Patrice Motsepe, the renowned South African billionaire, has experienced yet another setback in his net worth this year with a $100-million decline, bringing his total wealth loss to a staggering $900 million.
According to Forbes, the renowned U.S. business magazine tracking the fortunes of ultra-high net-worth individuals worldwide, Motsepe’s net worth has dwindled from $3.2 billion on Jan. 1 to $2.4 billion as of May 12.
The decline in Motsepe’s wealth can be attributed to the sustained drop in the shares of African Rainbow Minerals (ARM), a diversified mining group in which he holds a significant 39.7-percent stake.
The slump resulted in a substantial decrease in the market value of his ARM holdings, accounting for the majority of his recent financial losses.
The value of ARM shares has plummeted by more than 23 percent since the start of the year, falling from R288 ($14.82) on Jan. 1 to R219.5 ($11.29) at present.
As a consequence, the market capitalization of the mining group has dipped below $2.5 billion. These challenges on the Johannesburg Stock Exchange have directly impacted Motsepe’s net worth and financial standing.
Despite this setback, Patrice Motsepe continues to make remarkable strides in the African business landscape. Recently, one of his privately held companies, TymeBank, a South African digital bank, announced plans to expand into the Vietnamese market next year.
This ambitious move follows a successful pre-series C funding round that secured nearly $78 million for TymeBank’s regional expansion.
TymeBank, which boasts a customer base of more than 6.2 million and a growing presence in South Africa and the Philippines, believes that Vietnam presents a suitable market for its innovative business model.
The bank’s impressive growth can be attributed, in part, to its partnership with African Rainbow Capital (ARC) Financial Services Holding.
ARC, a Black-owned company under the umbrella of Ubuntu-Botho Investments (UBI), founded by Motsepe, has played a vital role in TymeBank’s success.
Furthermore, TymeBank recently acquired Retail Capital, a prominent fintech lender catering to small and medium-sized enterprises.
The acquisition aligns with the bank’s expansion strategy and positions them for further growth in the financial services sector.
While Motsepe’s net worth may have suffered significant losses, his entrepreneurial spirit and involvement in successful ventures such as TymeBank continue to solidify his position as a prominent figure in African business.
