South African billionaire Michiel Le Roux loses $34.5 million from Capitec Bank stake

South African billionaire Michiel Le Roux has witnessed a notable decrease in the market value of his stake in Capitec Bank, attributable to a recent downturn in the bank’s share price on the Johannesburg Stock Exchange (JSE).

Data compiled by Billionaires.Africa indicates that over the last 15 days, the value of Le Roux’s stake in Capitec Bank has declined by R632.46 million ($34.56 million), as investors continue to trim down their holdings in the leading South African lender.

This recent slump compounds a previous loss of $76 million recorded between April 8 and 11, when the market value of his stake in Capitec Bank fell below $1.5 billion.

Capitec Bank’s market cap drops below $14 billion

Capitec Bank, co-founded by Michiel Le Roux alongside Jannie Mouton and Riaan Stassen, has solidified its standing over the past two decades. 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 leading retail banking brands.

Since April 30, Capitec Bank shares on the JSE have experienced a decline of 2.93 percent, sliding from R2,327.86 ($126.513) on April 30 to R2,259.72 ($122.810) at the time of reporting, pushing its market capitalization below the $15-billion.

Michiel Le Roux’s stake declines to $1.64 billion

Michiel Le Roux presently owns an 11.39-percent stake in Capitec Bank. This stake — which translates to a total of 13,190,043 ordinary shares in the leading retail banking group — makes him one of the richest men on the continent.

The recent downturn in Capitec Bank shares has translated into a substantial reduction in the value of Le Roux’s stake, falling by R632.46 million ($34.56 million) over the past 15 days. Consequently, the market value of his stake has declined from R30.7 billion ($1.68 billion) on April 30 to R30.07 billion ($1.64 billion).

Despite the setback, Michiel Le Roux maintains his position as one of South Africa’s billionaires, retaining his position among the continent’s financial elite and top investors on the JSE.