By Edith Loyola 
The value of Grupo Elektra’s shares plummeted sharply this week, reaching levels unseen since 2007. This steep decline, which has significantly reduced the fortune of its principal shareholder, Ricardo Salinas Pliego, reflects a series of events that have raised concerns among financial markets and investors.
According to reports, Elektra’s shares sank by 16% on Tuesday, closing at 230 pesos on the Mexican Stock Exchange. This new setback follows a dramatic 71% drop the previous day, consolidating a massive retreat from the 944.95 pesos per share recorded in July. At that time, Salinas alleged he was a victim of potential fraud, which prompted a temporary suspension of the company’s stock trading.
Fraud Allegations and Repercussions
As stated by the businessman’s legal representatives, a creditor used Elektra shares as collateral for a $110 million loan. Subsequently, it was discovered that most of these shares had been sold, causing the stock price to plummet. Furthermore, the remaining funds, according to the claims, were allegedly retained by the creditor, who has denied any wrongdoing in the matter.
In this regard, Elektra sought to prevent the resumption of trading of its shares, arguing that it could cause “irreparable damage” to the company. In a statement issued on Monday, the company reiterated these warnings and emphasized that any transactions involving the shares could result in legal liabilities. It also highlighted a “high risk of irregularities” in the securities currently being traded.
Impact on Salinas Pliego’s Wealth
As a direct consequence of this situation, Ricardo Salinas Pliego experienced a significant financial blow. His 75% stake in Elektra, which was valued at $7.6 billion last Friday, is now estimated at only $1.9 billion. This has reduced his total net worth to $4.7 billion, according to the Bloomberg Billionaires Index, removing him from the prestigious list of the world’s 500 wealthiest individuals.
In response to the situation, Salinas reacted emphatically on social media. In a post made on Monday on X, the businessman stated:
“You guys are real idiots. This year broke a record in earnings. How do you like that? You all don’t understand that we decided to exit the stock market and nothing more. In a year, let’s see how we have done.”
Removal from the Stock Index and Tax Controversies
In addition to the sharp decline in its share price, Elektra was removed from the Mexican Stock Exchange’s benchmark index after a month of market inactivity. This decision, according to analysts, has added further pressure as funds managed by BlackRock Inc. and The Vanguard Group were forced to liquidate their positions in the company, contributing to the massive sell-off.
Simultaneously, Grupo Elektra is facing another challenge with the Mexican government over alleged tax debts. According to authorities, the company and three other firms controlled by Salinas owe approximately 63 billion pesos ($3.1 billion) in taxes. On this matter, President Claudia Sheinbaum called on Tuesday for the courts to resolve the ongoing legal disputes. Meanwhile, Salinas has argued that the tax authorities are unfairly attempting to impose double taxation on his companies, a practice he deems unjust.
A Challenging and Uncertain Outlook
As a result of these compounding challenges, the future of Grupo Elektra and Ricardo Salinas Pliego’s financial standing remain under intense scrutiny. While the businessman has expressed confidence in the company’s eventual recovery, ongoing concerns surrounding legal disputes, tax obligations, and market pressures continue to play a pivotal role in shaping the company’s trajectory.