Strive Masiyiwa, renowned as the richest man in Zimbabwe and one of the most affluent Black entrepreneurs globally, has encountered a notable downturn in his net worth over the past month. In May, his fortune soared beyond $2 billion, but it has since experienced a substantial decline.
Masiyiwa is part of a group of African billionaires who have encountered a significant reduction in their wealth due to devaluation and the recent decline in the shares of certain African companies. These companies experienced a remarkable surge earlier this year but have since faced a pullback.
According to reports, Masiyiwa’s net worth has witnessed a decline of $400 million in just the last 34 days.
As reported by Forbes, Masiyiwa’s wealth has experienced a sharp drop from $2.2 billion on May 17 to $1.8 billion as of the time of this report. This recent decline in the Zimbabwean’s fortune comes after a notable period of substantial wealth accumulation.
From January 1 to May 17, the net worth of the Zimbabwean billionaire witnessed an impressive growth, soaring by $1 billion, from $1.2 billion to $2.2 billion. Nevertheless, the recent decline of $400 million has diminished his year-to-date wealth gains to $600 million.
The decrease in Masiyiwa’s net worth can be attributed to the recent downturn in the shares of his publicly traded companies on the Zimbabwe Stock Exchange, specifically Econet Zimbabwe and EcoCash Holdings.
Masiyiwa possesses a significant ownership stake in Econet Zimbabwe, which is the largest telecommunications services provider in the country, holding 52.85 percent of the company.
Additionally, he holds a 30-percent stake in EcoCash Holdings, a diverse technology company that emphasizes digital and financial solutions to facilitate shared economies, encourage financial inclusion, and empower communities.
Over the past month, both Econet Zimbabwe and EcoCash Holdings have witnessed substantial double-digit declines in their share prices. Consequently, investors holding significant stakes in these companies have incurred significant losses.
Despite the recent setback in his net worth, Masiyiwa continues to hold the title of Zimbabwe’s wealthiest individual and maintains his position as one of the world’s richest black individuals.
Aside from his ownership in Econet Zimbabwe and EcoCash Holdings, Masiyiwa also possesses a substantial equity position worth $145 million in Liquid Intelligent. This ownership is through his association with Econet Global, a diversified telecommunications group with extensive operations and investments spanning across Africa, Europe, South America, and the East Asia-Pacific Rim.
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