Mineral Resources’ Chris Ellison is no longer a billionaire, after a torrent of setbacks dragged shares in the mining company he founded down 40 per cent over the past month.

According to The Financial Review Rich List data, Ellison’s net worth – including shares, properties and other assets – dropped below $1 billion when MinRes stock fell to $21 on Wednesday, valuing his 11.5 per cent stake in the miner at $475 million. Two years ago, that stake was worth $2 billion.