Yesterday, Muyiwa opened by talking about how Jumia’s share price has gone from $3 to $59 — its highest price ever.
A year ago, Jumia’s market capitalization was less than $1 billion. Now, the company is worth $4.6 billion.
Edwin also shared Jumia chairman’s Jonathan Klein’s thoughts from Future Africa’s event: “A 10-year view of Entrepreneurship in Africa.”
High Stock price: When asked about concerns with the stock price, Klein responded that he believed the stock price was only relevant when it came to selling stock or raising more money. He added that this is a rule he tries to make sure the board and management team adhere to.
Amazon of Africa: On the topic of being the “Amazon of Africa”, Klein stated that he thinks it’s not fair how Jumia is compared to other players in the e-commerce industry, like Amazon, with no regard for the difference in the ecosystems and founding years.
When someone in the event’s chat room says “then stop introducing yourselves as the Amazon of Africa,” Klein responded, “We never called ourselves the Amazon of Africa. We call ourselves Jumia.”
He would later add that “Amazon took 20 years to become profitable and that was largely due to a business different from the core Amazon business,” referring to Amazon Web Services (AWS).
He was also quick to respond to a question about Jumia possibly creating their own AWS, “not even ZWS. No thank you” he said with a laugh.
Looking forward: It’ll be interesting to see if Q4 results will test investors’ belief in Left or if Jumia will continue this dizzying rally.
Read more: Jumia chairman Jonathan Klein shares invaluable advice for entrepreneurs doing business across Africa
Feeling bullish: Jumia hits its highest ever share price on the NYSE