Patrice Motsepe: How Africa’s First Black Billionaire Gained $600 Million in 3 Months
Patrice Motsepe, Africa’s first black billionaire and the President of the Confederation of African Football (CAF), has seen his wealth increase by $600 million over the last 3 months.
This boost has raised his total net worth to an impressive $3.1 billion from $2.5 billion back in mid-March 2024.
Motsepe holds a large part of his wealth in African Rainbow Minerals Ltd, a big company in South Africa that deals with mining. The company’s strong performance on the Johannesburg Stock Exchange (JSE) has been a key factor in increasing his wealth.
Stocks performance
On March 18, 2024, the stock price of African Rainbow Minerals dropped slightly but has since recovered well. By June 19, 2024, its stock price reached 223.84 ZAR and closed slightly lower at 221.71 ZAR, showing a steady rise.
This increase in stock price has significantly helped boost Motsepe’s wealth. The stock started the year at 200.00 ZAR per share and has gone up by 10.9% since.
Although it dropped by 7% in the past month, it still stands as one of the top performers on the stock exchange this year.
African Rainbow Minerals has been very active on the stock market, ranking as the 81st most-traded stock in the last three months.
Over this period, about 51.2 million shares were traded in more than 226,000 deals, worth around ZAR 10.2 billion in total. This shows a lot of interest and activity from investors.
More about Patrice Motsepe
Motsepe’s journey to becoming a billionaire started in 2008 when he became the first black African listed as a billionaire by Forbes.
His smart business decisions and investments have greatly increased his wealth. In 2016, he expanded his interests by starting African Rainbow Capital, an investment company focusing on projects across Africa.
Besides mining, Motsepe also has investments in Sanlam, a leading insurance and financial services company in South Africa.
He owns and leads the Mamelodi Sundowns Football Club, one of the top football teams in South Africa. His role as CAF President since March 2021 shows his commitment to improving football throughout Africa.
