2018 was a dismal year for billionaire Li Shufu. The value of his three listed investments, AB Volvo, German Daimler and Chinese Geely plummeted and the problems have continued into the new year. Geely Automobile fell over 10 per cent on the Hong Kong stock exchange yesterday.
At the end of 2017, Christer Gardell sold his holding in truck maker Volvo to Geely and its Chinese founder Li Shufu. The price tag has never been made public but there are reports that Geely paid over SEK 31 billion. Currently the stake is worth around SEK 20 billion, a drop in value of SEK 11 billion or 35 per cent.
Taking all three companies into account, over SEK 115 billion has gone up in smoke in the past twelve months.
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