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Egyptian billionaire Naguib Sawiris says he lost about 500 million euros after making an investment decision while angry, describing the episode as one of the costliest mistakes of his career.
Sawiris recounted the loss in a television interview, saying he already owned a 10% stake in a company when he decided to buy an additional 10% without enough study after becoming upset with someone involved. He said the move coincided with a broader market downturn and the value was wiped out.
The businessman said the experience taught him a hard lesson about timing and judgment, adding that financial decisions should not be made in anger. He also said he had suffered other losses during his career because of overconfidence, and stressed the importance of calm thinking and careful calculations in investing.
Sawiris is one of Egypt’s best known business figures, with a long career spanning telecoms, investments and dealmaking. His comments stand out because they offer a rare public admission of a large personal loss from a billionaire investor who is often associated with bold bets and outspoken views on markets and politics.
In the same interview, Sawiris said money was never his main goal and described himself as someone shaped by a family culture of moderation. He said that outlook helped him stay grounded despite his wealth and public profile.
He also discussed how he allocates his money, saying about 70% of his wealth is invested in gold, with the rest spread across other ventures. Sawiris said he earned his first billion after founding Orascom and that he measures success more by the value of the companies he builds than by rankings of personal wealth.
The remarks are likely to resonate with investors because they cut against the usual image of billionaire certainty. Sawiris framed the loss not as bad luck alone, but as a case of emotion overriding process at exactly the wrong time.
His account also arrives during a period of market volatility that has reminded investors across sectors how quickly concentrated positions can move against them. In that sense, the size of the loss may be unusual, but the lesson is familiar.
Sawiris said he does not regret deals that failed to happen. The regret, in this case, was the opposite: acting too fast, with too much conviction, and paying a price he says he will not forget.
