Throughout 2023, the Ackerman family, one of South Africa’s most affluent families, faced significant financial challenges with their fortune declining by millions of dollars. Now, in 2024, their wealth has further dwindled as their Pick ‘n Pay stake took a significant hit.
According to market data tracked by Billionaires.Africa, the family’s stake in Pick ‘n Pay has dropped by R275.54 million ($14.75 million) since the start of the year. This is attributed to the sustained plunge in the retailer’s shares on the Johannesburg Stock Exchange (JSE).
Pick ‘n Pay’s market cap dips below $600 million in 2024
Founded in 1967, Pick ‘n Pay is a prominent player in Africa’s retail sector, with a network of over 2,000 stores across eight African countries. As the nation’s second-largest retailer, it trails behind Shoprite Holdings, a retail giant partly owned by South African billionaire Christo Wiese.
Since the beginning of the year, Pick ’n Pay shares have dropped by 9.5 percent, going from R23.27 ($1.246) to R21.06 ($1.128) at the time of writing. Consequently, the company’s market capitalization has fallen below the $600 million mark, resulting in significant losses for shareholders, including the Ackerman family.
Wealthy Ackerman family sees stake in Pick ‘n Pay shrink by $14.75 million in 11 days amid share decline
The Ackerman family, known for their wealth and diverse investments, currently holds a significant 25.53 percent stake in Pick ‘n Pay, equivalent to 124,677,238 shares. However, the recent decline in Pick ‘n Pay’s shares has led to a R275.54 million ($14.75 million) reduction in the market value of the Ackerman family’s stake over the past eleven days.
The family’s joint stakes have decreased in market value from R2.90 billion ($155.33 million) on Jan. 1 to R2.63 billion ($140.57 million) as of this report. Despite this downturn, the Ackerman family remains among the prominent investors on the JSE.
