South African billionaire banker Michiel Le Roux loses $92 million in 19 days

Despite earning a substantial $66.4 million in the first two weeks of 2023, South African billionaire banker Michiel Le Roux has experienced a substantial decline in the market value of his stake in Capitec Bank, one of Africa’s leading retail banks.

According to Billionaires.Africa, Le Roux’s stake has plummeted by R1.6 billion ($92.2 million) over the past 19 days due to a widespread sell-off among investors, which has had a detrimental impact on the bank’s share value on the Johannesburg Stock Exchange.

Capitec Bank is a leading financial institution in South Africa, renowned for its impressive customer base and status as one of the largest lenders in the country.

Over the past two decades, the bank has established itself as a highly respected banking brand, offering a range of transactional banking services and loan products to its customers.

The mastermind behind Capitec Bank’s success is none other than Le Roux, a seasoned business magnate who co-founded the bank with Jannie Mouton and Riaan Stassen in 1999.

With a significant 11.36-percent stake in the Stellenbosch-based financial services provider, Le Roux is a key player in the leading bank.

As of press time, shares in the leading financial services provider were trading at a value of R1,824.58 ($104.93) per share, showcasing a modest increase of 1.83 percent compared to its opening price on the Johannesburg Stock Exchange earlier today.

After reaching a high of R1,947 ($112) per share on Jan. 13, the bank’s stock price has since experienced a decline of more than six percent, resulting in a market capitalization below R210 billion ($12.1 billion).

Despite a recent dip in the market value of his stake in Capitec, Le Roux’s wealth remains intact, as he continues to be one of the richest investors on the Johannesburg Stock Exchange and in the country.

Even with a $92.2-million decrease in the market value of his stake in the past 19 days, taking it from $1.476 billion to $1.384 billion, Le Roux’s substantial wealth solidifies his position as a top player in Africa’s financial services industry.