Patrice Motsepe, Africa’s first black billionaire, has recorded a $600 million gain to his net worth in just 90 days, according to data tracked by Nairametrics.
This substantial growth has elevated Motsepe’s net worth to $3.1 billion as of the latest report, up from $2.5 billion recorded on March 18, 2024.
Motsepe, who also holds the prestigious position of President of the Confederation of African Football (CAF), has significantly benefited from his investments, particularly his 40.37% stake in African Rainbow Minerals Ltd, a South African diversified mining and minerals company.
The company’s performance on the Johannesburg Stock Exchange (JSE) has been a key driver of his increased net worth.
On March 18, 2024, African Rainbow Minerals’ shares closed at 159.39 ZAR, reflecting a 1.6% decline from its previous closing price of 162.00 ZAR.
However, the stock has shown resilience and growth, reaching 223.84 ZAR by June 19, 2024. The shares closed at 221.71 ZAR on that day, representing a 1.5% gain from the previous close of 218.53 ZAR.
This uptrend in share price has contributed significantly to Motsepe’s enhanced wealth.
Since the beginning of 2024, African Rainbow Minerals’ stock has appreciated by 10.9%, starting the year at 200.00 ZAR per share. Despite this overall growth, the stock has faced challenges, experiencing a 7% decline over the past four weeks. Currently, African Rainbow Minerals ranks 104th on the JSE in terms of year-to-date performance.
What you should know
Over the past three months, African Rainbow Minerals has been one of the more actively traded stocks on the JSE, ranking as the 81st most traded stock.
During this period, the company saw a total volume of 51.2 million shares traded in 226,234 deals, valued at ZAR 10.2 billion. This averages to about 812,328 shares traded per session, highlighting significant investor interest and trading activity.
Motsepe’s journey to becoming a billionaire began in 2008 when he became the first black African to appear on the Forbes billionaires list.
His business acumen and investments have played crucial roles in his financial success. In 2016, he further expanded his business by launching African Rainbow Capital, a private equity firm with a focus on investments across Africa.
In addition to his mining interests, Motsepe holds a stake in Sanlam, a prominent listed financial services firm in South Africa.
He is also the president and owner of the Mamelodi Sundowns Football Club, a leading team in South African football. His involvement in sports extends to his role as President of the Confederation of African Football, a position he has held since March 2021.
This role shows his influence and commitment to developing football across the African continent.