Egyptian billionaire businessman Nassef Sawiris recorded a multimillion-dollar net worth loss in November as a double-digit decline in the share price of German sportswear manufacturer Adidas caused his net worth to slump by $340 million during the month under review.
Sawiris, a member of the Adidas supervisory board since 2016, holds a 3.72-percent stake in the company. His beneficial stake in the sportswear behemoth accounts for a substantial fraction of his wealth.
Despite the marginal gains that he saw from his 30-percent stake in Netherlands-based fertilizer producer OCI N.V., the Egyptian billionaire recorded a loss in his net worth in November due to a 10-percent decline in Adidas shares on the Deutsche Börse in Frankfurt, Germany.
Data retrieved by Billionaires.Africa revealed that his net worth at the opening of business and trading activities on Nov. 1 was estimated at $6.89 billion.
The decline in the Adidas share price from €284 on Nov. 1 to €255.55, as investors sold off their positions in the sportswear maker after it reported a €600-million ($696 million) cut back in quarterly revenue, caused Sawiris’ net worth to fall to $6.55 billion on Nov. 30.
This translates to a net-worth loss of $320 million for the billionaire in the month under review.
Sawiris remains the richest man in Egypt and one of the wealthiest businessmen in Africa with a net worth of $6.55 billion. The figure represents 0.0786 percent from the total wealth of the 500 richest people in the world.
His current net worth makes him the 435th wealthiest man in the world.
Since the year began, his net worth has declined by $44.2 million, or seven basis points, placing him among the many billionaires who have recorded losses in their net worth this year.