Laurie Dippenaar, a South African banker, has seen the market value of his stock in FirstRand fall significantly due to the persistent slide in the shares of the top financial services business on the Johannesburg Stock Exchange.
Dippenaar’s share in FirstRand has fallen by $24.46 million in the last 20 days as local market investors continue to sell off their holdings in the Johannesburg-based conglomerate.
Dippenaar’s current loss comes on the heels of a $41 million loss between August 23 and September 27, when the market value of his stock in FirstRand fell from $376.26 million to $334.86 million.
Dippenaar’s financial success story began in 1977, when he co-founded Rand Consolidated Investing with GT Ferreira and Paul Harris. The corporation went through a succession of mergers and acquisitions, culminating in the 1990s with the development of FirstRand.
Since its founding, FirstRand has played an important role in the African financial services business, and it is now Africa’s most valuable financial services provider. Laurie Dippenaar currently owns 1.76 percent of FirstRand, which equates to 98,726,988 shares. However, the recent volatility in the stock market has reduced the value of his holdings.
FirstRand shares on the local bourse have dropped 7.17 percent in the last 20 days, going from $3.458 on Oct. 10 to $3.210 at the time of reporting, bringing the group’s market worth below $20 billion.
Laurie Dippenaar’s holding in the South African lender has dropped from $341.37 million on October 10 to $316.91 million as a result of the continued slide in FirstRand shares.