How Telecoms businessman Masiyiwa lost 1 billion dollars in 6 months. According to a report by Forbes, The Econet founder saw his real-time net worth drop from $2.3 Billion to $1.1 Billion- making him the biggest loser in percentage terms among the top African billionaires including Aliko Dangote, Patrice Motsepe and Isabel Dos Santos just to mention a few. Poignant revelations show Zimbabwean Billionaire Strive Masiyiwa has been left counting his losses after losing over a Billion Dollars in 2019.
Masiyiwa built his fortune primarily in the telecoms industry. He owns large stakes in two companies that trade on Zimbabwe’s stock exchange namely Econet Wireless Zimbabwe which is one part of his larger Econet Group and Mobile banking firm Cassava Smartech. Masiyiwa also owns half of the private company Liquid Telecom, which provides fibre optic and satellite services to telecom firms across Africa.
Zimbabwe is currently facing its worst economic crisis in 10 years which is characterized by high inflation, excessive power cuts and an acute shortage of foreign currency. This has created a hostile business environment that has led to 3 tier pricing amongst a plethora of other challenges. Such are the high risks associated with doing business in Zimbabwe and could explain why Foreign investors are reluctant to put their money in the country.
Strive loses more than half of his fortune in just a year.
Economists have speculated the decision by the Zimbabwe government last year in June to ban the use of United States Dollars accelerated inflation causing Masiyiwa’s stake on the Stock exchange to tumble in US Dollar Terms. And with the growth domestic product (GDP) growth being expected to further contract by -12,9%, the Economic Intelligence reports predict more losses on domestic businesses.
However, John Robertson, A Harare Based Economist said despite Masiyiwa losing a Billion Dollars, he was faring better than most Zimbabweans. “Considering what has happened with the Zimbabwe dollar, which lost 95% of its value, (Masiyiwa) is doing better than most,”
Source – iHarare
In other News – The last Whatsapp message Tuku sent his daughter Selmor before he died
he last Whatsapp message Tuku sent his daughter Selmor before he died. Selmor, Daughter to the late music maestro yesterday shared on Facebook the last Whatsapp chat she had with her father 4 days before he died.
In the message, The late Tuku reassured his daughter that he was recovering and looking forward to getting his voice back. The 23rd of January this year marks the anniversary of the death of one of the country’s greatest musicians Oliver Mtukudzi. Below is the chat…continue reading.