South African businessman Andre Du Plessis has seen his net worth plummet by millions of dollars in less than two weeks as the decline in banking stocks continues to wreak havoc on investors and shareholders with positions in financial services companies.
According to data obtained by Billionaires.Africa, Du Plessis, who will leave his position as CFO of Capitec Bank at the end of June after reaching the retirement age of 60 on Jan. 14, has seen his net worth drop by R226.1 million ($14.13 million) in the past 13 days due to the recent decline in Capitec Bank shares.
Capitec Bank is one of the leading lenders in South Africa in terms of client base. The bank is a financial brand that creates shared value through its transactional banking services and lending products such as term loans, credit facilities, and credit cards.
At the end of its 2022 fiscal year, which ended on Feb. 28, the bank reported a record-high profit of R8.4 billion ($577 million).
Shares in the leading financial services groups were trading at R2,061.26 ($128.81) as of press time on June 13, 2.6-percent lower than their opening price on the Johannesburg Stock Exchange this morning.
Du Plessis, a prominent South African businessman who co-founded the lender in 2001 with South African billionaire Michiel Le Roux and prominent businessmen Jannie Mouton and Riaan Stassen, owns a beneficial 0.008-percent stake in the company, totaling 917,976 shares.
The market value of his stake in Capitec Bank has fallen from R2.07 billion ($129.26 million) on May 31 to R1.84 billion ($115.13 million) at the time of writing this report, resulting in a total loss of R226.1 million ($14.13 million) for the leading businessman in less than two weeks.
The multimillion-dollar drop in the market value of his stake was caused by an 11-percent drop in retail bank shares from R2,253.22 ($140.81) on May 31 to R2,006.94 ($125.42) on June 13.
