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Sam Darwish, the U.S.-Nigerian telecom tycoon and co-founder of IHS Holdings, has seen a substantial loss in his net worth in the past three weeks due to the decline in the market value of his stake in the telecom infrastructure firm.

The market value of Darwish’s stake in IHS Holdings has slumped by $32.4 million in just three weeks, primarily due to the decline in the shares of the leading telecom infrastructure company on the New York Stock Exchange.

This financial setback comes on the heels of a prior loss of $40 million from July 21 to August 25, as reported by Billionaires.Africa.

Founded in 2001 by Sam Darwish, a leading player in the African telecom industry, IHS has solidified its position as the largest telecom infrastructure group in Africa, Europe, Latin America, and the Middle East.

Based on tower count, the company also ranks globally as the third-largest independent multinational tower company. Darwish holds a substantial 4.17-percent stake in IHS Holdings, amounting to 13,958,158 shares in the group.

In the past three weeks, IHS shares on the NYSE have experienced a significant decrease of 32.36 percent, falling from $7.17 on August 25 to $4.85 at the time of writing, pushing the group’s market capitalization drastically below $2 billion.

As a result of the recent slump, the market value of Darwish’s stake in the leading telecom infrastructure firm has declined by $32.38 million, from $100.08 million as of August 25 to $67.70 million at the time of drafting this report.

Despite the sustained decline in the market value of his stake, Sam Darwish remains one of the top players in the global telecom industry.

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