October 2nd 2023.
Patrice Motsepe achieved the remarkable feat of becoming Africa's first Black billionaire in 2008, and has since maintained his status as the richest man in the southern part of the continent. However, the year 2023 has seen Motsepe's wealth take a significant hit, with reports of a staggering $900 million loss.
Business Insider has pinpointed the cause of this loss to Motsepe's 40.37 percent stake in African Rainbow Minerals (ARM). As the founder and chairman of ARM and the private equity firm African Rainbow Capital, the 61-year-old self-made billionaire has experienced a significant financial decline.
ARM, a diverse mining and minerals company with interests across the precious metal spectrum, has struggled to make good on its investments throughout the continent in 2023. This has resulted in a drastic plunge in the company's share price on the Johannesburg Stock Exchange, which has dropped to $8.99 from $15.99 since January 1.
Motsepe's wealth is still impressive, with a net worth of $2.3 billion. He is reported to be making $56.5 million from his stake in ARM by Oct. 9, which is nearly half of his dividends from last year.
Motsepe became the first African to take Bill Gates and Warren Buffett's Giving Pledge in 2013, vowing to donate at least half of his fortune to charity. He has also been the president of the Confederation of African Football since 2021, and owner of the Mamelodi Sundowns Football Club since 2014.
Motsepe's inspirational success story is one that many have taken note of. Coming from an impoverished background in apartheid-era South Africa, he managed to transition into a successful career as an attorney, becoming the first Black partner at law firm Bowman Gilfillan in 1993. He later founded Future Mining with the help of South Africa's Black Economic Empowerment Laws.
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