TechFlow news — On March 4, according to Bloomberg, Mexican billionaire Ricardo Salinas plans to take his flagship company, Grupo Elektra SAB, private as early as May in order to free himself from the constraints of public markets and achieve autonomous management. Salinas said that after privatization, he will restructure the group's various business divisions and may seek partners instead of raising funds through debt or equity. He also revealed that 70% of his personal investment portfolio consists of Bitcoin-related assets, while 30% is in gold and stocks of gold mining companies.
The 69-year-old Salinas currently faces multiple challenges, including a legal dispute with the Mexican government over approximately $3 billion in taxes, as well as efforts to recover around $400 million lost in an alleged loan fraud case. After Elektra's stock resumed trading last year, its share price plunged 70%, reducing his fortune by about $5 billion. According to the Bloomberg Billionaires Index, Salinas currently has a net worth of $5.8 billion.
One of Mexico’s few right-wing celebrities, Salinas has over 2 million followers on social media. He is a staunch supporter of Bitcoin and says he does not hold any bonds or stocks of other companies. Grupo Elektra reported a 57% year-on-year increase in EBITDA last quarter, driven primarily by sales growth in its banking operations and cost reductions.
