According to the latest Forbes rankings, Zimbabwe’s richest man, Strive Masiyiwa is now worth only US$1.3 billion. Being worth more than one billion is nothing to sneeze at but it is a far cry from his previous estimated net worth of US$4.4 billion back in May of this year. If Forbes’s numbers are to be believed it means Strive Masiyiwa lost US$3.1 billion in a mere four months! Forbes also explained the loss of fortune was due to the poor performance of Masiyiwa’s stakes in Ecocash and Econet Zimbabwe.
Both Econet and Ecocash have not been doing well at all as the Zimbabwean economy is in shambles despite vain denials by the country’s minister of finance. Mobile network operators and fintech like Ecocash have been particularly hit. Zealous government clamping on these entities has not helped matters either. Inflation is driven by poor government management and response to the war in Ukraine as well as drought has been the straw that broke the government’s back.
Strive Masiyiwa’s net worth is estimated by looking at the market price of his shares in various companies. According to the data from share markets Ecocash’s shares have fallen from an estimated US$0.51 per share to a paltry US$0.12 per share. Econet’s shares have fallen in value from just over US$1 per share to under US$0.40 per share. When these numbers are considered it is no surprise that his net worth has fallen.
This fall in estimated fortune seems to have done little to dampen his enthusiasm and belief in his companies as the tycoon appears to be doubling down. Cassava Technologies a fintech related to Ecocash is in the process of trying to raise as much as US$500 million in capital. Other entities like Liquid Holdings have also been expanding. The businessman probably reckons that the fall in theoretical fortune is just temporary.