Egyptian billionaire Nassef Sawiris has seen his net worth increase by $230 million since Oct. 11, as a rebound in the market price of Adidas shares triggered a multimillion-dollar increase in his net worth.
Data retrieved by Billionaires.Africa from the Bloomberg Billionaires Index revealed that since Oct. 11, exactly two weeks ago, Sawiris’ net worth has increased from $6.63 billion to $6.86 billion as of the time of writing.
This translates to a $230-million net-worth gain in the past 14 days for the Egyptian billionaire, who holds a beneficial stake in Adidas, the largest sportswear and sports equipment manufacturer in Europe.
The gain in his net worth was due to Adidas share price activity, as investors cherry-picked the company’s stock after the price slumped from an all-time high of €336.25 ($389.07) per share on Aug. 4. to a five-month low of €260 per share on Oct. 11.
The buying interest of bargain hunters who believe shares in the German-based sportswear company have upside potential for investors caused the share price to surge from a price of €260 ($302) per share on Oct. 11 to €277.35 ($322.2) per share as of the time of writing.
The price appreciation accrued a 6.7-percent gain in two weeks for the Egyptian businessman and other shareholders who held onto their stake despite the price shock they experienced between Aug. 4 and Oct. 11.
Since the start of the year, the billionaire has seen his net worth increase by $264 million from a valuation of $6.6 billion on Dec. 31, 2020 to $6.86 billion on Oct. 25.
The growth in his net worth this year lags the wealth growth of other African billionaires like Johann Rupert, Aliko Dangote and Nicky Oppenheimer, who have seen their wealth increase by more than $1 billion in 2021.
