Key Points:
- South African billionaire Michiel Le Roux faces a significant wealth decline as his Capitec Bank stake dips below $1.5 billion.
- Le Roux’s Capitec Bank stake loses $112.29 million in 14 days, compounding previous $34.56 million loss.
- Despite recent market fluctuations, Capitec Bank shares have gained 5.11% YTD, showcasing sector resilience and investor confidence.
South African billionaire Michiel Le Roux has seen his fortune take a significant hit, with the market value of his stake in Capitec Bank falling below $1.5 billion. This comes amid a sustained downturn in the bank’s share price on the Johannesburg Stock Exchange (JSE).
According to data gathered by Billionaire.Africa, the market value of Le Roux’s stake in Capitec Bank has decreased by R2.11 billion ($112.29 million) over the past 14 days.
This recent slump compounds a previous loss of $34.56 million recorded between April 30 and May 15, when the market value of his stake in Capitec Bank fell from R30.7 billion ($1.68 billion) to R30.07 billion ($1.64 billion).
Capitec Bank’s strong market presence
Capitec Bank, co-founded by Michiel Le Roux alongside Jannie Mouton and Riaan Stassen, has established itself as one of the world’s leading retail banking brands over the past two decades.
Despite its strong reputation as South Africa’s leading retail bank and its extensive network of more than 850 branches and 7,400 ATMs across South Africa, the bank has not been immune to market fluctuations.
Capitec Bank shares drop 7 percent
Capitec Bank shares have dropped 7 percent over the past 14 days on the JSE, falling from R2,290.2 ($121.85) on May 20 to R2,129.9 ($113.32). This decline has reduced the bank’s market capitalization to below $14 billion, causing significant losses for shareholders, including Michiel Le Roux.
Le Roux, who owns 11.39 percent of Capitec Bank, or 13,190,043 shares, has seen the value of his stake decrease from R30.21 billion ($1.6 billion) on May 20 to R28.09 billion ($1.49 billion). This reflects a loss of R2.11 billion ($112.3 million). Despite the losses, Michiel Le Roux remains one of South Africa’s billionaires and a leading investor on the JSE.
Your Money and Your Life: Capitec Bank shares gain 5.11% YTD
Capitec Bank’s shares have delivered returns to investors year-to-date, underscoring the resilience of the financial sector.
Capitec Bank shares have surged by 5.11 percent year-to-date (YTD), demonstrating strong investor confidence in the leading South African retail bank. A $100,000 investment at the beginning of the year would now be worth $105,110, yielding a gain of $5,110.