Christo Wiese, a South African millionaire, has seen his shareholding in Shoprite Holdings Limited fall by $50 million.
The retail behemoth, a cornerstone of Wiese’s portfolio, has seen its shares fall on the Johannesburg Stock Exchange (JSE).
According to Billionaires Africa, Wiese’s investment in Shoprite Holdings has dropped by R947.72 million ($49.97 million) in just 14 days.
Shoprite, South Africa’s foremost food retailer and Africa’s largest retail firm, employs over 142,000 people and operates 2,989 stores across the continent.
However, its shares have fallen 5.10 percent, from R272.71 ($14.380) on February 1 to R258.79 ($13.646), bringing its market capitalization below $8.2 billion.
The slump has resulted in significant losses for Wiese and other investors.
Meanwhile, Wiese, who played a key role in Shoprite’s rise to become Africa’s leading retailer, owns 11.5 percent of the firm, or 68,083,200 ordinary shares.
The recent drop in Shoprite’s shares reduced his stake’s worth from R18.57 billion ($979.05 million) to R17.62 billion ($929.07 million), resulting in a loss of R947.72 million ($49.97 million) over a fortnight.
Despite this financial setback, Wiese remains a major figure on the Johannesburg Stock Exchange and one of Africa’s wealthiest entrepreneurs.
This incident calls into doubt Shoprite Holdings’ stability and future, highlighting South African billionaire Christo Wiese’s investment strategies.
