
South African billionaire Patrice Motsepe’s net worth rebounds to $3 billion after $300 million gain
Motsepe’s net worth surged to $3 billion for the first time since August 2024, marking a significant recovery.
Motsepe’s net worth surged to $3 billion for the first time since August 2024, marking a significant recovery.
The company, which has been expanding into renewable energy, is weighing whether to hold or offload its 11.8 percent stake in Harmony, South Africa’s largest gold miner.
This payout comes despite a 25% dividend cut amid falling earnings and financial strain in a volatile commodity market.
The decline follows a steep 16 percent drop in ARM’s share price over the past five days, with the stock sliding from R162 ($8.8) to R135 ($7.33).
This marks a $300 million increase in Motsepe's fortune so far in 2024, up from $200 million at the start of November.
The acquisition marks a significant milestone for ARM, underlining its strategic move into high-growth potential mining ventures.
This acquisition aligns with Motsepe’s earlier announcement of ARM’s proactive pursuit of valuable lithium and copper assets.
Schmidt was CEO and executive director at ARM from 2011 to 2023. During his tenure, he led ARM to impressive financial milestones.
The $1.1-billion market value wipeout also impacted Motsepe’s net worth, bringing it below $2.4 billion earlier this year.
Motsepe owns a 39.7-percent stake in ARM.
Motsepe, who founded ARM in 1997 as South Africa’s first Black-owned mining company, owns 39.7 percent of the company.
Patrice Motsepe is Southern Africa’s richest Black person.
Joubert has been the CEO of ARM’s Ferrous Division since July 2012.
Motsepe, the South African billionaire and current President of the Confederation of African Football (CAF) founded the mining firm in 1997.
The billionaire is one of the richest men in Africa.
Motsepe founded the mining enterprise in 1997 as South Africa’s first Black-owned mining firm.