South African billionaire Koos Bekker’s net worth increased by $100 million over the past week, driven by a recovery in the share prices of African consumer internet giant Naspers Limited and its Amsterdam-listed European investment unit, Prosus NV.

The rebound followed a wave of investor buying that reversed recent selling pressure on the two companies. According to data tracked by Forbes, Bekker, who serves as chairman of both firms, saw his wealth rise to $3.5 billion from $3.4 billion on June 1.

Tencent’s advance drives surge in Bekker’s fortune

The gains are directly tied to Bekker’s equity holdings. He owns a 0.93 percent stake in Naspers, equivalent to 1.69 million shares, and a 0.76 percent stake in Amsterdam-listed Prosus, totaling about 19.65 million shares. Over the seven-day period, Naspers shares rose 2.1 percent on the Johannesburg Stock Exchange, while Prosus shares gained 2.45 percent.

Market sentiment improved after Tencent Holdings Ltd., the Chinese gaming and social media giant in which Prosus holds a 24.6 percent stake, saw its stock post its sharpest rally since late 2022. The advance followed reports that Tencent is testing a prototype artificial intelligence agent, with plans to clear regulatory hurdles for a public launch as early as this month.

EU grants Prosus crucial deadline extension

In Europe, Prosus received additional regulatory support. The European Commission plans to extend a critical divestment deadline for the company to Oct. 11, granting the tech investor more time to navigate the fallout from a consolidation battle in the food delivery sector.

The deadline extension allows Prosus to assess its strategy after Berlin-based Delivery Hero SE rejected a €10 billion ($11.6 billion) takeover offer from American ride-hailing company Uber Technologies Inc. Rather than reducing its exposure, Prosus may increase its investment to block Uber from acquiring the company.

Prosus executives have lobbied European Union officials to eliminate the divestment mandate completely, aiming to safeguard its market position against American competition. Spokespersons for the European Commission and Prosus declined to comment on the negotiations, though regulators confirmed the formal application is under review.