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Joe Aston

Jac Nasser's unpleasurable week in Chris Thorpe's Mobile Embrace

Myer CEO Richard Umbers had a happy AGM, but BHP Billiton's outgoing chairman Jac Nasser certainly did not. On Thursday, while the adoptive New Yorker was chairing the miner's annual meeting in Brisbane, SMS gouger Mobile Embrace dropped its guts after a profit downgrade, its equities plummeting from 25¢ to 15¢. It lost another 13.8 per cent on Friday, closing the week at 12¢.

Apropos of? Well, it turns out Nasser is the fintech's 16th-largest shareholder, with 3.3 million of its shares in his portfolio. Do the maths, and the Knife dusted $440,000 in two days – nearly as depressing as spending 24 hours in Brisbane.

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Joe Aston is the founder of Rampart and the best-selling author of The Chairman’s Lounge: The inside story of how Qantas sold us out. From 2012 to 2023, Joe helmed The Australian Financial Review’s Rear Window column. Email Joe at hello@rampart.news

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    Original URL: https://www.afr.com/rear-window/jac-nassers-unpleasurable-week-in-chris-thorpes-mobile-embrace-20161120-gstdkv