Patrice Motsepe, a billionaire from South Africa, has seen an improvement in his financial situation after suffering some losses earlier this year.
According to data maintained by Forbes, Motsepe’s net worth has increased by $200 million in the last 19 days from $2.3 billion to $2.5 billion. This is because the market value of his private investments, such as his stakes in the digital-only bank TymeBank, have increased.
Motsepe’s net worth dropped by $100 million between May 12 and June 2, totaling $900 million in losses for the year. Motsepe made history in 2008 by becoming the first black African billionaire to appear on the Forbes list.
His losses have now been reduced to $700 million, making him one of the few African billionaires to experience a decrease of over half a billion dollars this year. However, the recent $200 million increase in his wealth has increased his gains and reduced his losses.
Patrice Motsepe, the biggest black billionaire in Southern Africa, continues to be one of Africa’s richest businesses despite the loss.
He has a major financial investment in ARM, a South African mining and minerals firm with critical positions in a number of metals, including iron, coal, copper, gold, and platinum.
Motsepe’s shareholding is still worth a sizable R19.33 billion ($1.05 billion) even if ARM’s share price has dropped by more than 28 percent since the year’s beginning.
Through his investment company African Rainbow Capital (ARC), Motsepe has achieved success outside of the mining industry as well. TymeBank, South Africa’s top digital bank, is under his control.
With more than 7 million customers, TymeBank just achieved a significant achievement. By securing a large $77.8 million investment during its pre-Series-C capital round, the bank four weeks ago strengthened its expansion intentions.
Motsepe’s multimillion-dollar comeback shows his tenacity in navigating risky markets and underlines the promise of digital banking in Africa.
The billionaire is well-positioned to take advantage of new opportunities thanks to his varied portfolio, reiterating his standing as a significant player in South Africa’s corporate world.
