Patrice Motsepe, Africa's first Black billionaire and the richest Black individual in Southern Africa, has seen a significant decline in his net worth. After reaching $3.1 billion earlier this year , Motsepe's fortune has now fallen below the $3 billion mark, largely due to a sustained decrease in his investment portfolio.
According to Forbes , Motsepe's net worth has decreased by $100 million, from $3 billion to $2.9 billion, compounding a previous decline that saw his net worth fall from $3.1 billion to $3 billion in July . The primary driver of this decline is the sustained drop in the market value of his stake in African Rainbow Minerals (ARM), a prominent South African mining and minerals company.
ARM stock down 14 percent in one monthARM, which holds strategic positions in various mining projects including iron, coal, copper, gold, platinum, and other precious metals, has seen its stock price plummet over 9 percent since July 29. The shares fell from R215.35 ($11.75) to R195.90 ($10.69), reducing the company's market capitalization to below $2.7 billion.
As a result of the sustained decline in the company's shares, the market value of Motsepe's 40 percent stake in ARM has dropped below $1 billion. ARM's shares are down over 14 percent in the past month, despite recent efforts by the company to enhance its capacity.
