Sam Darwish, the US-Nigerian telecom mogul and co-founder of IHS Holdings, has seen his net worth plummet in the last three weeks as the market value of his investment in the telecom infrastructure giant has declined.
Darwish’s position in IHS Holdings has lost $32.4 million in market value in just three weeks, owing principally to a drop in the shares of the major telecom infrastructure provider on the New York Stock Exchange.
This financial setback follows a $40 million loss from July 21 to August 25, as reported by HowNG.
Darwish, a key player in the African telecom market, founded IHS in 2001, and it has since grown to become the largest telecom infrastructure firm in Africa, Europe, Latin America, and the Middle East.
In terms of tower count, the company is also the third-largest independent multinational tower company in the world. Darwish owns a sizable 4.17 percent interest in IHS Holdings, totaling 13,958,158 shares in the company.
IHS shares on the New York Stock Exchange have dropped 32.36 percent in the last three weeks, going from $7.17 on Aug. 25 to $4.85 at the time of writing, bringing the company’s market capitalization far below $2 billion.
Darwish’s interest in the largest telecom infrastructure firm’s market value has dropped by $32.38 million as a result of the current fall, from $100.08 million on Aug. 25 to $67.70 million at the time of writing this report.
Despite the continued drop in the market value of his share, Sam Darwish remains one of the world’s top telecom players.