LONDON-based Zimbabwean billionaire Strive Masiyiwa has recorded gains of US$10.3 million since the start of the year thanks to a surge in the market value of his stake in the Zimbabwe-based smart tech group, Cassava Smartech.
Cassava Smartech, now trading as EcoCash Holdings, is a diversified smart tech group that leverages digital and financial technologies to build shared economies, drive financial inclusion and promote economic empowerment.
As of 5 January, shares in Cassava Smartech were trading at $44.9 (US$0.1263), 3.21-percent higher than their opening price this morning on the Zimbabwe Stock Exchange.
Masiyiwa holds a beneficial 30.26-percent stake in the company through Econet Global Limited.
The surge in the market value of his stake since the year began can be linked to recent buying interest in the company’s share in the new year.
Since the beginning of the year, shares in Cassava Smartech have increased from a price of $40.65 (US$0.1263) on 31 December, 2021 to $44.9 (US$0.1263) on 5 January. This led to gains of 10.45 percent for shareholders since the start of the year.
As a result of the share-price increase, the market value of Masiyiwa’s stake in the company has risen from $31.87 billion (US$98.97 million) at the beginning of the year to $35.2 billion (US$109.31 million) as of the time of the drafting of this report.
The value surge accrued total gains of $3.33 billion (US$10.34 million) for the billionaire businessman since the start of 2022.