U.K. Conservative Backer Cruddas Hit by $284 Million Stock Drop
U.K. Conservative Backer Cruddas Hit by $284 Million Stock Drop
(Bloomberg) -- CMC Markets Plc boss Peter Cruddas saw the value of his stake on paper drop by as much as 206 million pounds ($284 million) on Thursday following a share price plunge for the retail trading firm he founded.
CMC slumped by up to 30% in London after warning that a recent lockdown-fueled boom had eased. Cruddas held stock worth about 694 million pounds prior to the update, according to data compiled by Bloomberg.
The provider of contract-for-difference products was one of a raft of companies -- like Robinhood Markets Inc. -- that attracted a wave of new traders during the pandemic. But market activity was subdued through July and August and had already moderated in the first quarter, CMC said Thursday.
Cruddas, 67, was awarded a peerage by Prime Minister Boris Johnson last year. He’s given more than 3 million pounds to the party since 2010, The Guardian newspaper reported in June.
A company spokesman said Cruddas declined to comment.
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