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Africa's Richest man, Johann Rupert loses $300 million of his wealth over shares decline.
Johann Rupert's net worth saw a decline to $11.7 billion from $12 billion.
His company Cie Financiere Richemont shares dropped costing Rupert a $300 million loss.
Rupert's loss is coming days after he snatch Africa's Richest man title from Aliko Dangote.
Data obtained from Forbe's real-time billionaire index confirmed Rupert's wealth loss.
However, Rupert's position as Africa's richest man remains as of press time.
How Rupert lost $300 million
The decline of the shares in Rupert's company, Cie Financiere Richemont cost the billionaire magnate the loss.
On Monday, Rupert's shares in Richemont dropped to CHF 145.70 from 146.15 according to the Swiss exchange index.
Rupert had lost a whopping $800 million in Richemont shares in May due to profit-booking activities among investors.
However, the loss did not affect Rupert's position as Africa's richest man, a position previously held by Aliko Dangote for 12 years.
How Rupert Overthrew Dangote to Become Africa's richest man
President Bola Ahmed Tinubu's recent foreign exchange policy had a huge impact on the decline of Dangote's wealth.
Tinubu had unified the naira exchange rate, leading to a significant devaluation of the Naira, costing Dangote a whopping $4.12 billion.
Dangote who is now the second richest man in Africa further lost N9.7 billion, leaving his wealth at $10.8 billion.
