Tycoon Loses $16 Billion as Property Fortune Wilts in Three Days

One of the frothiest stocks in the Philippines has plunged in recent days, erasing more than $16 billion of its founder’s fortune and raising new questions about its remarkable ascent and sudden nosedive.

Property developer Golden MV Holdings Inc. began falling on Thursday after regulators lifted a six-month trading suspension on the stock, continuing through Tuesday morning. So far it’s down 76%, its worst streak as a public company.

Manuel Villar

Source: Golden MV Holdings Inc.

It has also knocked Golden MV founder Manuel Villar off the perch as the richest man in the Philippines. He’s now worth $5.6 billion, according to the Bloomberg Billionaires Index ...