ZIMBABWEAN telecommunications mogul, Strive Masiyiwa, the richest man in Zimbabwe and one of the world’s wealthiest Black businesspeople, has experienced a significant decline in his net worth over the past month, after witnessing his fortune surge above US$2 billion in May.
Masiyiwa is among several African billionaires who have faced a substantial pullback in their wealth as a result of devaluation and the recent pullback in the shares of some African companies following a remarkable bump earlier this year.
Data tracked by Billionaires.Africa has revealed that Masiyiwa’s net worth has decreased by US$400 million in the past 34 days.
According to Forbes, his wealth figures have plummeted from US$2.2 billion on 17 May to US$1.8 billion yesterday. This recent slump in Masiyiwa’s fortune follows a period of significant wealth gains.
Between 1 January and 1 May, the Zimbabwean billionaire saw his net worth increase by US$1 billion, soaring from US$1.2 billion to US$2.2 billion. However, the recent decline of US$400 million has now reduced his year-to-date wealth gains to US$600 million.
The decline in Masiyiwa’s net worth can be attributed to the recent slump in the shares of his publicly traded businesses on the Zimbabwe Stock Exchange, particularly Econet Zimbabwe and EcoCash Holdings.
Masiyiwa owns 52.85% of Econet Zimbabwe, the country’s largest telecom services provider, and holds a 30% stake in EcoCash Holdings, a diversified intelligent technology company focused on digital and financial solutions to foster shared economies, promoting financial inclusion, and empower communities.
In the past month, the share prices of Econet Zimbabwe and EcoCash Holdings have experienced double-digit declines, resulting in significant losses for investors with substantial stakes in these companies.
Despite this recent setback, Masiyiwa remains Zimbabwe’s richest man and also one of the world’s richest black people.
In addition to his holdings in Econet Zimbabwe and EcoCash Holdings, he also boasts a US$145-million equity position in Liquid Intelligent through his ownership of Econet Global, a diversified telecom group with operations and investments across Africa, Europe, South America, and the East Asia-Pacific Rim.- Billionaires.Africa