Luisa Trajano, from Magalo, leaves Forbes’ list of billionaires | Economie

Magazine Luiza founder Luiza Trajano is no longer part of Forbes’ global billionaire list. The businesswoman’s fortune has fallen since July of last year, when she broke a record $5.6 billion (R$28.6 billion).

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The move followed the downside of the retailer’s shares, which have already fallen nearly 90% in the past 11 months. The notes, which were worth about R$24 in the middle of last year, are currently trading at R$2.55.

Much of the decline in assets can be explained by the economic scenario. High inflation and interest rates reduce the purchasing power of Brazilians, which directly affects retail and E-Commerce,
Like Magalu.

In December, Luisa Trajano’s fortune had already shrunk to $1.4 billion (R$7.1 billion), down 75%, or $4.2 billion ($21.5 billion), in six months.

Between January and May of this year alone, during which time Magalu shares fell 63.4%, it lost $1.6 billion (R$8.1 billion).