Zimbabwe’s richest man, Strive Masiyiwa, has seen his fortune fall by $100 million since March, as a sharp decline in Econet InfraCo shares eroded the value of his holdings. Forbes now estimates Masiyiwa’s net worth at $2.1 billion, down from $2.2 billion at the end of March.

Masiyiwa, 65, built his fortune through telecommunications and technology after overcoming years of government resistance to launch Econet Wireless Zimbabwe in 1998. The company became the foundation of his business empire and helped establish him as Zimbabwe’s richest person, with interests now spanning connectivity, data centers and digital infrastructure.

The latest decline follows weakness in Econet InfraCo, whose shares have fallen from 33 cents to about 22.79 cents on the Victoria Falls Stock Exchange. The drop has reduced the market value of the infrastructure business and, in turn, pressured the value of Masiyiwa’s stake.

InfraCo shares lose ground

Econet InfraCo was valued at about $1 billion when it joined the Victoria Falls Stock Exchange through a listing by introduction. The transaction consolidated Econet Wireless Zimbabwe’s telecommunications towers, renewable-energy assets and real estate into a separate platform, giving investors direct exposure to infrastructure-related operations.

The listing involved no new capital being raised. Instead, 25 percent of Econet InfraCo, valued at roughly $250 million, was distributed to existing Econet shareholders as a dividend in specie. The structure allowed shareholders to receive a direct interest in the new infrastructure company while Econet retained the remaining ownership.

Econet’s restructuring reshaped Zimbabwe’s listed telecommunications sector. Econet Wireless Zimbabwe also exited the Zimbabwe Stock Exchange, where it had traded since 1998, after shareholders approved the move. The company argued that the local-currency market did not fully capture its value, paving the way for the Victoria Falls Stock Exchange structure.

Technology assets cushion decline

While InfraCo shares have weighed on Masiyiwa’s fortune, gains or valuations elsewhere in his portfolio have helped limit the overall impact. His broader technology holdings include Cassava Technologies, the pan-African digital infrastructure group that has continued to expand its role in cloud computing, connectivity and artificial intelligence.

Cassava Technologies and Vodafone Business recently agreed to develop Egypt’s sovereign artificial intelligence infrastructure, a project they describe as the country’s first AI factory. The initiative is intended to allow businesses and government institutions to develop, train and operate AI applications locally while keeping sensitive data hosted within Egypt.

The project is designed to strengthen Egypt’s domestic computing capacity, attract technology investment and support the country’s ambitions to become a regional center for advanced digital infrastructure. It also reflects a wider push by governments to build localized computing systems that can complement global cloud platforms and improve control over data.