South African billionaire Patrice Motsepe has experienced a welcome boost in his fortune, recouping a fraction of the losses he suffered earlier this year.
Thanks to an increase in the market value of his private investments, including his stakes in the digital-only bank TymeBank, Motsepe’s net worth has surged by $200 million in the past 19 days from $2.3 billion to $2.5 billion, according to data tracked by Forbes.
Motsepe, who made history in 2008 as the first black African billionaire on the Forbes list, saw his net worth decline by $100 million between May 12 and June 2, resulting in year-to-date losses of $900 million.
However, the recent $200-million uptick in his fortune has narrowed his losses to $700 million, making him one of the few African billionaires to witness a decline of over half a billion dollars this year.
Despite the setback, Patrice Motsepe remains one of Africa’s wealthiest businessmen and retains the title of the richest Southern African black billionaire.
His 39.7-percent stake in ARM, a South African mining and minerals company with strategic positions in various metals, including iron, coal, copper, gold, and platinum, contributes significantly to his wealth.
Although ARM’s share price has fallen by more than 28 percent since the start of the year, Motsepe’s stake is still valued at a substantial R19.33 billion ($1.05 billion).
Motsepe’s success extends beyond mining, as he also controls TymeBank, South Africa’s leading digital bank, through his investment firm African Rainbow Capital (ARC).
TymeBank recently celebrated a major milestone, surpassing more than 7 million customers. Bolstering its expansion plans, the bank recently secured a significant investment of $77.8 million during its pre-Series-C funding round.
Motsepe’s multimillion-dollar recovery demonstrates his resilience in navigating volatile markets and highlights the potential of digital banking in Africa.
With his diverse portfolio, the billionaire is poised to capitalize on future opportunities, reaffirming his status as a prominent figure in South Africa’s business landscape.