Ricardo Salinas Plans To Privatize Grupo Elektra Amid Legal Disputes

According to Foresight News, Mexican billionaire Ricardo Salinas intends to privatize his company, Grupo Elektra SAB, as early as May to escape public market constraints and independently manage operations. Salinas is currently engaged in a legal battle with the Mexican government over a tax dispute amounting to 6.3 billion pesos (approximately $3 billion). Concurrently, he is attempting to recover funds lost due to a loan fraud. In November 2023, Elektra requested a trading suspension to prevent the sale of shares pledged for loans, which led to a 70% drop in stock prices and a reduction of Salinas's wealth by about $5 billion. Salinas has indicated that post-privatization, Elektra will undergo a restructuring of its business units and may seek partnerships instead of relying on debt or equity financing. He also disclosed that 70% of his investment portfolio is comprised of Bitcoin-related assets, with the remaining 30% invested in gold and gold mining company stocks.