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Mother and son see 14 billion evaporate

HANOVER – Continental-boss Georg Schaeffler and his mother, Maria-Elisabeth Schaeffler-Thumann saw their fortune this year with 53 percent evaporate from 26 to 12 billion euros.

Georg F. W. Schaeffler and Maria-Elisabeth Schaeffler-Thumann

That was partly caused, after the German tyre and auto part manufacturer a profit warning smudge because of additional costs and difficult operating conditions in Europe and Asia.

Mother and son Schaeffler, the controlling shareholders of Continental, making this year the biggest losers among the European rich and famous. The share of the company lost this year, more than 40 percent of the value.

Georg Schaeffler (54) inherited 80 per cent of all shares in 1996, when his father died. His mother (77), it is still the vice-chairman of the company, with the remaining 20 percent. Georg Schaeffler is on the Bloomberg index, the list of richest earthlings dropped to the 113th place.

Biggest loser worldwide, this year is Facebook founder Mark Zuckerberg. He records for 2018 a min of about 16 billion euro.

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