Euphonik Cooked In Light Of Repo Rate Increase

Tweeps remember when he advised them to invest in property.

By  | Mar 31, 2023, 01:55 PM  | DJ Euphonik  | Drama

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Euphonik has not made the headlines in a while. This is as the once lauded broadcaster had a fall from grace along with friend and longtime collaborator DJ Fresh when they were accused of sexual assault. While DJ Fresh made somewhat of a return to the media.

Read more: Court Favours Euphonik Over Ntsiki

It seems that Euphonik decided to focus on what made his money, which was being a travelling Afro-Tech club DJ under the stage name Themba. As such, unless the conversation is about his polygamous marriage, not much is spoken about Euphonik. 

However, recently his name made the trends list again in light of the announcement of the repo rate increase. As reported by iOL

“South African consumer finances took another hit today as the South African Reserve Bank’s (SARB) Monetary Policy Committee Meeting (MPC) hiked the repurchase rate by 50 basis points (BPS). This was announced by SARB governor, Lesetja Kganyago on Thursday, taking the repo rate from 7.25% to 7.70%. This now means the prime lending rate will increase from 10.75% to 11.25%.”

In light of the shocking and depressing reality of this fact, tweeps have directed their humorous despair towards advice Euphonik gave back in 2020. 

Euphonik cooked in light of repo rate increase

Back in 2020, Euphonik was believed to be part of the recruits who were promoting Baldwin property investments. As such, Euphonik offered advice at the time stating that the best investment at the time was investing in property, A sentiment which had resulted in a back and forth with popular financial Twitter account Koshiek Karan.

Euphonik had shared the investment tip due to the reduced prime rate in light of the pandemic at the time, and Koshiek highlighted the fact that there was always a hike which made the advice null and void for the average South African.
As a result, in light of the recent increase, Euphonik has been cooked on social media by tweeps who almost took his advice and would have been bleeding money now that the repo rate has made it almost impossible to have extra money.
It seems that Euphonik finally got word as he attempted to clarify his stance on Twitter of his previous sentiments by tweeting a lengthy and complicated explanation backtracking from his initial sentiments. He tweeted in part that:
“Since 2020 the price of property hasn’t dropped to “bargain prices” it’s only increased and the reality is most South Africans aren’t equipped to take advantage of most of the opportunities that might come so waiting to bargain hunt is irrelevant for most people.

It’s more expensive to finance a property today than it was yesterday and looking at the direction the country is going it’s only going to be more expensive tomorrow.”

But the tweet was contrived and confused, and seemingly aimed at showcasing Euphonik’s own arrogance about his own wealth compared to that of the average South African as he ended the tweet by writing, “You can try troll me all you want but I stand firm in what I said and still do. Nothing above is factually incorrect.”

Image credit: Instagram 
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