Patrice Motsepe

Patrice Motsepe, Africa’s foremost Black billionaire and the richest Black figure in Southern Africa, has experienced a significant $900 million reduction in his net worth since the start of 2023. As of the time of this report, his net worth stands at $2.3 billion, down from the $3.2 billion recorded at the beginning of the year.

Also read: Mamelodi Sundowns part ways with Keletso Makgalwa

Reason for the decline of Patrice Motsepe’s net worth

The decline is attributed to the prolonged decline in the market value of his equity investments.

Patrice Motsepe achieved the distinction of becoming Africa’s first Black billionaire in 2008 due to his substantial wealth amassed in the mining sector.

In other news, BUA Cement is leading the way in reducing cement prices in Nigeria amid high inflation. Solar energy is becoming a very prominent energy source for big tech companies. Kenya is geared further towards adopting solar energy with a tip from the UN.

ARM’s poor financial performance

The near $1-billion decrease in Motsepe’s wealth can be directly linked to the decline in the market value of his substantial 40.37-percent stake in African Rainbow Minerals (ARM). ARM is a prominent South African mining conglomerate with strategic investments spanning mining ventures, including iron, coal, copper, gold, platinum, and other precious metals. ARM has faced huge challenges leading to poor financial performance. The share price of ARM on the Johannesburg Stock Exchange has declined from R288 ($15.22) on Jan. 1 to R170.1 ($8.99) at the time of drafting this report..

By Shamiso Miracle

Shamiso Miracle completed her degree in journalism and media studies at the University of Zimbabwe before honing her skills at Savanna News. She then went on to work at iHarare News, becoming a voice for everyday SA citizens who wanted to share their stories. When she's not writing news that entertains and inspires ,Shamiso is an avid reader and a wellness bunny.

Leave a Reply

Your email address will not be published. Required fields are marked *