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South African Billionaire, Patrice Motsepe’s Fortune Plummets by $100 Million Under 2 Months

Patrice Motsepe, South African billionaire, has had his net worth fall by another $100 million in just six weeks, adding to a previous $100 million drop this year.

Motsepe, Africa’s first Black billionaire in 2008 from mining businesses, has seen his net worth decrease from $2.6 billion on Feb. 23 to $2.5 billion, according to Forbes, a US business journal.

Motsepe’s fortune has decreased by $100 million, following a decrease of $100 million in February. This is due to a drop in the market value of his 40% stake in African Rainbow Minerals (ARM), a South African mining group with diverse interests in mining projects.

ARM shares have recently declined from R173.32 ($9.27) on February 23 to R161.70 ($8.65) at the time of writing, reducing the market value of Motsepe’s investment in the mining conglomerate. The fall is a severe blow to Motsepe’s riches, as his investment in ARM accounts for a sizable chunk of his net worth.

The prolonged decrease in ARM’s share price and market capitalization is the result of investor reaction to the company’s recent financial performance. Profits decreased by 43% year on year, from R5.17 billion ($275.5 million) in H1 2023 to R2.96 billion ($157.8 million) in the same period of 2024 fiscal year.

ARM has acquired a 15% share in Surge Copper, a Toronto-listed exploration firm, as a strategic step to improve operations and earnings. The move is consistent with ARM’s goal of capitalizing on rising copper demand amid a global push toward clean energy solutions.

Despite recent share price decline, Motsepe is the wealthiest Black individual in Southern Africa and one of the continent’s richest. According to Forbes, he is currently the 1,358th richest person in the world, keeping him in the top tier of Black billionaires.

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