Capitec Bank shares slump costs South African billionaire Michiel Le Roux $76 million

South African billionaire Michiel Le Roux has recorded another multimillion-dollar decline in the market value of his stake in Capitec Bank, driven by the sudden decline in the share price of the leading retail bank.

According to market data from the Johannesburg Stock Exchange (JSE), the market value of Le Roux’s stake in Capitec Bank has declined by R1.42 billion ($76.1 million) in the last three days as selling pressures on the JSE triggered a significant decline in share price.

The recent slump in his fortune follows the $60-million gain recorded on April 4, when the market value of his stake in Capitec Bank soared from R27.7 billion ($1.48 billion) to R28.81 billion ($1.54 billion).

Capitec Bank slips after strong run

Capitec Bank, co-founded by Michiel Le Roux, Jannie Mouton, and Riaan Stassen in 1999, has built a dominant position in South Africa’s retail banking sector over the past two decades, with a network of over 850 branches and 7,400 ATMs.

However, its shares on the JSE have plunged 4.86 percent in recent days, falling from R2,220.29 ($118.027) on April 8 to R2,112.30 ($112.29). The decline pushed the bank’s market capitalization down to $13.03 billion, delivering significant losses to shareholders like Le Roux.

Michiel Le Roux’s stake dips below $1.5 billion

Michiel Le Roux, one of South Africa’s richest individuals, holds an 11.39-percent stake in Capitec Bank, a prominent retail banking group. This stake, totaling 13,190,043 ordinary shares, solidifies his position as a leading business figure on the continent.

According to data tracked by Billionaires.Africa, the market value of Le Roux’s Capitec stake has fallen from R29.29 billion ($1.57 billion) on April 8 to R27.86 billion ($1.49 billion) at the time of writing — a decline of R1.42 billion ($76.1 million).