Fortescue Metals Group Limited (ASX: FMG) chair and Australia's second richest person Andrew 'Twiggy' Forrest isn't often far from headlines. But the billionaire's presence in the media cycle has jumped up a notch this week.
The resignation of another Fortescue executive; the collapse of Sun Cable, in which he was a major investor; and reported beef with fellow billionaire Mike Cannon-Brookes have put Forrest in a notably hot spotlight.
Meanwhile, the Fortescue share price has gained 5.1% so far this week to trade at $22.83 today.
Let's take a look at all that appears to have gone wrong for Forrest in recent days.
Image source: Getty Images
Ears pricked by Fortescue executive's exit
Let's start at the beginning. As Monday dawned and traders began to shake off the weekend, Fortescue released a relatively innocuous announcement to the ASX.
The company's chief financial officer (CFO), Ian Wells, had handed in his notice after a 13-year stint at the iron ore giant.
Of course, no one can be expected to stay in a role forever. However, Wells is just the latest leader to leave Fortescue.
As my Fool colleague Mitch pointed out, only two of the 13 executives included in the company's 2021 annual report are still within its ranks, the most notable departure being that of former CEO Elizabeth Gaines.
Sun Cable collapses
After one day of respite, Forrest was back in the headlines on Wednesday as news Sun Cable had entered voluntary administration broke.
Forrest, through his privately owned Squaron Energy (which recently became Australia's largest renewable energy investor, operator, and developer), was a cornerstone investor in the business.
As was Cannon-Brookes' Grok Ventures – an entity AGL Energy Limited (ASX: AGL) fans will be familiar with.
Administrators will now look for a pathway to recapitalise the business intent on piping solar power produced in the Northern Territory to Southeast Asia.
Sun Cable chair Cannon-Brookes commented:
I'm confident [Sun Cable] will play a huge role in delivering green energy for the world, right here from Australia. I fully back this ambition and the team, and look forward to supporting the company's next chapter.
Battle of the billionaires?
It wasn't long before the media began pointing fingers at the pair, stating that their inability to reach an agreement ultimately caused Sun Cable's collapse.
The business itself said administrators were appointed amid "the absence of alignment with the objectives of all shareholders". Its statement continued:
Whilst funding proposals were provided, consensus on the future direction and funding structure of the company could not be achieved.
It was none other than Cannon-Brookes and Twiggy at loggerheads, according to reporting by the Australian Financial Review. Cannon-Brookes reportedly said, as per the publication:
Given the circumstances, voluntary administration provides the best opportunity for the company to access appropriate funding sources.
Simultaneously, the Fortescue boss is said to be on the field as a potential buyer for the now-collapsed business.
Thus, there's still the chance a bidding war could erupt between the billionaires as they potentially battle for their once-investment. No doubt, all eyes will be on the space over the coming months.
