Table of Contents
Key Point
- Jens Montanana’s stake in Datatec has plunged by $4.31 million over the past thirteen days due to declining shares on the JSE.
- Datatec’s market capitalization has fallen below $460 million, with shares dropping by 6.55 percent recently, significantly impacting shareholders.
- Datatec’s shares have dropped 12.71 percent this year, causing a $12,709 loss on a $100,000 investment since the start of 2024.
South African tycoon Jens Montanana, the founder of Datatec, has experienced another significant decline in the market value of his stake in the multinational technology group due to a sustained plunge in the company’s shares.
According to data tracked by Billionaires.Africa, Jens Montanana’s stake in Datatec has plunged by R79.26 million ($4.31 million) over the past thirteen days as investors on the Johannesburg Stock Exchange (JSE) continue to reduce their holdings in the company.
This comes on the heels of previous losses recorded between May 10 and 15, when Montanana’s shares in the company fell by $2.6 million, from$67.92 million to $65.32 million.
Datatec’s market cap slumps below $460 million
Datatec is a South African-based technology group that provides ICT solutions and services, including software and cloud computing solutions such as Infrastructure as a Service (IaaS) and Software as a Service (SaaS).
The multinational technology group saw a 6.1 percent revenue increase in fiscal 2024, reaching $5.46 billion. This growth, up from $5.14 billion, was driven by effective foreign exchange hedging, reducing operating costs.
Its shares on the JSE recently dropped by 6.55 percent, sliding from R38.01 ($2.14) on July 16 to R35.52 ($2.05) at the time of drafting this report. This decline has dragged the company’s market capitalization below $460 million, causing significant losses for shareholders.
Montanana’s stake in Datatec slumps
Jens Montanana, renowned for his leadership and contributions to the tech industry, founded Datatec in 1986. He currently holds a 14.49-percent stake, representing 31,832,429 ordinary shares, in the South African tech company.
The decline in Datatec’s stock price has led to a significant drop in the market value of Montanana’s stake, decreasing by R79.26 million ($4.31 million) from R1.21 billion ($65.83 million) on July 16 to R1.13 billion ($61.52 million).
Your Money and Your Life: Datatec shares down by nearly 13% YTD
Datatec’s shares have dropped 12.71 percent this year, causing losses for individual investors. A $100,000 investment at the start of the year is now worth $87,291, a $12,709 loss. Investors should approach with caution and do thorough research before investing.
