Thanksgiving Has Gone Horribly Wrong for One of The Richest Billionaires in The World

When you think about Thanksgiving, Ricardo Salinas Pliego probably isn’t the first name that comes to mind. But maybe he should be. As Mexico’s third-richest man, he’s dealing with more than his share of challenges this year, from frozen stocks to tax battles… While most people are focusing on holiday plans, Salinas is trying to keep his financial empire intact.

(Source: Ricardo Salinas)

At the center of his wealth is Grupo Elektra, a retail and banking conglomerate that offers everything from motorcycles to microwaves (probably both financed with soul-crushing interest rates). But right now, Elektra’s stock has come to a halt, literally. Trading has been frozen since July, after Salinas accused a creditor of shady dealings involving a $110 million loan.

When the Mexican Stock Exchange tried to lift the trading halt, lowball bids (less than half the stock’s value in July) triggered circuit breakers before a single trade could be made. For Salinas, who controls 80% of Elektra, this was more than just bad press… it was a financial disaster in the making. His lawyers wasted no time to appeal, claiming that reopening trading would cause “irreparable damage.” And honestly, they weren’t wrong. The numbers speak for themselves: Salinas’ net worth has crumbled to $10.4 billion, down $4.14 billion this year alone (a nasty 28% fall). So he’s got that ongoing battle during the holidays.

If frozen stocks weren’t enough to ruin Salinas’ holiday season, he’s also staring down a $3 billion tax bill. The Mexican government claims his companies owe back taxes dating as far back as 2008, with penalties and inflation adjustments piling on for good measure. Salinas, of course, isn’t going quietly. He says they’re trying to “charge us twice” (because apparently, even billionaires hate surprise fees, so at least we can agree on something).

These disputes are now before Mexico’s Supreme Court, with rulings expected soon. If things go sideways, Salinas’ already battered wealth could shrink even further.

While you’re fighting over the last slice of pumpkin pie tomorrow, Ricardo Salinas Pliego will be fighting to keep his empire intact. Between a stock that can’t trade and a $3 billion tax bill… It's clear this Thanksgiving, Salinas has a full plate (and it’s not turkey and stuffing).

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