Billionaires - March 1, 2022

Strive Masiyiwa Makes Unexpected Move After Becoming S.A’s Richest Black Billionaire

March 1, 2022

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Strive Masiyiwa stepped down three days after his net worth increased from $2.7 billion to $3.4 billion.

London-based Zimbabwean billionaire and philanthropist Strive Masiyiwa has stepped down as the chairman and director of Econet Wireless Zimbabwe Limited, the country’s biggest telecommunications service provider.

Econet Zimbabwe announced this last weekend at the end of the Zimbabwe Stock Exchange market. This follows the business mogul’s 61st birthday celebration on January 29, 2022.

Strive Masiyiwa stepped down three days after his net worth increased from $2.7 billion to $3.4 billion. His wealth increased by $700 million from January to February. A surge in the stock market and a revaluation of Masiyiwa’s assets in Econet Global and Liquid Intelligent Technologies made the billionaire richer.

His shares in Econet Wireless Zimbabwe increased by more than 67%, and Cassava Smartech Zimbabwe, now EcoCash Holdings, also rose by more than 94%. This makes him the richest black person in Southern Africa after overtaking South African mining tycoon Patrice Motsepe.

Founding Econet

Strive Masiyiwa founded Econet Wireless Zimbabwe Limited and the Econet Group in 1998 and has been on the board of directors ever since. According to the press statement, the Company has become one of Zimbabwe’s largest and most successful companies because of his vision, devotion, and tenacity.

Econet has evolved into the market leader in Zimbabwe over the last 20 years, with more than 12.4 million connected consumers. Thanks to Strive Masiyiwa’s leadership, dedication, and persistence.

Econet Wireless shares as of February 25 was at ZWL139.83 ($0.43), giving the telecom company a ZWL363-billion ($1.12 billion) valuation. His stake in Econet Wireless Zimbabwe is approximately ZWL191.84 billion ($591.2 million) at current market value.