Home » Egypt’s wealthiest man Naseef Sawiris s Adidas shares drop by 6%

Egypt’s wealthiest man Naseef Sawiris s Adidas shares drop by 6%

by Admin
0 comment

According to the Bloomberg Billionaires Index, his net worth fell from $6.5 billion at the start of 2022 to $6.4 billion.

Less than three weeks ago, Nassef Sawiris made $260 million following a surge in the market value of his stake in Adidas.

Egyptian tycoon Nassef Sawiris set records early this year for one of the fastest streaks of wealth accumulation among his counterparts. The reversal is underway, and it’s steep.

The Egyptian billionaire businessman and investor lost $230 million in 2 weeks as shares of German-based sportswear company Addidas fell by more than six per cent, from €259.1 ($291.3) at the start of the year to €242.25 ($272.2) at the time of writing, Billionaires Africa reported. According to the Bloomberg Billionaires index, his $6.4 billion net worth still places him as the eighth-richest billionaire in Africa and Egypt’s richest man. However, he’s now almost $14 billion behind Africa’s richest man, Aliko Dangote, whose net worth ($19.6 billion) has surged since the start of the year due to an increase in the stock price of Dangote Cement.

Less than three weeks ago, Business Insider Africa reported that Sawiris had already made $260 million after the shares of Adidas since the start of business and trading on Jan. 10 increased from a price of €246.95 ($283.07) per share four days ago to €256.20 ($293.63) per share on Jan 13.

However, due to the recent sell-off on the global equity market, caused by concerns about monetary authorities’ policy stance in containing soaring consumer prices and inflation, the market value of financial assets, including Adidas’ shares, has fallen, resulting in Sawiris’ net worth to fall from $6.5 billion at the start of 2022 to $6.4 billion.

Asides from his stake in Adidas, Sawiris currently owns 30% of OCI, a Geleen, Netherlands-based fertiliser producer formed out of a demerger from his family’s original business, Orascom Construction. His other assets include 6% of Adidas’s sportswear company and a stake in LafargeHolcim, the world’s biggest cement maker.

You may also like

Leave a Comment

About Us

Ukijeh360tv is a social media blog platform which the idea came about years ago but came to reality 2022 founded by Uche Daniel Ijeh”.

Newsletter

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

@2022 – All Rights Reserved by UKIJEH 360TV