Australians Fret About Crash Amid Fortescue Metals Flight as Growth Stock

Bloomberg reported Neville Power is the new chief executive officer of Fortescue Metals Group Ltd. (ASX:FMG), whose one-time penny stock has soared.

As quoted in the market news,

Fortescue’s share price surge has at various times lifted the firm into the ranks of the world’s 500 biggest companies — and among the fastest-growing of this century, according to data compiled by Bloomberg.

Even though the share price plunged 28 percent this year, an investment of A$10,000 ($10,318) in Fortescue stock at its lowest point in November 2002 would be worth nearly A$12 million today. The 31.5 percent stake of Chairman Andrew Forrest, who took control in 2003, is worth A$4.6 billion.

Click here to read the full Bloomberg report.