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**Salinas Pliego Faces Massive Financial Loss: Elektra Blames Authorities and Fund Manager**
On December 3, 2024, renowned businessman Ricardo Salinas Pliego endured a substantial financial setback, with losses totaling approximately $5.5 billion. This dramatic drop followed a 16% decline in the stock value of his company, Grupo Elektra, marking its lowest point since 2007. According to a prominent financial publication, Grupo Elektra’s shares plunged on the Mexican Stock Exchange to 230 pesos, extending a 71% decrease from the previous day. In July, the shares traded as high as 944.95 pesos.
As a result of these developments, Salinas Pliego has fallen out of the list of the world’s 500 wealthiest individuals. His stake in Grupo Elektra, once valued at $7.6 billion on November 28, is now estimated at $1.9 billion. This translates to a personal net worth of $4.7 billion, a significant drop which places him behind other wealthy Mexicans, including Alejandro Bailleres Gual, Germán Larrea Mota Velasco, and Carlos Slim Helú.
The financial turmoil coincided with remarks from Claudia Sheinbaum Pardo, who urged the Federal Judiciary to expedite cases involving Salinas Pliego’s companies, which owe over 30 billion pesos in taxes. She emphasized the universal necessity of tax compliance, appealing to judges at all levels to resolve ongoing legal matters swiftly.
Meanwhile, Grupo Salinas issued a statement claiming that the Mexican Stock Exchange and the National Banking and Securities Commission violated a court injunction by resuming trading of Elektra shares, allegedly benefiting entities like Astor Asset Management 3 Ltd, accused of illegally selling millions of shares.
The loss has led to calls from Grupo Salinas for accountability from regulatory authorities due to the purported negative impact on the market and foreign investors. Furthermore, Elektra announced plans to transition away from public trading, citing dissatisfaction with the market’s valuation of its assets after 30 years on the exchange.
In the midst of these events, Grupo Elektra is scheduling an assembly to discuss future strategies, including potentially reorganizing their board of directors to better align with their long-term vision.
**Secondary Article: Potential Reforms in Mexican Financial Regulation**
In light of recent financial scandals and market volatility, discussions are intensifying around the need for robust reforms in Mexico’s financial regulatory framework. Analysts highlight the necessity for increased transparency and accountability among both corporations and market watchdogs to restore investor confidence.
Recent incidents, such as Grupo Elektra’s market challenges, have amplified scrutiny of both corporate governance and regulatory processes. Experts suggest that these events could catalyze legislative efforts to improve monitoring and enforcement mechanisms, ensuring fair and stable market operations.
Ongoing debates within financial circles and governmental bodies focus on how best to balance effective oversight with the growth and innovation needs of the Mexican economy. The outcome of these discussions may shape the country’s financial landscape for years to come, influencing everything from market participation to foreign investment.