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South African billionaire and Capitec Bank Co-Founder Michiel Le Roux has experienced a substantial decline in his fortune in a single day due to a significant decrease in the share price of the retail lender.
According to data tracked by Billionaires.Africa, Le Roux’s 11.39-percent stake in Capitec Bank saw a sharp decrease in the market value of R286.09 million ($15.07 million) due to a single-digit percent slump in the shares of the renowned financial services provider.
This recent downturn in Le Roux’s stake comes on the heels of a substantial loss of $110.7 million between August 10 and August 28, when his shares in Capitec Bank slumped from R23.49 billion ($1.25 billion) to R21.42 billion ($1.14 billion).
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 more than 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, with the company’s share price declining from R1,719 ($90.601) on Sept. 11 to R1,697.31 ($89.424) at the time of writing.
The recent slump in Capitec Bank’s share price has resulted in a swift decline of R286.09 million ($15.07 million) in the market value of Le Roux’s stake in the leading financial services group in just a single trading day.
His holdings dipped from R22.67 billion ($1.19 billion) to R22.39 billion ($1.18 billion) at the time of writing, highlighting the challenges even the most prominent figures faced in the financial world amid market fluctuations.
