Even though he is a son of a business family, constantly looking for opportunities to get rich from oil and gas to silver, billionaire Nelson Bunker Hunk still suffered bankruptcy at the end of his life.
Of the more than 7 billion people in the world, there are thousands of people who have registered their names on the list of billionaires.
Starting a business thanks to `black gold`
Nelson Bunker Hunt was born on February 22, 1926 in El Dorado, Arkansas.
His father was H.L.
Of these, Nelson Hunt is the most similar to his father.
This businessman dreamed even more after seeing billionaire Jean Paul Getty `get rich` in Saudi Arabia.
Before 1949, 95% of the oil on Earth was found in the United States.
However, after 4 years of relentless searching, Getty found a huge `black gold` mine in Saudi Arabia.
Nelson Bunker Hunt (Photo: Value of Stocks)
Following Getty, Nelson Hunt also tried to get rich in the Middle East.
However, the third mission was successful beyond expectations.
The same family dominates the silver industry
Sarir oil field made Nelson Hunt rich.
Undeterred by losses, Nelson Hunt used his assets to invest in international oil and gas projects, huge real estate plots, gas pipelines, etc. His younger brother, Lamar Hunt,
In the 1970s, Lamar, Nelson and their brother William joined in a new investment: silver.
(Photo: Montgomery Chandler)
From emerging investors, by 1979, the Hunt brothers almost dominated the entire silver market in the world.
Initially, this strategy seemed effective.
“We believe that anyone who hoards billions of dollars worth of silver, then pushes the price so high that consumers have to spend an unreasonable amount of money to own silver products is unconscionable,” the ad said.
Strangely enough, during this peak period, Nelson Hunt still lived quite frugally.
`The world’s richest billionaire` became empty-handed overnight
Jean Paul Getty was once the richest man in the world, until his death in 1976. In the 1980s, silver prices continued to rise, helping the Hunt brothers own a fortune of about 7 billion USD, equivalent to
Nelson Hunt alone holds $3-4 billion, equivalent to $8-11 billion after adjusting for inflation.
However, it all suddenly disappeared on March 27, 1980, also known as `Silver Thursday`.
Over the next few years, the Hunt brothers repeatedly appeared in court.
To have money to pay debt, these three businessmen were forced to sell most of their family’s remaining assets.
In September 1988, Nelson Bunker Hunt – who was once the richest billionaire in the world – was forced to file for bankruptcy.
At a hearing before the US Congress, Nelson Hunt was asked about his personal wealth.
In addition, Nelson Hunt was forced to sell all 580 purebred horses he owned worldwide.
In contrast to his younger brother’s fate, William Herbert had a spectacular comeback.
Meanwhile, Nelson cannot return to the old golden age.
(According to CN)
