South African Mogul Laurie Dippenaar’s FirstRand Stock Loss Amounts to $17.2 Million

Following many financial disasters this year, South African business entrepreneur Laurie Dippenaar’s investment in FirstRand has suffered a significant decline in value. The major financial services group’s shares have declined on the Johannesburg Stock Exchange (JSE).

Dippenaar’s position in FirstRand has decreased by R325.80 million ($17.24 million) over the last 11 days. This loss is being caused by the continual slide in the company’s stock price, which has added to his recent investing troubles.

Dippenaar’s stake decreased by $13.04 million between February 22 and March 11. During this period, the market value fell from R6.60 billion ($352.97 million) to R6.36 billion ($339.93 million).

FirstRand is Africa’s largest financial services firm by market capitalization. Its integrated financial services business includes FNB, RMB, WesBank, and Aldermore, with active operations in South Africa, the United Kingdom, and Africa’s regional markets.

Since March 14, FirstRand shares have decreased by 5.08 percent, from R65 ($3.439) to R61.7 ($3.265) as of writing. This reduction brought the market capitalization below $18.5 billion, resulting in losses for shareholders of the top lender.

Laurie Dippenaar, who co-founded Rand Consolidated Investments with GT Ferreira and Paul Harris in 1977 and helped it grow into a premier financial services firm, owns 1.76 percent of FirstRand, or 98,726,988 shares.

Dippenaar’s stock has lost R325.8 million ($17.24 million) in market value as FirstRand’s share price has continued to decrease. On March 14, his holdings were valued at R6.42 billion ($339.55 million). As of this report, it is R6.09 billion ($322.31 million).

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