If you're meaning Nebuchadnezzar than this could be a problem. He became a worshiper of the true God and his miraculous conversion is recorded in Daniel chapter 4. Nebuchadnezzar will not "be brought down to hell, to the sides of the pit", but rather will be with the Lord Jesus Christ and his redeemed for all eternity. Another problem is that if the passage refers to an earthly king, then how did he get into heaven from whence he fell?
I and many others believe that Lucifer or Satan's fall is recorded here, and that he, the devil, was the real spiritual power behind the kingdom of Babylon. Babylon also appears prominently again in the book of Revelation as the kingdom of the beast and both are spiritually empowered by Satan.