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How SA’s Business Tycoon Noluthando Gosa Lost $5.7M in 24 hours

South African business tycoon Noluthando Gosa reportedly lost $5.7 million after ArcelorMittal South Africa (ArcelorMittal SA) shares plunged by more than 40%. ArcelorMittal SA is a subsidiary of ArcelorMittal, a multinational steel production company headquartered in Luxembourg.

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According to Billionaires Africa, the astute South African entrepreneur saw her position in ArcelorMittal SA lose $5.7 million in market value due to investors’ reaction to the group’s last trading statement, resulting in a significant drop in its share price.

According to the publication, her stake in ArcelorMittal SA fell from $13.4 million on July 18 at the start of the Johannesburg Stock Exchange to $7.67 million on July 19.The decrease is ascribed to a 42.7-percentage drop in the company’s shares, which fell from “R3.49 ($0.195) on July 18 to R2 ($0.112)$0.195 on July 19, eventually lowering the group’s market capitalization below $130 million.”

ArcelorMittal SA holds an annual production capacity of 7 million metric tonnes of liquid steel. “The recent decline in the company’s shares follows a cautionary trading update in which ArcelorMittal SA warned that load shedding and persistently high debt would result in a loss for the six months ending June 2023,” the report by Billionaires Africa further said.

It was also revealed that Gosa owns 6.15 percent of the Gauteng-based steelmaker. Despite losing millions on her investment in ArcelorMittal South Africa, she makes the majority of her money from a well-diversified portfolio.

She is the founder and CEO of Akhona Group Pty Ltd, a 100% black privately held investment holding firm, in addition to having a position in ArcelorMittal SA. She is also a founding member of the Communications Authority of South Africa (ICASA), the country’s first telecommunications regulatory authority.

She has served on the National Empowerment Fund’s Investment Committee and as Chairperson of the Gauteng Liquor Board.

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