After seeing his stake in Capitec Bank surge above $1.25 billion earlier this month, South African billionaire Michiel Le Roux, co-founder of Capitec Bank, has now suffered a significant decline in his fortune, driven by the recent decline in the share price of his stake in the retail bank.
According to data tracked by Billionaires.Africa, Le Roux has experienced a significant decline of R2.07 billion ($110.7 million) in the market value of his 11.39-percent stake in Capitec Bank, driven by recent profit-booking activities among investors on the Johannesburg Stock Exchange.
Capitec Bank, co-founded by Le Roux alongside Jannie Mouton and Riaan Stassen, has solidified its standing over the past two decades, amassing a substantial customer base. With a network of over 850 branches and 7,400 ATMs across South Africa, the bank has earned a reputation as one of the world’s top retail banking brands.
Le Roux holds an 11.39-percent stake in Capitec Bank. This stake, which translates to a total of 13,190,043 ordinary shares in the group, makes him one of the richest men on the continent.
In recent times, Capitec Bank’s shares on the Johannesburg Stock Exchange have experienced a notable decline, falling by 8.83 percent in the past 18 days from R1,781.20 ($95.129) on August 10 to R1,624 ($87.299) at the time of writing.
As a result of the single-digit decline in Capitec Bank shares, Le Roux’s stake in the leading bank has fallen from R23.49 billion ($1.25 billion) to R21.42 billion ($1.14 billion) as of the time of drafting this report.