South African billionaire Christo Wiese $100-million poorer as Shoprite shares slump

In an unexpected twist, South African tycoon Christo Wiese has faced a substantial setback in his wealth within the past six days. His fortune took a $100-million hit due to a sharp decline in the market value of his stake in Shoprite Holdings, mirroring the recent dip in the retailer’s shares.

According to Forbes, a leading U.S. business magazine that tracks the fortunes of the world’s ultra-high-net-worth individuals (UHWIs), Wiese’s net worth has declined by $101.4 million in the past 6 days, from $1.1 billion as of Nov. 14 to $998.6 million at the time of drafting this report.

Christo Wiese’s wealth tumbles on market sell-offs and shrinking Shoprite shares

The recent plunge in his fortune can be linked to the sustained decline in the market value of his broad investment portfolio on the Johannesburg Stock Exchange (JSE), which includes a substantial 11.62-percent stake in Shoprite Holdings and a 46.69-percent stake in Premier Group held through Titan Premier Investments, his private investment holding company.

Shoprite Holdings, renowned as South Africa’s leading food retailer and Africa’s largest retail conglomerate, operates with a workforce of more than 142,000 employees spanning the continent. It serves customers through an extensive network of 2,989 stores. Over the past six days, shares in the leading retailer have suffered a single-digit percent dip on the JSE.

Despite recent setbacks, Christo Wiese remains a leading figure in the African business scene

Wiese’s shares in Shoprite, which amount to an 11.62-percent stake in the retailer valued at $850.43 million, comprise 305.6 million non-convertible, non-participating, no-par value deferred shares and common stock, giving him over 32.2 percent of Shoprite’s voting rights.

Over the past six days, Shoprite shares on the JSE have experienced a decline of 157 basis points. The decline has seen the share price fall from R252.88 ($13.74) on Nov. 14 to R248.91 ($13.52) at the time of writing, pushing its market capitalization below R150 billion ($8 billion).

Despite the recent plunge in Wiese’s fortune, which has now pushed his wealth figures below the $1-billion mark, the South African retail tycoon remains one of the wealthiest businessmen on the African continent.