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Value of Svanberg's BP shares plummets

Value of Svanberg's BP shares plummets

Published: 26 Aug 2010 09:03 GMT+02:00
Updated: 26 Aug 2010 09:03 GMT+02:00

Svanberg owns 925,000 BP shares. A month after he took over as chairman of the oil giant in January, he purchased 750,000 shares in the company at 5.75 pounds ($8.87), newspaper Dagens Industri reported on Thursday.

Their value increased to 6.55 pounds per share by the time the offshore oil drilling rig Deepwater Horizon exploded off the coast of Louisiana in the Gulf of Mexico on April 20th.

Only a week after the accident, Svanberg bought an additional 175,000 shares at 6.19 pounds, unaware of the impending implications of the disaster. Only later, according to Dagens Industri, did the accident's enormous economic implications become clear to BP and its share values collapsed over the summer.

On Wednesday, according to the share price in pounds, Svanberg's holdings had declined in value to about 40 million, compared with the 62 million he paid for the shares. On the New York Stock Exchange, shares have traded in a 52-week range of $26.75 to $62.38.

Svanberg is one of Sweden's largest private shareholders, with major holdings in Ericsson, Melker Schörling and Assa Abloy, the report added. On Wednesday afternoon, the value of his holdings were 797 million kronor.

TT/The Local (news@thelocal.se)

Your comments about this article

11:11 August 26, 2010 by voiceofreason
This isn't news, please report something more informative and substantial.

There are Pension funds with 10 times more holdings in BP. Why aren't you reporting on those too.
11:14 August 26, 2010 by StockholmSam
What a greedy bastard. Spread some help to those in need and I don't mean token pocket change here and there. He doesn't need that much money and it is shameful to hoard so much when so many people suffer. Schools need supplies, hospitals need updating, pensioners and the unemployed need greater access to the wealth of the community. I don't mind people getting rich because of their hard work or intelligence (believe me, I am not a Communist) but there should be limits to how much one person can keep. $100 million? Disgraceful. Especially for such an unethical creep.
11:18 August 26, 2010 by wabasha
he lost money... how does that make him greedy?
12:17 August 26, 2010 by flintis
MmmmmmI'm sure he'll notice that when he pays his electric bill.
15:00 August 26, 2010 by mojofat
He was trying to short his own stock after the accident happened and will now need to sit on it awhile to get back into the black...ok, so where is the actual "news" in this article? Please change the headline to: "Incredibly wealthy guy is still incredibly wealthy."
21:34 August 26, 2010 by randyt
He should go to work on the next drilling rig BP starts in the Gulf of Mexico - as a deck hand and see if he wories about saftey then.
13:50 August 27, 2010 by joshr
Is there any doubt that the company will award him options to compensate him for his loss?
13:52 August 27, 2010 by McChatter
This man is the Chairman of the Board of BP. As such, he should have been acquainted with what was going on with the rig. One of the first to know.

So why did he keep out of the limelight so long if he wanted to shore BP's reputation?

And why buy shares in your company when you can get bonuses in the form of shares free?

Doesn't say much for his business acumen.
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