South African billionaire businessman Koos Bekker’s net worth has dropped by $500 million since the start of the year, as a double-digit decline in the valuation of Cape Town-based multinational holding company Naspers has resulted in a significant year-to-date loss in his personal wealth.
Jacobus Koos Bekker is one of South Africa’s richest people thanks to his 0.44-percent stake in Naspers, a global Internet group and one of the world’s largest technology investors and holding companies.
The leading businessman, who has played pivotal roles in the growth and expansion of companies such as Naspers, Prosus, and the Chinese multinational technology and entertainment conglomerate, Tencent, led the founding team of M-Net and MultiChoice in 1985.
According to data obtained by Billionaires.Africa from Forbes, Bekker’s net worth has fallen by more than $500 million since the year began, from $2.7 billion at the start of the year to $2.2 billion at the time of writing this report.
The $500-million drop in his net worth since the start of the year can be attributed to a 35-percent drop in Naspers’ shares from R2,472 ($159.4) per share to R1,629 ($105) per share at the time of writing this report.
The company’s stock dropped by double digits as one of its most profitable subsidiaries, Tencent Holdings, reported virtually no revenue growth in the first quarter.
This is its worst-ever performance since it began operations, and it also fell short of market expectations due to a slowing Chinese economy and a freeze on new game licenses, which weighed on its business.
Investors on the Johannesburg Stock Exchange reduced their stakes in Naspers in response to the financial results, anticipating the looming risk in its operating environment.
Despite his declining fortunes, Bekker is still one of Africa’s wealthiest men, with a net worth of more than $2.2 billion.