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.