That’s going to leave a mark.
Steinhoff are currently dealing with allegations of accounting fraud, which doesn’t do wonders for a company’s share price.
Christo Wiese is the chairman of said company, and he also owns 23% of Steinhoff. What that means is that his bottom line just took a massive hit, with the January 2017 Forbes evaluation of his personal wealth needing a rejig.
This amount was nearly halved on Tuesday as shares in the company dropped to R17.56, a loss of R28.09 or 61.53%, shortly after the JSE opened.
According to Forbes’ real-time tracker, Wiese lost $2.1 billion (R28.3 billion) by 11:40AM on Wednesday. This equates to a loss of 54.2% of his total net worth since 5PM EST on Tuesday (midnight local time).
Like we said, that’s going to leave a mark. Oh, and it’s plunged even further since that stat above.
At the time of writing, here’s how that affected his ranking on the ‘richest South African’ list.
Down a cool $2,4 billion now, or R32,5 billion.
Those numbers to the right of each name are their global ranking, by the way.
You can keep an eye on that real-time tracker of his plummeting wealth HERE, if that’s your thing.
Sadly for Wiese, and others who hold Steinhoff shares, this one isn’t going away quickly:
Steinhoff was due to publish financial results on Wednesday, however that has been postponed because of accounting irregularities. Fund manager at Ashburton Investments, Wayne McCurrie said in a note on social media: “The effect must be material and can be a serious drag on the company and its reputation for years”.
Chief executive officer Marcus Jooste resigned with immediate effect on Tuesday after the global furniture and clothing retailer reported irregularities in its accounts that require further investigation.
It’s a kick to the guts, sure, but with a net worth that still stands around the R20 billion mark I think he should just scrape by.
Should have bought bitcoin. Take it from The Kiffness:
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