Moroccan tycoon Hassane Amor has now lost $23.6 million since start of 2022

Moroccan tech tycoon Hassane Amor’s net worth has dropped significantly since the start of the year due to a $23.65-million drop in the market value of his stake in Microdata, a Casablanca-based IT services provider.

Amor, who established Microdata in 1991 as an IT services provider specializing in cloud, mobile computing, and infrastructure virtualization, has played a critical role in the growth and expansion of the Moroccan technology sector, particularly through the operation of Microdata.

The leading businessman who sits at the helm of the Casablanca-based IT services provider owns a 56.17-percent stake in the company, which accounts for the majority of his fortune.

Research conducted by Billionaires.Africa revealed that the market value of his stake has decreased by MAD154.76 million ($23.65 million) since the start of the year, from MAD640.74 million ($69.26 million) on Jan. 1 to MAD485.98 million (45.61 million) at the time of writing.

The multimillion-dollar drop in his net worth can be attributed to the sustained decline in Microdata’s share price on the Casablanca bourse as investors reduce their stakes in the company as part of a risk-reduction strategy for the highly valued tech company.

Shares in Microdata have fallen from a high of MAD679 ($73.4) at the start of the year to a low of MAD515 ($48.37) at the time of writing, resulting in a 24.1-percent loss for shareholders, including Amor, who owns the majority of the company.

At the end of the first six months of its 2022 fiscal year, the firm posted a 15.6-percent increase in its profit from MAD40.5 million ($3.73 million) in the first half of 2021 to MAD46.9 million ($4.32 million), owing to an increase in high-value-added projects in its revenue mix.

Despite the double-digit increase in profit at the end of the first half of its current fiscal year, the company’s shares are still down by more than 24 percent this year alone, despite recent improvements in market sentiment.