Its just a paper loss money wise in say 6 months or a years time when steel prices are back up again he will be up at the top again.I would think he could be buying into other companies at the moment as most are on there knees he would benefit from this at a later date.Most wealthy people use times like this to expand even bigger as they say money leads to even more money.
Stock value and his economic worth is not real money, in the economic world we call this "Paper Loss" meaning he lost value from plummeting stocks perhaps but he didn't lose 28$ billion in cold hard cash...you can't really lose $10 mil in cash hourly unless you have all your money in your basement being robbed hourly... Bill Gates may be a billionaire but his value is $56-58 billion (don't remember exactly) meaning if he his company went bankrupt he'd lose $56 billion in value not in real money.
I did a quick Google news search and found these sources: http://www.expressindia.com/latest-news/Mittal-loses-nearly-7-mn-pounds-per-hour--Report/371744/ http://www.zeenews.com/articles.asp?aid=474298&sid=BUS&ssid=51 http://www.mid-day.com/news/2008/se...ss-pledge-investment-fund-management-firm.htm
It is very normal, as their stock price up and down, their net value are changing every day. When anyone has more than 1 billion dollars, the wealth is just a number.
On the contrary, when people become rich their thirst for money increases and they always think of ideas to grow their income
Has anyone of you read his story of becoming a multi-billionaire? He used to purchase loss making steel industries in different countries and convert them in profit-making industries within a short span of time. Really, a great and hard-working businessman. I am sure he can gain back all the money he has lost.
That has to suck. Although he'll gain it all back, most of them people who are up there lose in tough times and regain it back, be glad he doesn't have to foreclose his house or other things due to job loss.