific Group, has had a difficult start in 2024, as he lost $4 billion on Tuesday alone in his giant electricity and industrial company. This brings the total loss he has incurred since last month to $6.7 billion, according to Bloomberg’s billionaire index.

Prajogo Pangestu, who became the richest person in Asia last year with a wealth of $25.3 billion as of the latest closing, has now lost the title of the richest person in Indonesia to Lu Tuo Kong, the owner of PT Bayan Resources, a coal mining company, with a wealth of $27.9 billion.

The stock of “PT Barito Renewables Energy” (PT Barito), belonging to Pangestu, experienced a sudden decrease of 20% on Tuesday, following an increase of over 850% since its listing in October until the end of December. This unexpected decline is said to be attributed to the stock becoming overvalued and traders deciding to cash in their profits, according to analysts.

The stocks of the parent company “PT Barito Pacific” decreased by 18% on Tuesday, while another unit, “PT Chandra Asri Pacific” saw a decrease of 20%. However, the stocks of “Barito Pacific” and “Barito Renublis” reversed their downward trend on Wednesday. A coal hub is earning billions in a world that strives to preserve the environment.

What is happening represents a sudden decline for Pangestu, who added $26.5 billion to his wealth last year when he launched the company “Parito Renewable Energy”, which produces geothermal energy that represents nearly half of his wealth, for public subscription.

The world’s biggest losers attempt to diversify their portfolio of renewable energy amidst Indonesia’s pursuit, one of the largest carbon dioxide-emitting countries in the world, to achieve zero emissions reduction targets.

Last year’s increase in stocks surprised investors, and bank “J.P. Morgan” downgraded the stock rating of “Barito Pacific” last month, pointing out that its valuation was exaggerated after achieving excessively high gains. The Indonesian stock exchange is investigating any stock manipulation within a subsidiary owned by Pangestu. Trading of “PT Petrindo Jaya Kreasi” (PT Petrindo Jaya Kreasi) stock, a coal and gold mining company, has been suspended for more than three weeks after it increased by over 6000% since its listing in March 2023.

The Financial Services Authority stated that any company found to be manipulating stocks will be subject to penalties. Pangestu, which experienced the largest wealth decline yesterday, is now among the biggest losers in the world since the beginning of 2024, after the French Bernard Arnault and Elon Musk, the founder of Tesla.