South Africa's second-richest businessman Johann Rupert's net worth dropped by R70 billion in three months. Netizens were unbothered by how much he lost.
The wealthy business magnate's shares in Richemont lost value after fewer people spent on buying luxurious items
Netizens had no mercy on him and said that his loss barely dented his overall status as one of the nation's wealthiest peopleSouth Africans were unbothered by the fact that Johann Rupert's net worth dropped by R70 billion. Photo by David Cannon/Getty Images and Alberto Bernasconi/Bloomberg via Getty ImagesThe businessman and owner of Remgro reportedly saw a 25.6% dip in his net worth, which went from R272 billion to R202 billion.
The drop could also be attributed to a new type of consumer in the current economic condition who prefers to spend less on luxury goods and focus more on necessary goods and services. The value ofshares took a significant knock, falling by 31.2%. The value of his shares is now worth R136,5 billion. This means he's no longer“He lost R70 billion, but he is still the 2nd richest. God, if you’re listening, please tell me what I’m doing wrong.”“Poor guy.
The company's shares grew by 60% in one year from 150 cents per share to 240 cents. This meant that he would pocket R110 million. Netizens were not pleased or impressed and criticised him for his excessive wealth.You are already subscribed to our newsletter!Check your inbox to be the first to know the hottest news
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