Patrice Motsepe, South Africa’s wealthiest black billionaire on Forbes and President of Confederation of African Football (CAF), has seen a significant decline in his net worth over the past two months.
According to data compiled by Nairametrics from the Forbes Real-Time Billionaires Index, Motsepe’s net worth stood at approximately $2.7 billion in January. However, as of Monday afternoon, his net worth had plummeted to $2.5 billion.
The drop in Motsepe’s net worth can largely be attributed to the performance of African Rainbow Minerals, a company in which he holds a substantial stake.
On the Johannesburg Stock Exchange (JSE), African Rainbow Minerals closed its most recent trading day on Monday, March 18, 2024, at 159.39 ZAR per share. This represented a decline of 1.6% from its previous closing price of 162.00 ZAR.
What we know
African Rainbow Minerals commenced the year with a share price of 200.00 ZAR, but it has since experienced a significant decline of 20.3% in its valuation, relegating it to the 349th position on the JSE in terms of year-to-date performance.
- Shareholders are further troubled by the fact that ARI has witnessed an 8% drop in its stock value from February 19th to the present date.
- Moreover, African Rainbow Minerals ranks as the 100th most traded stock on the Johannesburg Stock Exchange over the past three months, spanning from December 18, 2023, to March 18, 2024.
- During this period, ARI has seen a total trading volume of 28.4 million shares, exchanged in 194,338 deals, amounting to ZAR 5.05 billion in value.
- On average, approximately 450,184 shares have been traded per session.
The volume reached its peak on March 15th, hitting 2.99 million shares, while it reached its lowest point on February 19th, with only 60,604 shares traded during the same period.
What you should know
Patrice Motsepe, the founder and chairman of African Rainbow Minerals, achieved billionaire status in 2008, marking a historic milestone as the first black African to appear on the Forbes list of billionaires.
In 2016, he ventured into private equity by launching African Rainbow Capital, a firm dedicated to investing in opportunities across Africa.
Motsepe also holds a significant stake in Sanlam, a prominent financial services firm listed on the stock exchange, and holds the esteemed position of president and owner of the Mamelodi Sundowns Football Club.
March 2021 witnessed Motsepe’s election as president of the Confederation of African Football, solidifying his leadership role within the sport’s governing body on the continent.
Motsepe’s journey to success began in 1994 when he made history as the first black partner at the Johannesburg-based law firm Bowman Gilfillan. Subsequently, he embarked on entrepreneurship by establishing a mining service contracting business..
