Here's how much Patrice Motsepe will be worth after donating R1 billion
- Patrice Motsepe and his businesses donated R1 billion to fight Covid-19, the disease caused by the novel coronavirus, in South Africa.
- This follows a R1 billion donation from each of the Oppenheimer and Rupert families.
- Motsepe said the money will be used to save lives in South Africa.
- For more stories go to www.BusinessInsider.co.za.
South Africa's richest black man, his foundation, and the companies he has stake in including Sanlam, will collectively be donating R1 billion to fight Covid-19 in the country, they announced on Saturday.
This comes days after the country’s two richest families, the Oppenheimers and Ruperts, donated R1 billion each to assist small businesses and their employees affected by the coronavirus pandemic.
Motsepe’s wife and fashion entrepreneur Precious Moloi-Motsepe said the money will be used with the primary objective to save lives.
She said the Motsepe foundation, his company African Rainbow Minerals, and African Rainbow Capital, will be collectively donating the R1 billion total.
According to Forbes, Motsepe has a net worth of $1.5 billion, or roughly R26.35 billion at current exchange rates.
If he donates R1 billion, he will have a net worth of R25.35 billion. That means he will be dropping from being the fifth richest man in South Africa to the sixth position, behind media mogul Koos Bekker of Naspers.
Motsepe became the first black partner at law firm Bowman Gilfillan in Johannesburg in 1994, and then started a contracting business doing mine scut work.
In 1997, he bought low-producing gold mine shafts and later turned them profitable.
He became the first black African on the Forbes billionaire list in 2008 after founding African Rainbow Minerals. In 2016 he founded a new private equity firm, African Rainbow Capital, which started TymeBank, and also holds a major stake in Sanlam.
Moloi-Motsepe said the donation will be used to distribute sanitary products across the country, and deploy water tanks to assist in providing water during the crisis.
Motsepe said these are difficult and challenging times, and thanked the South African government for their leadership, and the work South African health care workers are doing.
He said the country has a history of coming together to face the challenges.
(Compiled by James de Villiers)
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