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Guzman y Gomez founder's fortune plunges as sales slow down
The Straits Times
|August 26, 2025
The honeymoon is officially over for burrito baron Steven Marks: Just a year after Guzman y Gomez's blockbuster market debut made him a multi-millionaire, the founder's fortune is getting hammered.
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SYDNEY -
Shares of his Mexican-themed fast-food chain cratered on Aug 22 after the company reported a sales slowdown at its Australian restaurants. The record 18 per cent plunge took his stake's value to around A$235 million (S$195.7 million), down more than 40 per cent from the peak in February.
The firm's shares closed 7.8 per cent higher at A$25.54 on Aug 25.
Mr Marks, a native of Long Island in the US, saw his fortune soar after Guzman y Gomez listed on the Australian Securities Exchange in June 2024, becoming the nation's best debut in years. But after more than doubling, the shares took a hit when the company reported in February that its restaurant margin had narrowed. Its latest release last week showed sales in Australia climbed less than what analysts had anticipated.
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