Zimbabwe’s richest man Strive Masiyiwa, who recently regained his status as one of Africa’s billionaires with a net worth exceeding US$2 billion, has experienced a significant setback in his fortune over the past two weeks.
Masiyiwa, renowned as the founder of Econet Wireless Zimbabwe, the country’s largest telecommunications conglomerate, has seen his net worth decline by US$100 million in the past two weeks, marking a noteworthy downturn.
Just two weeks ago, Masiyiwa’s net worth reached an impressive US$2.2 billion, which propelled his year-to-date wealth gains to US$1 billion. This ascent placed him in a position to potentially surpass current holder Patrice Motsepe as the richest Black billionaire in Southern Africa.
However, recent developments have led to a decline in Masiyiwa’s net worth, which now stands at US$2.1 billion. The decline in his net worth can be attributed to a significant pullback in the share price of one of his publicly listed companies, EcoCash Holdings.
EcoCash Holdings, an intelligent technology firm focusing on digital and financial solutions to promote financial inclusion and shared economies, has witnessed an 8.93 percent slump in its shares on the Zimbabwe Stock Exchange since May 17.
This decline has resulted in the company’s market capitalisation falling below US$1.2 billion and Strive Masiyiwa’s 30% stake dropping to a value below US$340 million.
Despite the recent setback, Masiyiwa’s net worth is still up by a remarkable US$900 million since the beginning of the year. This places him among the many African billionaires who have experienced significant wealth growth in 2023.- Billionaires.Africa