A year to forget for Naspers and Prosus

Naspers and Prosus shares have fallen more than 30% this year, wiping over R800 billion from their combined value and undermining CEO Fabricio Bloisi’s target of reaching a $168 billion market capitalisation by 2028. Investors have grown wary of Tencent’s artificial-intelligence spending and business risks. Naspers is valued at about R540 billion and Prosus at R1.44 trillion, while Tencent’s share price has also declined sharply in 2026.