Oil CEO loses $10B from price tumble

The CEO of a major oil company, Harold Hamm, has lost half of his $20 billion fortune due to the sharp drop in the price of oil.

Analysts estimated Hamm could lose half of his fortune due to his divorce, but the hit to his shares in the company he founded, Continental Resources, came from the price tumble, CNBC reports.

{mosads}The value of Hamm’s shares has fallen from $20 billion in late August to a little over $10 billion by the end of November, meaning the part of his fortune coming from Continental Resources has been slashed in half over a span of three months.

The recent drop in the price of oil has concerned a number of producers who have profited on the country’s new shale plays.

There is no end in sight as the Organization of Petroleum Exporting Countries declined to cut production, left critics wondering if the move could significantly hamper the U.S. oil boom.