According to a recent report from Bloomberg, Mexican billionaire Ricardo Salinas has disclosed that approximately 70% of his investment portfolio is allocated to Bitcoin and related assets, with the remaining 30% invested in gold and equities from gold mining firms. Salinas is preparing to privatize his company, Grupo Elektra SAB, aiming to establish greater operational autonomy by May. This move comes as he confronts a significant legal challenge regarding a 6.3 billion peso (roughly $300 million) tax dispute with the Mexican government, alongside efforts to reclaim losses from a loan fraud incident.
In a notable turn of events in November 2023, Elektra sought a trading suspension to protect Salinas’s pledged loan shares, which triggered a drastic 70% decline in stock value and eroded his net worth by about $5 billion. Following the anticipated privatization, Salinas plans to undertake a comprehensive restructuring of Elektra’s diverse business segments while considering strategic partnerships, moving away from reliance on debt or traditional equity financing.