Sam Darwish, the U.S.-Nigerian telecom tycoon and co-founder of IHS Holdings, has experienced a significant decrease in his net worth due to the decline in the market value of his stake in the telecom infrastructure firm.
The market value of Darwish’s stake in IHS Holdings has slumped by more than $14.24 million since Nov. 14, attributed to the decline in the shares of the leading telecom infrastructure company on the New York Stock Exchange.
This recent paper loss comes on the heels of the impressive $70 million gain he recorded between Oct. 27 and Nov. 14 — when the market value of his stake in IHS Holdings surged from $66.3 million to $76.63 million.
IHS shares take a 19.25-percent hit, market cap falls below $1.5 billion
Founded in 2001 by Darwish, IHS 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.
Over the past 23 days, IHS shares on the NYSE have decreased by 19.25 percent — falling from $5.3 on Nov. 14 to $4.28 at the time of writing — thus pushing the group’s market cap below the $1.5-billion mark, and accruing substantial losses to its shareholders, including Darwish.
Sam Darwish’s IHS stake slumps below $60 million, as shares plunge over 19 percent in 23 days
Darwish, the chairman and CEO of IHS, who ranks as one of the top figures in the African telecom industry, holds a substantial 4.17-percent stake in the group, amounting to 13,958,158 ordinary shares.
According to data tracked by Billionaires.Africa, the market value of Darwish’s stake in the leading telecom infrastructure firm has declined by $14.24 million over the past 23 days, from $73.98 million on Nov. 14 to $59.74 million at the time of writing.
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 industry.
Despite the sustained decline in the market value of his stake, Darwish remains one of the top figures in the global telecom industry.