Eike Batista: No Longer the Seventh Richest Man in the World

Eike Batista in happier times

While Dilma has suffered a political loss in recent weeks, it's nothing compared to the financial woes of Brazilian billionaire Eike Batista. Batista, whose son Thor hit and killed a cyclist in a poor suburb of Rio last year, was ranked by Forbes as the seventh richest man in the world. His personal wealth was estimated to be around $30 billion.

He has fallen to 100th place on the Forbes list, and his wealth is now less than $3 billion. The Brazilian government has no plans to offer him financial assistance, a move that would be political suicide after the recent demonstrations. 

Things are so bad (well, relatively speaking) that Batista is selling his private jet. In addition, he has stepped down as chairman of one his most troubled enterprises, MPX, as well as selling his own shares. 

But as this article in the Economist warns, don't count him out yet. Batista, who lacks a college degree and started out as an insurance salesman, has always been ambitious and has survived other financial crises, though none as severe as this one.