South African billionaire Patrice Motsepe has experienced yet another setback in his year-to-date wealth, as his fortune suffered a $100-million decline over the past three weeks. The slump is attributed to the decline in the shares of his diversified mining group, African Rainbow Minerals (ARM).
Forbes, the renowned U.S. business magazine that closely monitors the wealth of the world’s richest individuals, reported that Motsepe’s net worth has decreased from $2.5 billion on June 21 to $2.4 billion on July 12.
The decline follows a period of growth when his wealth rose by $200 million from $2.3 billion to $2.5 billion between June 2 and June 21. During that time, one of the companies he owns, TymeBank, secured a significant investment of $77.8 million in its pre-Series-C funding round.
Motsepe’s latest setback can be primarily attributed to the slump in the market value of his 39.7-percent stake in ARM, a prominent South African mining and minerals company with strategic positions in various metals such as iron, coal, copper, gold, and platinum.
The decline in ARM’s shares on the Johannesburg Stock Exchange, which fell by 7.1 percent from R207.36 ($11.35) three weeks ago to R192.66 ($10.55) as of the time of this report, has contributed to pushing the market capitalization of the group and the market value of Motsepe’s stake below $2.5 billion and $1 billion, respectively.
Despite seeing his net worth decline by $800 million since the start of 2023, Motsepe continues to demonstrate his commitment to philanthropy.
Recently, he stepped forward to resolve the pay dispute of South Africa’s Women’s World Cup team by making a generous donation of $320,000. The donation ended the dispute, which sparked discussions about gender pay gaps in the country.
The donation was announced by Precious Moloi-Motsepe, Motsepe’s wife and co-founder of the Motsepe Foundation, who emphasized the need to translate gender equality rhetoric into concrete actions.
“This moment is about us moving beyond mere words when it comes to gender equality. It requires the collective effort of each and every one of us to ensure that gender equality becomes a tangible reality,” she stated.