Patrice Motsepe's Wealth Drops 200 Million In December, Despite Tyme's 1.5 Billion Valuation

Africas first Black billionaire, Patrice Motsepe, has seen his net worth decline by 200 million in December, despite a milestone achievement by one of his investee companies, Tyme Group.

The fintech company raised 250 million in its latest funding round, boosting its valuation to 1.5 billion and cementing its position among Africas unicorns. The decline in Motsepe's wealth has been spurred by the recent drop in the market value of his mining investments.

Starting the festive month with a net worth of 2.9 billion, Motsepe, 62, who became the first Black African on the Forbes list in 2008 thanks to his successful mining ventures, has seen his fortune fall to 2.7 billion .

This represents an average loss of 7.4 million per day since December 1, driven by the performance of his investments in Harmony Gold, South Africa's largest gold miner, and African Rainbow Minerals ARM, where he holds a 40-percent stake.

Harmony Gold and ARM have seen their share prices decline by over 7.4 percent and nearly 6 percent, respectively, in the past month. This has dragged their market capitalizations below 5.5 billion and 2 billion, fueled by recent selling interest in the shares of both companies.