At a time when Bitcoin is attracting a divided opinion about the credibility of the Blockchain based technology, Bollywood superstar Amitabh Bachchan seemed to have ridden the wave of crytocurrency’s surging value to increase his investment exponentially in the span of two and a half years.
Bachchan, who was ranked 20th on the Forbes’ list of highest-earning Indian celebrities this year, witnessed the value of his stock investment rise dramatically from $250,000 to a staggering $17.5 million, according to a report in Business Standard.
In 2015, Amitabh and his son Abhishek Bachchan had invested $250,000 (approximately Rs 1.57 crore), their first significant equity investment, in a Singaporean firm–Meridian Tech Pte Limited. Although the company was not very well known, it shot to limelight last week when Meridian’s prime asset Ziddu.com was acquired by another Meenavalli-backed overseas company LongFin Corp just two days after the latter’s listing on NASDAQ.
Soon after it was announced that Ziddu.com was acquired, LongFin Corp’s stocks witnessed a surge of over 2500 percent last week, which resulted in the Bachchan’s receiving a mammoth 250,000 shares of LongFin. “In lieu of their holding in Meridian Tech, Bachchans received 250,000 shares of LongFin following the asset purchase,” Meenavalli was quoted as saying by The Economic Times.
In layman’s terms, Bachchan’s holding in the company is now valued at $17.5 million (approximately Rs 112 crore) after Monday’s LongFin stock price of $70 a share. That is an approximate jump from Rs 1.6 crore to 112 crore in two and a half years.
Ziddu.com “presents a blockchain solution for micro lending and warehouse financing,” according to a SEC filing. “It offers Trade and Micro finance in the form of warehouse Coins to the small and medium imports/exports against collateralization of traders warehouse receipts.”