Zimbabwe’s richest man Strive Masiyiwa, who recently regained his status as one of Africa’s billionaires with a net worth exceeding $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 telecom conglomerate, has seen his net worth decline by $100 million in the past two weeks, marking a noteworthy downturn.
Just two weeks ago, Masiyiwa’s net worth reached an impressive $2.2 billion, which propelled his year-to-date wealth gains to $1 billion.
The 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 $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 capitalization falling below $1.2 billion and Masiyiwa’s 30-percent stake dropping to a value below $340 million.
Despite the recent setback, Masiyiwa’s net worth is still up by a remarkable $900 million since the start of the year. This places him among the many African billionaires who have experienced significant wealth growth in 2023.
In other news, last week, U.S. President Joe Biden announced a remarkable $300 million credit facility provided by the U.S. International Development Finance Corporation for Africa Data Centres, a leading network of interconnected data facilities owned by Masiyiwa.
The funding, made possible by the U.S. government’s Partnership for Global Infrastructure and Investment initiative, aims to establish a cutting-edge data center in Ghana, reinforcing Africa’s position in the ongoing digital revolution.