Africa’s first Black billionaire Patrice Motsepe loses $800 million

Patrice Motsepe, founder and chairman of African Rainbow Minerals Ltd., speaks during the Milken Institute Global Conference in Beverly Hills, California, U.S., on Tuesday, April 30, 2019. The conference brings together leaders in business, government, technology, philanthropy, academia, and the media to discuss actionable and collaborative solutions to some of the most important questions of our time. Photographer: Patrick T. Fallon/Bloomberg via Getty Images

Africa’s first Black billionaire Patrice Motsepe loses $800 million

South African billionaire Patrice Motsepe’s net worth has taken a significant hit since the start of 2023, as shares of his diversified mining group, African Rainbow Minerals (ARM), continue to decline on the Johannesburg Stock Exchange

The savvy businessman, who made history as the first black African billionaire to appear on the Forbes list in 2008 at the age of 46, has seen his net worth drop by $800 million, from $3.2 billion on Jan. 1 to $2.4 billion at the time of writing.

This can be attributed to the slump in the market value of Motsepe’s 39.7-percent stake in ARM, a South African mining and minerals company that holds strategic positions in iron, coal, copper, gold, platinum, and other precious metals.

ARM’s share price has fallen by over 20 percent since the start of the year, dropping from R288 ($14.92) on Jan. 1 to R230.56 ($11.94) at the time of writing.


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