Strive Masiyiwa, the richest man in Zimbabwe and one of the world’s wealthiest Black businesspeople, has seen his net worth decline by $400 million in the past month.
Masiyiwa’s wealth has fallen from $2.2 billion on May 17 to $1.8 billion as of this writing. This recent slump in Masiyiwa’s fortune follows a period of significant wealth gains. Between January 1 and May 17, the Zimbabwean billionaire saw his net worth increase by $1 billion, soaring from $1.2 billion to $2.2 billion.
The decline in Masiyiwa’s net worth can be attributed to the recent slump in the shares of his publicly traded businesses on the Zimbabwe Stock Exchange, particularly Econet Zimbabwe and EcoCash Holdings. Masiyiwa owns 52.85 percent of Econet Zimbabwe, the country’s largest telecom services provider, and holds a 30-percent stake in EcoCash Holdings, a diversified intelligent technology company focused on digital and financial solutions.
In the past month, the share prices of Econet Zimbabwe and EcoCash Holdings have experienced double-digit declines, resulting in significant losses for investors with substantial stakes in these companies.
Despite this recent setback, Masiyiwa remains Zimbabwe’s richest man and also one of the world’s richest black people. In addition to his holdings in Econet Zimbabwe and EcoCash Holdings, he also boasts a $145-million equity position in Liquid Intelligent through his ownership of Econet Global, a diversified telecom group with operations and investments across Africa, Europe, South America, and the East Asia-Pacific Rim.