Google’s projections align with a previous study — the Google/IFC e-Conomy Africa 2020 report — which anticipates 167 million new mobile users in sub-Saharan Africa by 2025. This will bring the total number of mobile subscribers in the region to 623 million.



A new report released by Google estimates that artificial intelligence (AI) could contribute over $30 billion to sub-Saharan Africa’s economy in the coming years.



The report, The Digital Opportunity of Sub-Saharan Africa, was conducted independently by Public First, on the region with 70% of its population under the age of 30.



Internet access across sub-Saharan Africa varies significantly, with about 66% of people online in southern Africa, but only 24% in Central Africa, according to Statista. The World Bank reveals that internet usage in West Africa hovers around 30%. The report predicts that even a 1% increase in internet access could lead to nearly a 6% rise in gross domestic product (GDP).



Speaking on the report, Alex Okosi, Managing Director of Google Africa, explains AI’s potential for the region to FORBES AFRICA: “While the report doesn&#8217;t pinpoint specific countries as front-runners in AI-driven growth, it highlights sectors where AI&#8217;s impact is already evident or holds substantial promise&#8230; It emphasizes its [AI] value in the area of automating tasks, boosting efficiency and productivity; and creating new products and services.”



According to the data, 76% of online adults in sub-Saharan Africa identify as entrepreneurs, further highlighting that every dollar invested in digital technologies in Sub-Saharan Africa is projected to generate over $2 in broader economic value by 2030. This finding illustrates the high return on investment (ROI) for digital advancements, particularly in sectors like healthcare, agriculture, and environmental sustainability.



“For the first time, we’ve included an AI curriculum to help business owners understand how they can leverage AI technologies for growth,” Okosi notes. “To further address infrastructure needs, investments like the Equiano subsea cable and our new Cloud region in Johannesburg are critical steps. Additionally, public-private partnerships will play a key role in closing the skills gap by delivering AI training programs and fostering a supportive policy environment that encourages innovation and addresses ethical concerns.”



Entrepreneurs across the continent are already recognizing the potential of AI. Ifeoluwa King, co-founder of VendorStack, a Nigerian social commerce startup, believes AI will touch every sector. “AI will streamline processes, increase efficiency, and cut costs. It will spark innovations from Africa’s creative youths and improve productivity, which will lead to increased revenues,” King tells FORBES AFRICA.

Google

‘AI Curriculum To Help Business Owners’: AI Could Add $30 Billion To Sub-Saharan Africa’s Economy, Report Finds

A decision by a Delaware judge late Tuesday afternoon has multibillion-dollar implications regarding Musk’s fortune.



Elon Musk ceded the title of world’s richest person to Frenchman Bernard Arnault of luxury conglomerate LVMH Tuesday evening, after a&nbsp;<a href="https://www.forbes.com/sites/antoniopequenoiv/2024/01/30/judge-voids-elon-musks-56-billion-pay-package-from-tesla/?sh=7ee4eb102756">Delaware judge</a>&nbsp;voided a hefty package of performance-based Tesla options&nbsp;<a href="https://www.forbes.com/sites/sergeiklebnikov/2021/05/06/elon-musk-made-billions-in-2020-every-other-ceo-made-millions/?sh=39b88bdd6f93">awarded to Musk in 2018</a>. Those shares had been worth more than $50 billion.&nbsp;Forbes&nbsp;estimates that Musk is now worth $184.5 billion. He now trails Arnault (estimated net worth: $210.8 billion) but remains ahead of the world’s third richest person, Amazon’s Jeff Bezos ($179 billion).



In her ruling, Delaware judge Kathaleen McCormick determined that Musk and his co-defendants, Tesla and certain of its board members, failed to prove that the process underlying the award of “the largest potential compensation opportunity ever observed in public markets” was fair due to conflicts of interest and Musk’s “control” over the board. Musk’s options were worth $50.9 billion (net of exercise cost) at Tuesday’s stock market close. Because of the ruling, he won’t be able to exercise or sell them. Given the high level of uncertainty about what comes next–including an appeal of the ruling,&nbsp;Forbes&nbsp;has discounted Musk’s options by 50%, enough to knock his net worth down by $25.5 billion after the decision.



“[The ruling] will certainly be appealed and there is some chance of reversal or a different remedy,” says UCLA law professor Jim Park. “Chancellor McCormick is well regarded and known as careful, so I think there’s a good chance her decision will get some deference from the Delaware Supreme Court. On the other hand, perhaps the Supreme Court will worry that the decision will send a negative message to the business community and will thus reduce the award.”



There is also the possibility that Tesla could just grant Musk another pay package with a more rigorous process designed to withstand legal scrutiny. After all, Tesla shareholders, whose stock has appreciated more than sevenfold since 2018, haven’t exactly celebrated the decision by the Delaware court. Shares of Tesla were trading down 0.8% at 2:30 p.m. eastern time on Wednesday.



“If the pay package is struck down, Musk will demand another — and he&#8217;ll get it,” says Michigan law professor Adam Pritchard. “But [it’s] very hard to say how different that would be from this package.”



Musk had been clamoring for even more Tesla shares prior to the Delaware decision. In an X post on January 15 he wrote, “I am uncomfortable growing Tesla to be a leader in AI &amp; robotics without having ~25% voting control.” If upheld on appeal, the judge&#8217;s decision to void Musk&#8217;s options pay package would drop his stake in Tesla from 22% to 13%.

GERMANY-AUTOMOBILE-TESLA-MUSK

Elon Musk No Longer World’s Richest After Judge Voids $51 Billion Pay Package

The New York-listedBlackRock is set to buy the entirety of Bayo Ogunlesi’s GIP&#8217;s business and assets.



The world’s largest asset manager BlackRock has agreed to acquire infrastructure&nbsp;investor Global Infrastructure Partners (GIP) for a total consideration of $3 billion in cash and approximately 12 million shares of BlackRock common stock.



In a joint statement, the organizations note that the infrastructure sector, valued at $1 trillion today, is poised for rapid growth, driven by global demands for enhanced digital infrastructure, logistical hubs, and a shift toward decarbonization. They added that the acquisition aligns with the trend of public-private partnerships becoming vital for funding essential infrastructure projects amid large government deficits.



Laurence D. Fink, BlackRock Chairman and CEO, expressed excitement about the potential of this merger, stating, “Infrastructure is one of the most exciting long-term investment opportunities, as a number of structural shifts re-shape the global economy. We believe the expansion of both physical and digital infrastructure will continue to accelerate, as governments prioritize self-sufficiency and security through increased domestic industrial capacity, energy independence, and onshoring or near-shoring of critical sectors. Policymakers are only just beginning to implement once-in-a-generation financial incentives for new infrastructure technologies and projects.”



The combined entity, with over $150 billion in assets under management, aims to deliver market-leading infrastructure expertise globally.



GIP, managing over $100 billion in client assets since its founding in 2006, focuses on energy, transport, water, waste, and digital sectors. The acquisition brings together BlackRock&#8217;s extensive corporate relationships and GIP&#8217;s performance in infrastructure investing.



&#8220;We founded BlackRock 35 years ago based on a unique understanding of investment risk and the factors and forces driving investment returns. GIP’s deep understanding of the factors and forces driving operational efficiency for long-term value creation have made them a global leader in infrastructure investing. Bringing these two firms together will create the infrastructure platform to deliver best-in-class investment opportunities for clients globally, and we couldn’t be more excited about the opportunities ahead of us,” Fink said in the statement.



Bayo Ogunlesi, GIP’s Founding Partner, Chairman, and CEO, emphasized the collaboration&#8217;s significance in the same statement: “I’m excited about the power of this combination and the prospect of working with Larry and his talented team&#8230;



&#8220;We are convinced that together we can create the world’s premier infrastructure investment firm.&#8221;



The GIP management team, led by Ogunlesi, will spearhead the combined infrastructure platform, creating a powerhouse for diversified, large-scale sourcing. Subject to completion of customary procedures, Ogunlesi is set to join BlackRock&#8217;s Board of Directors post-closing.



The deal, expected to close in the third quarter of this year, is subject to regulatory approvals and other closing conditions.

2018 New York Times Dealbook

BlackRock And Infrastructure Firm GIP Forge Alliance In $3 Billion Infrastructure Powerplay With 12 Million Common Stock Shares

<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



Chevron will acquire Hess Corporation as part of an all-stock transaction valued at $53 billion, the energy giant announced Monday, the second-largest deal by a major oil firm this month since a nearly <a href="https://www.forbes.com/sites/tylerroush/2023/10/11/exxon-mobil-buying-pioneer-natural-resources-for-nearly-60-billion-in-biggest-deal-in-decades/?sh=57b5a955f1ce">$60 billion acquisition</a> by Exxon Mobil nearly 2 weeks ago.



<h2 class="wp-block-heading">KEY FACTS</h2>



The deal values Hess at $171 per share and will provide Hess shareholders with just over 1.02 shares of Chevron for each Hess share at the deal’s closing, according to a&nbsp;<a href="https://www.chevron.com/newsroom/2023/q4/chevron-announces-agreement-to-acquire-hess" target="_blank" rel="noreferrer noopener">joint statement.</a>



Chevron will acquire 30% ownership of more than 11 billion barrels of oil equivalent in Guyana, which Hess CEO John Hess called the “world’s largest oil discovery” in the last decade, in addition to 465,000 acres of assets in the Bakken Formation in North Dakota.



With the new assets, Chevron said it expects to increase asset sales and generate $10 billion to $15 billion from the acquisition in before-tax proceeds through 2028.



The deal also includes unspecified “complementary” assets in the Gulf of Mexico and a “steady free cash flow” from natural gas business in Southeast Asia.



Shares for&nbsp;<a href="https://finance.yahoo.com/quote/CVX" target="_blank" rel="noreferrer noopener">Chevron</a>&nbsp;fell over 2% in early market trading on Monday morning, while shares for&nbsp;<a href="https://finance.yahoo.com/quote/HES" target="_blank" rel="noreferrer noopener">Hess</a>&nbsp;fell slightly (0.28%).



Both companies said the deal is expected to close in the first half of 2024, pending approval by regulators and Hess shareholders.



<h2 class="wp-block-heading">CRUCIAL QUOTE</h2>



Peter McNally, an analyst for Third Bridge, said the “real prize” in the deal is Guyana-based assets, where “the country has vaulted into one of the most important growth areas for non-OPEC oil production.&#8221;



<h2 class="wp-block-heading">BIG NUMBER</h2>



Over 1 million. That’s how many barrels of oil equivalent are expected to be produced per day in Guyana by 2026, according to McNally.



<h2 class="wp-block-heading">KEY BACKGROUND</h2>



The Chevron deal follows an announcement earlier this month by&nbsp;<a href="https://www.forbes.com/sites/tylerroush/2023/10/11/exxon-mobil-buying-pioneer-natural-resources-for-nearly-60-billion-in-biggest-deal-in-decades/?utm_source=twitter&amp;utm_medium=social&amp;utm_campaign=forbes&amp;utm_term=se-breaking&amp;sh=6348d9615f1c">Exxon</a>, which said it would acquire Pioneer Natural Resources in a deal valued at $59.5 billion. Both deals come amid U.S. oil and gas production&nbsp;<a href="https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&amp;s=MCRFPUS2&amp;f=M" target="_blank" rel="noreferrer noopener">reaching</a>&nbsp;near all-time highs, though oil companies had challenges acquiring new locations for drilling in recent years. Oil production in Guyana has increased after a net-zero production in 2019 to about 400,000 barrels per day in 2023,&nbsp;<a href="https://www.wsj.com/business/energy-oil/chevron-to-buy-hess-for-53-billion-f1373362" target="_blank" rel="noreferrer noopener">according</a>&nbsp;to the&nbsp;Wall Street Journal. Guyana is expected to become one of the world’s fastest-growing oil developments over the next decade, the&nbsp;Journal&nbsp;reported, as larger oil companies—including Exxon and Cnooc—expand into the country.



<h2 class="wp-block-heading">FURTHER READING</h2>



<a href="https://www.forbes.com/sites/tylerroush/2023/10/11/exxon-mobil-buying-pioneer-natural-resources-for-nearly-60-billion-in-biggest-deal-in-decades/?utm_source=twitter&amp;utm_medium=social&amp;utm_campaign=forbes&amp;utm_term=se-breaking&amp;sh=6348d9615f1c">Exxon Mobil Buying Pioneer Natural Resources For Nearly $60 Billion—In Biggest Deal In Decades</a>&nbsp;(Forbes)



<a href="https://apnews.com/article/chevron-hess-exxon-oil-merger-acquisition-37ff382d6fa713b7a1e887c7be5f1e93" target="_blank" rel="noreferrer noopener">Chevron Buys Hess For $53 Billion, 2nd Buyout Among Major Producers This Month As Oil Prices Surge</a>&nbsp;(Associated Press)



<a href="https://www.reuters.com/markets/deals/chevron-buy-hess-corp-53-bln-stock-2023-10-23/" target="_blank" rel="noreferrer noopener">Chevron To Buy Hess Corp For $53 Billion In All-Stock Deal</a>&nbsp;(Reuters)

Chevron Posts Near Record Profits, Exceeding Market Expectations

Chevron Buying Hess For $53 Billion In Latest Major Oil Deal

Nigeria&#8217;s top seven most profitable publicly-listed companies, including five banks, Dangote Cement, and MTN Nigeria, reported a total profit before tax of ₦1.89 trillion ($2.43 billion) in H1 2023. Bank profits surged due to gains from foreign exchange transactions. UBA led with ₦404 billion ($520 million), a 371% YoY increase. This trend diverges from the global norm, prompting calls for inclusive growth measures to address economic disparities and job losses, particularly in manufacturing.



Five banks, a cement manufacturer (Dangote Cement Plc), and a telecommunications company (MTN Nigeria Communications Plc) are among Nigeria’s seven most profitable publicly-listed companies in the first half of the year, collectively reporting a combined profit before tax of ₦1.89 trillion ($2.43 billion).



The five banks are United Bank for Africa Plc (UBA), Zenith Bank Plc, Guaranty Trust Holding Company (GTCO), FBN Holdings Plc, and Access Holdings Plc. Analysts attribute their profitability primarily to revaluation gains from foreign exchange (FX) swaps and forwards with the Central Bank of Nigeria (CBN).



UBA recorded the highest profit before tax, amounting to ₦404 billion ($520 million), reflecting a 371% increase compared to the ₦85.75 billion ($110.38 million) in H1 2022.



The dominance of banks in the list of most profitable companies in Nigeria contrasts with the global trend, where technology and oil companies typically lead in profitability.



President Bola Tinubu&#8217;s declaration on May 29 to unify exchange rates prompted the Central Bank of Nigeria&#8217;s (CBN) announcement on June 14 of a free-floating system. This transition enabled deposit money banks (DMBs) and foreign exchange market dealers to freely trade forex at market-determined rates, leading to a 40% depreciation of the currency against the dollar in June. Consequently, the official exchange rate increased from ₦463.38/$ to ₦776.8/$ today.



Analysts make a call to action for the government to implement measures that promote inclusive growth, address economic disparities, and ensure the prosperity of all sectors.



Economist Kelvin Emmanuel shedding light on the implications emphasizes to FORBES AFRICA about the stark imbalance in the nation&#8217;s economic landscape.



The profits amassed by these influential banks, according to Emmanuel, underscore a concerning reality – the fragility of Nigeria&#8217;s economic structure. He argues that this financial success primarily tied to FX transactions reveals a system that is skewed, with the banking sector thriving while other crucial segments, particularly manufacturing, face challenges. Job losses in Nigeria’s manufacturing sector has spiked to a three-year high.



Emmanuel asserts that the government must address key issues to rectify this economic disparity. He advocates for a strategic approach to &#8220;decouple inflation as a tool for adjusting the Monetary Policy Rate (MPR).&#8221; According to Emmanuel, this shift is crucial to making credit more affordable for the real sector, enabling increased production capacity.



Furthermore, Emmanuel urges policymakers to focus on stabilizing the FX markets. A stabilized FX environment is deemed essential for providing businesses, especially those in manufacturing, with easy access to raw materials and machinery. This, in turn, is crucial for boosting production and narrowing the gap between the flourishing banking sector and struggling manufacturing companies.



&#8220;It doesn’t speak well about an economy if the banks are doing better than manufacturing companies,&#8221; states Emmanuel, underscoring the need for a comprehensive economic strategy that fosters balanced growth across various sectors.



Moses Adeolubodun, an investor, expresses concern about heavy reliance on FX gains for profit, emphasizing the necessity of diversification for a more sustainable economic foundation.



Adeolubodun tells FORBES AFRICA, &#8220;Banks must guard against overreliance on short-term gains and focus on long-term strategies for sustained growth.&#8221;



He underscores the importance of a diversified economic landscape to mitigate risks linked to dependency on a specific sector.



&#8220;There is a need for policymakers to carefully monitor the impact of monetary policies on the economy and consider measures to ensure stability and resilience.&#8221;



He highlights the importance of a well-balanced and transparent foreign exchange policy to foster investor confidence and economic sustainability.

Banking in Nigeria

Five Banks Among Nigeria’s Top Seven Profitable Companies In First Half, Reporting $2.43 Billion In Collective Profit

After taking the daring step of unifying the Naira, the Central Bank of Nigeria (CBN) has reported a composite foreign exchange (FX) influx of $2.55 billion in two months.



This increased inflow was predominant in the Investors and Exporters (I&amp;E) window, marking $1.41 billion in June, up from $1.14 billion in May, with a significant portion of the June influx coming from domestic businesses and exporters.



The Naira unification policy has led to noteworthy advancements in the domestic forex market. The policy was announced as an initiative to improve liquidity and stability by consolidating all forex market segments.



The CBN reported that the domestic forex market managed to sustain over 90% of the total inflow in June.



Despite the Naira&#8217;s continuing plummet against the dollar, financial experts predict that the exchange rate unification could potentially stimulate enhancements in FX liquidity in the medium to long term.



Some pundits also predict an inflow of investors across various sectors of the economy due to this recent shift.



Kelvin Emmanuel, an economist, puts a positive spin on the situation, stating that the current uptick in foreign inflows shows an appreciation in light of the government&#8217;s decision to peg the Naira to fair value.



Emmanuel shares with FORBES AFRICA: &#8220;The increase from $468 million to $2.55 billion serve as evidence that aligning official I&amp;E rates with spot rates leads to increased independent government revenues, higher foreign direct investment (FDI)/foreign portfolio investment (FPI) funds, improved diaspora remittances, and enhanced net export proceeds.&#8221;



However, he is concerned that &#8220;the widening of the black-market premium to 18%, which reflects the apex bank&#8217;s hesitance to merge the I&amp;E window with spot rates, indicates that the CBN has not fully embraced a floating exchange rate system&#8221;.



Emmanuel&#8217;s assessment is that the annual consolidated report of the CBN, showing a decrease in Nigeria&#8217;s external reserves to $17 billion in contrast to the $43 billion of external debt, solidifies the reluctance of long-term, non-speculative foreign direct investors and short-term, speculative foreign portfolio investors to invest capital in Nigeria, aligning with the principles of the Guidotti-Greenspan rule for the reserves-to-debt ratio.



Oluwaseun Obilana, an exporter, emphasizes the need for the government to increase their rebate to exporters and improve daily limits on FX transactions.



Obilana expresses to FORBES AFRICA: &#8220;The increase in inflow is very promising as it could significantly contribute to the growth of the country&#8217;s economy, potentially motivating more exporters to engage in business.&#8221;



&#8220;But, to achieve this, the government needs to consider raising the rebate provided to exporters and also increasing the daily limit for foreign exchange transactions.&#8221;



He highlights the challenges exporters like him face due to strained access to the dollar at the official rate.



&#8220;Despite the recorded increase in inflow, exporters still encounter difficulties accessing dollars at the official rate. The inability to access dollars for freight payments is severely impacting our businesses. When attempting to pay for freight, we often encounter the frustrating message &#8216;daily limit reached.&#8217; Dollars should be made more accessible and promptly available.&#8221;

coins-paper-money-globe-white-statistic-form-background_1387-296

Nigeria’s Naira Unification Accelerates FX Inflows To $2.55 Billion In Two Months: ‘Promising’, Say Experts

MacKenzie Scott, the philanthropist and ex-spouse of Amazon CEO and founder Jeff Bezos, announced a new round of donations Tuesday, totaling some $2.7 billion to 286 organizations around the U.S. She detailed her thought process and the list of recipients in a&nbsp;<a href="https://mackenzie-scott.medium.com/seeding-by-ceding-ea6de642bf" target="_blank" rel="noreferrer noopener">Medium blog post</a>.&nbsp;&nbsp;



“Sitting down to write this post, I felt stuck,” Scott writes. “I want to de-emphasize privileged voices and cede focus to others, yet I know some media stories will focus on wealth.” (Duly noted by us here at&nbsp;Forbes.) By&nbsp;<a href="https://www.forbes.com/profile/mackenzie-scott/?sh=b4d7725243d0">our estimate</a>, Scott’s fortune—after distributing the latest gifts—stands at $57 billion as of 10:30 am ET, which makes her the 22nd richest person in the world.&nbsp;



Scott says she wished she could have titled her post “286 Teams Empowering Voices the World Needs to Hear,” because she and her team are “attempting to give away a fortune that was enabled by systems in need of change.” With that, Scott jumps into the&nbsp;<a href="https://www.nytimes.com/2021/06/13/opinion/warren-buffett-billionaire-taxes.html" target="_blank" rel="noreferrer noopener">billionaire debate</a>&nbsp;that’s long simmered amid recent explosive reporting by&nbsp;<a href="https://www.propublica.org/article/the-secret-irs-files-trove-of-never-before-seen-records-reveal-how-the-wealthiest-avoid-income-tax" target="_blank" rel="noreferrer noopener">ProPublica</a>&nbsp;revealing that the world’s richest—including her ex-husband—pay very little in taxes relative to their wealth.



“We are governed by a humbling belief that it would be better if disproportionate wealth were not concentrated in a small number of hands, and that the solutions are best designed and implemented by others,” Scott writes. She says she focused her latest donations on higher education, groups bridging divides through interfaith support, arts and culture, anti-poverty organizations led by people of color and grassroots groups supporting local communities.



Scott didn&#8217;t disclose the specific dollar amount of each grant she made. But she did say that in total, she dispersed $2.739 billion. If the grants are equal in size, that means each of the 268 organizations received about $10 million. One recipient, the Children’s Defense Fund,&nbsp;<a href="https://www.childrensdefense.org/2021/childrens-defense-fund-receives-20-million-from-mackenzie-scott-and-dan-jewett/" target="_blank" rel="noreferrer noopener">says</a>&nbsp;they received $20 million, “the largest single contribution” in its history. Global health organization&nbsp;<a href="https://www.forbes.com/sites/kerryadolan/2018/03/12/backed-by-a-band-of-philanthropists-nonprofit-makes-dramatic-progress-in-reducing-childhood-deaths/?sh=36a9069a237e">Muso</a>&nbsp;received $15 million, likewise its largest donation to date, according to a press release. The BOMA Project, which aims to end poverty in rural Africa, received&nbsp;<a href="https://bomaproject.org/2021/06/15/philanthropist-mackenzie-scott-donates-10m-to-the-boma-project/" target="_blank" rel="noreferrer noopener">$10 million</a>.



Fascinating, though, are Scott’s donations to groups that enable philanthropic giving or aid. Like Kiva, which makes microloans. Or Give Directly, which gives cash to the very poor in African countries. Another recipient, the National Council of Nonprofits, told&nbsp;Forbes&nbsp;their unrestricted grant will help their work supporting tens of thousands of nonprofits across the country. “Grateful for the tremendous trust that MacKenzie and Dan [Jewett, her husband] have in our work does not even begin to describe how we are feeling today,” CEO and president Tim Delaney says.



In keeping with Scott’s stated belief of ceding control of money for the best results in disseminating wealth, she gave to the Decolonizing Wealth Project, which redistributes wealth to Black, Indigenous and other philanthropic initiatives led by people of color. A gift was also made to Homeboy Industries, a Los Angeles-based nonprofit that rehabilitates former gang members and helps them become contributing members of society.



Among Scott’s education recipients is DonorsChoose, a nonprofit that lets teachers crowdfund for their classrooms. Founder Charles Best told&nbsp;Forbes&nbsp;that Scott’s gift was “overwhelming,” and said her Tuesday blog post “will surely be cited as one of the most powerful philanthropic manifestos ever written.” Scott also donated to numerous colleges and universities.



Another recipient, Faith in Action, told&nbsp;Forbes&nbsp;they look forward to using their multi-million donation “toward continued investments in Black and Brown communities” as part of their mission to help people of religious faith work towards more just and equitable societies. “This gift is transformative for Faith in Action,” executive director, the Reverend Alvin Herring, says. “As we center the leadership of everyday folks who aren’t looking for the limelight, we are grateful to Ms. Scott for investing in organizations led by people directly impacted by the issues we care so deeply about.”



Arts organizations receiving funds include the legendary Apollo Theater in Harlem, the Alvin Ailey American Dance Theater, Jazz at Lincoln Center and the L.A. Arts Endowment Fund, among others.



Tuesday marks Scott’s third major round of donations. By&nbsp;Forbes’ estimate, she gave away&nbsp;<a href="https://www.forbes.com/sites/denizcam/2021/04/06/how-mackenzie-scott-gave-away-nearly-6-billion-last-year-and-ended-up-richer/?sh=4a551b4068cc">nearly $6 billion</a>&nbsp;in 2020 to 500 organizations. Scott is also a&nbsp;<a href="https://givingpledge.org/Pledger.aspx?id=393" target="_blank" rel="noreferrer noopener">signee</a>&nbsp;of the Giving Pledge, promising to give away half of her fortune to charitable causes during her lifetime, or after her death.

Axel Springer award ceremony

MacKenzie Scott Just Gave Away Another $2.7 Billion

TOPLINE Apple reported a profit of $23.6 billion in its second quarter, up twofold from a year ago, on record sales of $89.6 billion, blowing past analysts’ expectations as iPhone sales remained strong after a record end to 2020.



<h3 class="wp-block-heading" id="h-key-facts">KEY FACTS</h3>



<ul class="wp-block-list"><li>Apple’s sales were up 53.7% jump from the same quarter last year, exceeding the $77.4 billion <a href="https://finance.yahoo.com/quote/AAPL/analysis?p=AAPL" target="_blank" rel="noreferrer noopener">expected by analysts</a>.</li></ul>



<ul class="wp-block-list"><li>Net earnings were $1.40 per share, also well ahead of the consensus analyst expectation of 99 cents per share.</li></ul>



<ul class="wp-block-list"><li>iPhone sales totaled $47.9 billion, accounting for 53% of Apple’s total revenue, far surpassing the $29 billion reported in the first quarter of 2020 and the $41.7 billion predicted by Wall Street analysts.</li></ul>



<ul class="wp-block-list"><li>Revenue from services like iTunes and the App Store grew 27% to $16.9 billion, and sales of Mac computers, iPads and accessories like AirPods and watches also increased from last year.</li></ul>



<h3 class="wp-block-heading" id="h-crucial-quote">CRUCIAL QUOTE</h3>



“Success was broadly distributed across our product categories,” Apple CEO Tim Cook said in a Wednesday evening conference call.



<h3 class="wp-block-heading" id="h-key-background">KEY BACKGROUND</h3>



In the final three months of last year, Apple logged the&nbsp;<a href="https://www.forbes.com/sites/johnkoetsier/2021/01/27/apples-biggest-quarter-ever-all-the-insane-numbers/">best quarter</a>&nbsp;in its 45-year history, topping $100 billion in total sales and growing revenue for&nbsp;<a href="https://www.cnbc.com/2021/01/27/apple-aapl-earnings-q1-2021.html" target="_blank" rel="noreferrer noopener">virtually every product line</a>. Over&nbsp;<a href="https://www.apple.com/newsroom/pdfs/q4fy15datasum.pdf" target="_blank" rel="noreferrer noopener">the last</a>&nbsp;<a href="https://www.apple.com/newsroom/pdfs/Q1FY17DataSummary.pdf" target="_blank" rel="noreferrer noopener">decade</a>, iPhones have served as the Cupertino, Calif.-based company’s largest driver of revenue. Some&nbsp;<a href="https://www.forbes.com/sites/timbajarin/2020/11/01/will-5g-kick-off-a-smartphone-upgrade-supercycle/?sh=9fcbe876fd2b">observers</a>&nbsp;expected iPhone sales to remain fairly strong at the start of this year, as consumers continue&nbsp;<a href="https://www.wsj.com/articles/apple-aapl-2q-earnings-report-2021-11619572929" target="_blank" rel="noreferrer noopener">upgrading to pricier</a>&nbsp;5G-enabled smartphones. But the company has also&nbsp;<a href="https://www.apple.com/newsroom/pdfs/Q1FY17DataSummary.pdf" target="_blank" rel="noreferrer noopener">rapidly</a>&nbsp;<a href="https://www.apple.com/newsroom/pdfs/FY21%20Q1%20Consolidated%20Financial%20Statements.pdf" target="_blank" rel="noreferrer noopener">increased</a>&nbsp;the share of its revenue from online services, and sales have grown for accessories like watches and AirPods.



<h3 class="wp-block-heading" id="h-tangent">TANGENT</h3>



It’s&nbsp;<a href="https://www.forbes.com/sites/chuckjones/2021/04/28/the-two-most-important-numbers-in-apples-earnings-announcement/?sh=6df247e93b49">not unusual</a>&nbsp;for Apple’s revenue to drop significantly from the end of one year to the beginning of the next, as holiday shopping brings&nbsp;<a href="https://www.apple.com/newsroom/2021/01/apple-reports-first-quarter-results/" target="_blank" rel="noreferrer noopener">consumers into stores</a>&nbsp;and drives&nbsp;<a href="https://www.cnbc.com/2021/01/06/apple-app-store-customers-spent-record-540-million-on-new-years-day.html#:~:text=On%20top%20of%20that%2C%20Apple,for%20its%20Apple%20Books%20app." target="_blank" rel="noreferrer noopener">digital sales</a>.



<h3 class="wp-block-heading" id="h-further-reading">FURTHER READING</h3>



<a href="https://www.forbes.com/sites/chuckjones/2021/04/28/the-two-most-important-numbers-in-apples-earnings-announcement/?sh=6df247e93b49">The Two Most Important Numbers In Apple’s Earnings Announcement (Forbes)</a>



By Joe Walsh, Forbes Staff

Apple_announce-iphone12pro_10132020

Apple Profit Doubles On Record Revenue In Second Quarter As iPhone Sales Beat Expectations

The wealthiest women in the US have gotten even richer over the past year. Buoyed by a strong stock market and rising real estate prices, the combined net worth of the ten richest women on The Forbes 400 is $156.6 billion, up from $124.2 billion last year.
Altogether there are 48 women on this year’s Forbes 400 list of richest Americans, up from 45 last year. Newcomers include Elaine Marshall, who inherited a stake in private conglomerate Koch Industries from her late husband, and Anne Gittinger, granddaughter of the co-founder of Nordstrom  department stores.
Another new woman is a longtime Forbes 400 member: James Pritzker, a former lieutenant colonel in the army and an heir to the extended Chicago Pritzker family fortune, announced in August that she will now be known as Jennifer Pritzker. That makes her the first transgender billionaire. Pritzker runs the Pritzker Military Library in Chicago.
<div id="attachment_5799" style="width: 310px" class="wp-caption alignleft"><img loading="lazy" decoding="async" aria-describedby="caption-attachment-5799" class="size-medium wp-image-5799" src="/wp-content/uploads/2017/05/006-Lauren-Powell-Jobs-300x200.jpg" alt="" width="300" height="200" />Lauren Powell Jobs</div>
The wealthiest woman in America, Christy Walton, is also the world’s richest woman, with a net worth Forbes pegs at $35.4 billion. Walton inherited a stake in retailer Wal-Mart and a chunk of stock in solar firm First Solar FSLR -1.23% when her husband, John Walton, died in a plane crash in 2005.
Walton ranks 6th on The Forbes 400 list. She leads a very private life in Jackson, Wyoming but in August had a rare bit of publicity when was given an award by the Imagen Foundation for producing the film Bless Me, Ultima, based on the book by Rudolfo Anaya, who is considered the father of Chicano literature. Walton, aged 59, has faced a number of difficulties in her life in addition to her husband’s death. Her son – her only child – battled cancer when he was just three years old and she fought a case of pneumonia that nearly killed her, according to the Imagen Foundation.
America’s second-richest woman is Alice Walton, sister-in-law of Christy Walton and daughter of Wal-Mart founder Sam Walton. Forbes puts her net worth at $33.5 billion, a fortune mostly comprised of stock she inherited in Wal-Mart and her art collection. She ranks 8th on The Forbes 400. Alice Walton opened the Crystal Springs Museum of American Art in Bentonville, Arkansas in 2011, and it has proved to be a popular attraction, already clocking 1 million visitors.
<div id="attachment_5801" style="width: 310px" class="wp-caption alignleft"><img loading="lazy" decoding="async" aria-describedby="caption-attachment-5801" class="size-medium wp-image-5801" src="/wp-content/uploads/2017/05/004-Abigain-Johnson-300x229.jpg" alt="" width="300" height="229" />Abigain Johnson</div>
Laurene Powell Jobs, the widow of Apple founder Steve Jobs, ranks 35th on The Forbes 400. She is the richest woman in Silicon Valley and is the 6th richest woman on the list, with a net worth of $11.7 billion.
Women still make up a minority of The Forbes 400 richest – just 12% of this elite group. Most of the women inherited their fortunes; only seven of the 45 started their own businesses or co-founded them with their husbands.
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Tag: Billion

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