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Patrice Motsepe, the billionaire from South Africa, has received a favorable surge in his wealth, reclaiming a portion of the losses he encountered earlier this year.
According to Forbes data, Patrice Motsepe’s net worth has risen by $200 million in the last 19 days, reaching $2.5 billion. This boost in wealth is attributed to the increased market value of his private investments, which includes his stakes in TymeBank, a digital-only bank.
Motsepe, who achieved a groundbreaking milestone in 2008 by becoming the first black African billionaire on the Forbes list, experienced a net worth decrease of $100 million from the 12th of May to the 2nd of June. This decline has contributed to his total year-to-date losses, which now amount to $900 million.
Nevertheless, a recent positive development has seen his fortune increase by $200 million, which has helped mitigate his losses to $700 million. Despite this improvement, Motsepe remains among the select group of African billionaires who have experienced a decline of over half a billion dollars in wealth throughout this year.
Despite facing this setback, Patrice Motsepe continues to hold the position of one of Africa’s wealthiest businessmen, and he still maintains the prestigious title of being the richest black billionaire in Southern Africa.
Patrice Motsepe business ventures
A significant portion of Patrice Motsepe’s wealth stems from his ownership of a 39.7-percent stake in ARM, a prominent South African mining and minerals company. ARM holds strategic positions in a diverse range of metals, such as iron, coal, copper, gold, and platinum. This investment plays a crucial role in contributing to Motsepe’s overall wealth.
Despite a decline of over 28 percent in ARM’s share price since the start of the year, Motsepe’s ownership remains significant, with a valuation of R19.33 billion ($1.05 billion).
Motsepe’s accomplishments extend beyond the mining sector, as he holds control over TymeBank, the prominent digital bank in South Africa, through his investment company African Rainbow Capital (ARC).
TymeBank recently achieved a significant milestone by surpassing 7 million customers. Strengthening its growth ambitions, the bank successfully secured a substantial investment of $77.8 million during its pre-Series-C funding round, just four weeks ago.
Motsepe’s impressive multimillion-dollar recovery showcases his resilience in maneuvering through volatile markets and underscores the immense potential of digital banking in Africa. With a diverse portfolio, this billionaire is well-positioned to seize future opportunities, reaffirming his prominent stature in South Africa’s business arena.
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