The big drop in GULF’s value is an institutional signal Sarath Ratanavadi is not just a billionaire. ••• See comments Edit post Thursday, December 11, 2025

The big drop in GULF’s value is an institutional signal

Sarath Ratanavadi is not just a billionaire.

He represents Thailand’s energy, infrastructure, and political economy.

His company GULF is tied to:

• power generation

• telecom infrastructure

• ports

• public–private partnerships

• state-linked mega projects

A 20.95% drop in his wealth means:

• GULF stock is sliding, which implies

• confidence in long-term Thai infrastructure expansion is softening

• foreign investors are cautious

• domestic investors are pulling back

• major capital holders feel tremors beneath the system

This is not about one man. It is a structural indicator that Thailand’s growth engines are slowing.

The article softens the blow in very deliberate ways. The Nation highlights that Sarath still holds the number one position, which creates an impression of stability even though the underlying numbers show a significant decline. By focusing on rank rather than trajectory, the narrative shifts from “loss” to “continuity,” which is more reassuring to the general reader.

The article also relies heavily on percentage drops without tying them to the wider political and economic environment. It avoids mentioning Thailand’s internal political tensions, the country’s international reputation risks, investor unease over the border escalation, slowing energy consumption, or the volatility of the baht. By isolating the financial information from its broader context, the story becomes less alarming and more digestible.

Losses are further presented as routine market movement, normal fluctuations rather than signals of deeper strain. This framing obscures the more uncomfortable truth that even the wealthiest and most influential figures are losing confidence in Thai assets. When the richest people in a country lose billions at the same time, it is rarely just a market dip. It is an early warning light for anyone paying attention.

Midnight

 

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EDIT ARTICLE ---------------------------------------- <div class="separator" style="clear: both;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgIV_EjOGx98KKYAwlJ4RTZrrbb-6-ULOjvyMm4ybzC9fFGKSr4IXEixjNS6S3MTWq8IoRcL5MWCl9lDFfj7GIrmYhyphenhyphen2sq7Ew4OY6NpCAS27X41e1zUTxUn3H5MHTOndZ4jKRsWdlTHnNkDULjL8W6QW5bSoqB2piQEK6LUrJO58a8Iycu9IMVK9Tq7aFw/s1600/khmer5555.jpg" style="display: block; padding: 1em 0; text-align: center; "><img alt="" border="0" data-original-height="507" data-original-width="590" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgIV_EjOGx98KKYAwlJ4RTZrrbb-6-ULOjvyMm4ybzC9fFGKSr4IXEixjNS6S3MTWq8IoRcL5MWCl9lDFfj7GIrmYhyphenhyphen2sq7Ew4OY6NpCAS27X41e1zUTxUn3H5MHTOndZ4jKRsWdlTHnNkDULjL8W6QW5bSoqB2piQEK6LUrJO58a8Iycu9IMVK9Tq7aFw/s1600/khmer5555.jpg"/></a></div><div class="html-div xdj266r x14z9mp xat24cr x1lziwak xexx8yu xyri2b x18d9i69 x1c1uobl" dir="auto"><div class="html-div xdj266r x14z9mp xat24cr x1lziwak xexx8yu xyri2b x18d9i69 x1c1uobl" data-ad-rendering-role="story_message"><div class="x1l90r2v x1iorvi4 x1g0dm76 xpdmqnj" data-ad-comet-preview="message" data-ad-preview="message" id="_r_cec_"><div class="x78zum5 xdt5ytf xz62fqu x16ldp7u"><div class="xu06os2 x1ok221b"><span class="xdmh292 x15dsfln x140p0ai x1gufx9m x1s928wv xhkezso x1gmr53x x1cpjm7i x1fgarty x1943h6x x193iq5w xeuugli x13faqbe x1vvkbs x1yc453h x1lliihq xzsf02u xlh3980 xvmahel x1x9mg3 xo1l8bm" dir="auto" style="--x-8dd7yt: -0.2599em; --x-fontsize: 14px; --x-hxtmnb: -0.383em; --x-lineheight: 18.8711px;"><div class="html-div xdj266r x14z9mp xat24cr x1lziwak xexx8yu xyri2b x18d9i69 x1c1uobl"><div class="xdj266r x14z9mp xat24cr x1lziwak x1vvkbs x126k92a"><div dir="auto" style="text-align: start;">The big drop in GULF’s value is an institutional signal</div><div dir="auto" style="text-align: start;">Sarath Ratanavadi is not just a billionaire.</div></div><div class="x14z9mp xat24cr x1lziwak x1vvkbs xtlvy1s x126k92a"><div dir="auto" style="text-align: start;"><span class="html-span xdj266r x14z9mp xat24cr x1lziwak xexx8yu xyri2b x18d9i69 x1c1uobl x1hl2dhg x16tdsg8 x1vvkbs"><a class="html-a xdj266r x14z9mp xat24cr x1lziwak xexx8yu xyri2b x18d9i69 x1c1uobl x1hl2dhg x16tdsg8 x1vvkbs" tabindex="-1"></a></span>He represents Thailand’s energy, infrastructure, and political economy.</div></div><div class="x14z9mp xat24cr x1lziwak x1vvkbs xtlvy1s x126k92a"><div dir="auto" style="text-align: start;">His company GULF is tied to:</div><div dir="auto" style="text-align: start;">• power generation</div><div dir="auto" style="text-align: start;">• telecom infrastructure</div><div dir="auto" style="text-align: start;">• ports</div><div dir="auto" style="text-align: start;">• public–private partnerships</div><div dir="auto" style="text-align: start;">• state-linked mega projects</div><div dir="auto" style="text-align: start;">A 20.95% drop in his wealth means:</div><div dir="auto" style="text-align: start;">• GULF stock is sliding, which implies</div><div dir="auto" style="text-align: start;">• confidence in long-term Thai infrastructure expansion is softening</div><div dir="auto" style="text-align: start;">• foreign investors are cautious</div><div dir="auto" style="text-align: start;">• domestic investors are pulling back</div><div dir="auto" style="text-align: start;">• major capital holders feel tremors beneath the system</div><div dir="auto" style="text-align: start;">This is not about one man. It is a structural indicator that Thailand’s growth engines are slowing.</div></div><div class="x14z9mp xat24cr x1lziwak x1vvkbs xtlvy1s x126k92a"><div dir="auto" style="text-align: start;">The article softens the blow in very deliberate ways. The Nation highlights that Sarath still holds the number one position, which creates an impression of stability even though the underlying numbers show a significant decline. By focusing on rank rather than trajectory, the narrative shifts from “loss” to “continuity,” which is more reassuring to the general reader.</div></div><div class="x14z9mp xat24cr x1lziwak x1vvkbs xtlvy1s x126k92a"><div dir="auto" style="text-align: start;">The article also relies heavily on percentage drops without tying them to the wider political and economic environment. It avoids mentioning Thailand’s internal political tensions, the country’s international reputation risks, investor unease over the border escalation, slowing energy consumption, or the volatility of the baht. By isolating the financial information from its broader context, the story becomes less alarming and more digestible.</div></div><div class="x14z9mp xat24cr x1lziwak x1vvkbs xtlvy1s x126k92a"><div dir="auto" style="text-align: start;">Losses are further presented as routine market movement, normal fluctuations rather than signals of deeper strain. This framing obscures the more uncomfortable truth that even the wealthiest and most influential figures are losing confidence in Thai assets. When the richest people in a country lose billions at the same time, it is rarely just a market dip. It is an early warning light for anyone paying attention.</div></div><div class="x14z9mp xat24cr x1lziwak x1vvkbs xtlvy1s x126k92a"><div dir="auto" style="text-align: start;">Midnight</div></div></div></span></div></div></div></div></div><div class="html-div xdj266r x14z9mp xat24cr x1lziwak xexx8yu xyri2b x18d9i69 x1c1uobl x1n2onr6" id="_r_ced_"><div class="html-div xdj266r x14z9mp xat24cr x1lziwak xexx8yu xyri2b x18d9i69 x1c1uobl x1n2onr6"></div></div><div class="html-div xdj266r x14z9mp xat24cr x1lziwak xexx8yu xyri2b x18d9i69 x1c1uobl"><div class="html-div xdj266r x14z9mp xat24cr x1lziwak xexx8yu xyri2b x18d9i69 x1c1uobl x1n2onr6" id="_r_ced_"><div class="html-div xdj266r x14z9mp xat24cr x1lziwak xexx8yu xyri2b x18d9i69 x1c1uobl x6ikm8r x10wlt62"></div></div></div><div><div class="xabvvm4 xeyy32k x1ia1hqs x1a2w583 x6ikm8r x10wlt62" data-visualcompletion="ignore-dynamic"><div><div><div><div class="x1n2onr6"><div class="x6s0dn4 xi81zsa x78zum5 x6prxxf x13a6bvl xvq8zen xdj266r xat24cr x1c1uobl xyri2b x1diwwjn xbmvrgn x1yrsyyn x18d9i69"><div class="x6s0dn4 x78zum5 x1iyjqo2 x6ikm8r x10wlt62"><span aria-label="See who reacted to this" class="x1ja2u2z" role="toolbar"><span class="x6s0dn4 x78zum5 x135b78x" id="_r_cef_"><span class="x6zyg47 x1lu4ftm xpn8fn3 x114g2xr xqbdsaf xpf24wh x14a4ghu x1a4jp9x x13fuv20 x18b5jzi x1q0q8m5 x1t7ytsu xamhcws x1alpsbp xlxy82 xyumdvf xmix8c7 x165d6jo x1n2onr6 x1xp8n7a xhtitgo"><span class="x1fuqvrd xmvrd30 xt2fmn5 xkn4fgx x1rg5ohu xmix8c7 x1xp8n7a"><span class="html-span xdj266r x14z9mp xat24cr x1lziwak xexx8yu xyri2b x18d9i69 x1c1uobl x1hl2dhg x16tdsg8 x1vvkbs x4k7w5x x1h91t0o x1h9r5lt x1jfb8zj xv2umb2 x1beo9mf xaigb6o x12ejxvf x3igimt xarpa2k xedcshv x1lytzrv x1t2pt76 x7ja8zs x1qrby5j"></span></span></span></span></span></div></div></div></div></div></div></div></div><div><span class="html-span xdj266r x14z9mp xat24cr x1lziwak xexx8yu xyri2b x18d9i69 x1c1uobl x1hl2dhg x16tdsg8 x1vvkbs x4k7w5x x1h91t0o x1h9r5lt x1jfb8zj xv2umb2 x1beo9mf xaigb6o x12ejxvf x3igimt xarpa2k xedcshv x1lytzrv x1t2pt76 x7ja8zs x1qrby5j"></span></div><div class="x9f619 x1n2onr6 x1ja2u2z x78zum5 xdt5ytf x2lah0s x193iq5w xeuugli x1icxu4v x25sj25 x10b6aqq x1yrsyyn"></div><div class="x9f619 x1n2onr6 x1ja2u2z x78zum5 xdt5ytf x2lah0s x193iq5w xeuugli x1icxu4v x25sj25 x10b6aqq x1yrsyyn"><span class="html-span xdj266r x14z9mp xat24cr x1lziwak xexx8yu xyri2b x18d9i69 x1c1uobl x1hl2dhg x16tdsg8 x1vvkbs x4k7w5x x1h91t0o x1h9r5lt x1jfb8zj xv2umb2 x1beo9mf xaigb6o x12ejxvf x3igimt xarpa2k xedcshv x1lytzrv x1t2pt76 x7ja8zs x1qrby5j"></span></div><div class="x9f619 x1n2onr6 x1ja2u2z x78zum5 xdt5ytf x2lah0s x193iq5w xeuugli x1icxu4v x25sj25 x10b6aqq x1yrsyyn"><span class="html-span xdj266r x14z9mp xat24cr x1lziwak xexx8yu xyri2b x18d9i69 x1c1uobl x1hl2dhg x16tdsg8 x1vvkbs x4k7w5x x1h91t0o x1h9r5lt x1jfb8zj xv2umb2 x1beo9mf xaigb6o x12ejxvf x3igimt xarpa2k xedcshv x1lytzrv x1t2pt76 x7ja8zs x1qrby5j"><br /></span></div><p> </p> ARE NOT

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