Sam Darwish, the U.S.-Nigerian telecom tycoon and co-founder of IHS Holdings, has experienced a significant loss in his net worth due to the decline in the market value of his stake in the telecom infrastructure firm.
According to the data tracked by Billionaires.Africa revealed that the market value of Darwish’s stake in IHS Holdings has slumped by over $24 million since July 21, primarily due to the decline in the shares of the leading telecom infrastructure company on the New York Stock Exchange.
Founded in 2001 by Darwish, IHS Holdings has solidified its position as the largest telecom infrastructure group in Africa, Europe, Latin America, and the Middle East. Based on tower count, the company also ranks globally as the third-largest independent multinational tower company.
Darwish holds a substantial 4.17-percent stake in IHS Holdings, amounting to 13,958,158 shares in the group.
Over the past 36 days, IHS Holdings shares on the NYSE have experienced a notable decrease of 19.71 percent, falling from $8.93 on July 21 to $7.17, pushing the group’s market capitalization drastically below $2.40 billion.
Consequently, the market value of Darwish’s stake in the leading telecom infrastructure firm has slumped by $24.6 million, from $124.6 million as of July 21 to $100.08 million at the time of drafting this report.
Nevertheless, IHS Holdings remains optimistic and confident about achieving its goals for 2023. The company’s extensive tower network and strategic acquisitions have positioned it as a key player in the global telecom infrastructure landscape.
For Darwish, this recent dip underscores the volatility inherent in the world of high-stakes investments. However, despite the decline in the market value of his stake in IHS Holding, Darwish remains one of the leading players in the telecom industry.