<abbr>In</abbr> 1882, John D. Rockefeller, the world’s richest man, created the first full-service single-family office in the U.S. to manage and invest his fortune, said to be $1.4 billion ($31 billion in today’s dollars) at his death in 1937. Fast-forward 142 years, and many members of The Forbes 400 have a family office to help them manage their enormous fortunes.



But so do thousands of other American families who don’t belong to the billionaire class. At their core, family offices are a means to invest, preserve and pass on fortunes—not to build them de novo. They’re both a safety net and status symbol. “People are busy, and they want to know: ‘How are we doing? Is there anything to worry about?’ ” says Mark Rogozinski, president of Family Office Services for Chicago-based Cresset Asset Management.



Family offices are taking off for many reasons, including increasing wealth and aggressive marketing to the ordinary rich. Baby Boomers and their elders also have concerns about passing on their accumulated wealth (in aggregate, some $84 trillion) and have a desire to involve younger generations in philanthropy. On the other side, the family office providers have access to new technology that can better monitor investment performance and share financial data, making it easier for them to expand. The final impetus is tax savings—the 2017 tax overhaul, coupled with a tax court ruling that year involving the Lender family (of bagel fame), mean that investment expenses which are no longer deductible on individual tax returns can often be written off at the family office level.



It’s unclear how many single-family offices now operate in the U.S.—estimates range from 3,000 up to 7,000. But all agree that the number is growing. Deloitte conservatively estimates there will be 3,550 single-family offices in North America in 2025, up 61% from 2019. (For comparison,&nbsp;Forbes&nbsp;counted 880 billionaires in the U.S. and Canada in 2024.)



It still requires at least $100 million in investable assets (and preferably $250 million) for a single-family office to make sense, but those with as little as $25 million, or even $10 million, can find a spot with a multifamily operator if they’re ready to pay for estate, tax and charitable planning and access to alternative investments like derivatives and venture capital.



A single-family office costs a minimum of $1 million annually (and usually more), but multi-family offices run from 0.5% to 2% of assets a year (generally, the bigger the portfolio, the lower the percentage). Sometimes there are transaction and performance fees as well. Concierge services, such as managing a client’s homes and security and travel, may cost extra. The fee structure is often negotiable and bespoke, just like the services. Some multifamily offices charge a fixed fee per year, starting at $50,000 and ranging up to $1 million for full service.



More and more people want (and can afford) such white-glove treatment. The Federal Reserve’s 2022 Survey of Consumer Finances found the richest 1% of Americans (that’s 1.3 million households) had a minimum net worth of&nbsp;<a href="https://fred.stlouisfed.org/series/WFRBL99T999309" rel="noreferrer noopener" target="_blank">$11 million</a>, while the top 0.1% (<a href="https://fred.stlouisfed.org/series/WFRBLTP1310" rel="noreferrer noopener" target="_blank">133,000</a>&nbsp;households) had a net worth of at least&nbsp;<a href="https://fred.stlouisfed.org/series/WFRBLTP1311" rel="noreferrer noopener" target="_blank">$46 million</a>.



The original multifamily offices were born when a single rich family invited in a handful of others to defray costs. Cresset, founded seven years ago in Chicago by two private-equity veterans to manage their own families’ wealth, is one of a new breed of registered investment advisors expanding aggressively into the multifamily business. After merging in June with The Connable Office, a 130-year-old multifamily office, it’s up to $60 billion in assets under management.



One new multifamily player, New York City’s Beatrice Advisors, is the first owned by a Black woman. It was launched in June by Christina Lewis with assets from her own family and those of her rich friends. Her father, Forbes 400 member Reginald Lewis—a Baltimore-born, Harvard-trained deal lawyer—died in 1993 at 50 from an inoperable brain tumor. Christina was just 12 then, and describes her family as being “underadvised” at his death. Beatrice is investing heavily in technology, creating digital dashboards for its clients that display a family’s whole net worth, including their investment portfolio, business assets and even intellectual property. The aim, Lewis says, is “transitioning our knowledge to the client over time, so that the client is in the driver’s seat.”



In contrast to the Lewises, the Lipitz family has had decades to work out its wealth transition. Gene Lipitz, now 58, got into the family office game in 1997. His dad, Roger C. Lipitz, now 82, had sold the company he built—Meridian Healthcare, a chain of 45 nursing homes—for $205 million in 1993. Father and son began collaborating on investments informally, but Roger became increasingly involved in civic and charitable work and suggested they formalize that partnership, with the younger Lipitz taking the investing lead. Gene first hired a multifamily office in 1997 but was dissatisfied. Ultimately, in 1999, after selling his own tax- and risk-management company to Citicorp, Gene decided to create his own office; it now manages investments for three generations with three full-time employees, outsourcing such functions as accounting. The office’s mission statement is revised regularly. Failing to do that, Gene says, is “a great way to lose buy-in from the next generation.”



Even for people with decades of business experience, starting a single-family office can be daunting, beginning with the challenge of hiring qualified staff. That work, too, is often outsourced. Kay Shah, a director in the Family Office Division at StevenDouglas, a national boutique search firm, spends her days recruiting financial pros to serve in family offices, which typically have five to 15 employees, she says.



New cloud-based platforms help professional managers track portfolio holdings and performance across asset classes, but family offices controlled by older generations still tend to lag technologically. Josh Kanter, an attorney and wealth advisor in Salt Lake City, concluded, based on his own experience, that family offices need to become more tech-centric. After his father, famed tax lawyer and trust engineer Burton Kanter (an advisor to the billionaire Pritzker family), died in 2001, Josh took over managing the family’s office. He found keeping all generations up to date on practical details difficult. For example, he says, the family will pay for tuition and health care, but only if certain guidelines are followed. The problem was that there was no single place to find that sort of information, other than sorting through the more than 275,000 files in the family Dropbox or calling him directly to ask.



His solution was to start his own software company, Leafplanner. It acts as an overlay to existing financial software like Addepar, which tracks multiasset portfolio performance, or Arch, which organizes tax documents. Leafplanner can guide family members through the process of getting answers to specific questions on everything from investment decisions to charitable giving. It can be customized for an unlimited number of users, controlling access to what information each can see. Since launching in 2022, Leafplanner has installed the software for 145 other families, Kanter says. As for his own family, he says, they no longer have to ask, “What happens if Josh is the next one to get hit by a bus?”

Group of business people, bank managers, bankers having meeting, discussion on global planning and financial research. Help, advisory, financial services, support and investment strategy concept

Why You No Longer Need To Be A Billionaire To Have Your Own Family Office

In an exclusive interview with FORBES AFRICA from Seattle, Bill Gates, co-chair of the Bill &amp; Melinda Gates Foundation, called for increased investments in nutrition to prevent child deaths, and expressed praise for the efforts being taken in primary healthcare by Nigeria and Ethiopia, following his recent trips to the countries meeting with government leaders and also Africa’s richest man, Aliko Dangote.



Ahead of the release of the eighth annual Goalkeepers report, A Race to Nourish a Warming World, today by the Bill &amp; Melinda Gates Foundation, the Microsoft co-founder spoke to FORBES AFRICA, about the stark numbers, calling malnutrition “the world’s worst child health crisis”.



According to the World Bank, the cost of undernutrition is $3 trillion in productivity loss every year, and with data in the Goalkeepers report showing that 40 million more children will suffer from hunger’s worst effects by 2050 due to climate change, Gates hopes for more targeted health spending to save millions from malnutrition.



The report also cites that the total share of foreign aid going to Africa has decreased: “In 2010, 40% of foreign aid went to African countries. But that number is now down to just 25% — the lowest percentage in 20 years — despite more than half of all child deaths occurring in sub-Saharan Africa.”



“The Gates Foundation uses the United Nations General Assembly meeting in New York every year to highlight both the progress and challenges of helping the world&#8217;s poorest children, and this year, the focus is nutrition,” says Gates to FORBES AFRICA.



The report highlights proven, even low-cost tools to help solve malnutrition, for pregnant women and young children on the continent, and also highlights how promising new research into the microbiome can improve people’s health.



Gates remains optimistic, and in Africa, admits to seeing innovations on the ground.



“I applaud the scientists who help us run these trials,” he says. “That&#8217;s been true as we come up with new vaccines, and I was in Nigeria, we celebrated the fact that they have gotten the cervical cancer vaccine out to a very high percentage of children. And often, primary healthcare delivery in Nigeria is not high quality. It&#8217;s not as well-funded as it should be, and there are a lot of execution challenges. So, when Nigeria actually does some primary healthcare really well, we applaud that, as it sets a good example. And there are some good people trying to improve it.”



On his recent trip to Africa, Gates met with Nigeria’s Minister of Health, Dr Muhammad Ali Pate, and Ethiopia’s Prime Minister Abiy Ahmed. Both countries work closely with the Gates Foundation.



“In Ethiopia, we&#8217;ve made real progress in having a data system that lets the people there look and say, ‘okay, where are we getting the vaccines, and where are we not’, and we were a big partner in that. But it&#8217;s great [to see] kids from the university now totally running this data system and able to see if the vaccines are in stock, and if not, what can they do?



“The execution of primary healthcare in Ethiopia is quite good, even though, overall, they&#8217;re a fairly poor country, but they do prioritize it. And there are some lessons for other African countries on how that has been done. I meet with ministers of health wherever I go and sometimes with the heads of state. I did talk with Nigeria’s President Bola Tinubu. He was in China for FOCAC [Forum on China-Africa Cooperation], so, it wasn&#8217;t face-to-face, but he took the time to make sure we were talking about the challenges they face and how we can help them.”



In Nigeria, Gates’ foundation also works closely with the Dangote Foundation. Gates says Dangote – also a good friend – spent “a lot of time” with him on his recent trip.



“The Dangote Foundation’s and Gates Foundation’s work in Nigeria is about 75% overlapped. We learn from each other. You know, obviously, they understand Nigeria, and we understand the microbiome. And so, that&#8217;s complementary. Aliko is in an intense period in terms of his new refinery and all, but still, the whole time I was in Nigeria, he made time. And they have a great, very professional team. We work together mostly on primary healthcare…



“We had a lot of good discussions, and Aliko Dangote and Dr Pate were in most of those. We also met with the agricultural people about chickens and milk and seeds that&#8217;ll increase agricultural productivity because [in] these countries, as their budgets are so tight, the idea that they&#8217;re going to raise food productivity is one of the clear things, so that they&#8217;re not importing as much food, and [therefore they are] creating opportunity in the agricultural system. So, it&#8217;s mostly health, because that&#8217;s our big thing, but it&#8217;s also some of the work in agriculture as well. And Dangote, both philanthropically and as a private entity, is a big partner there.”



Gates speaks about a second act or “a new global health boom to save millions of lives” in the report, but to a question on whether we will see a cure for AIDS in our lifetime, he gave it a “10- to 20-year timeframe”.



“Yes, I would say; even though, in the short run, these incredible headwinds of debt and reductions in aid and some instability in the next five years are going to be very challenging. If you take a longer perspective, where you get new research – like we are spending literally billions on the idea of an HIV cure – I think it&#8217;s very likely in the 10- to 20-year timeframe that these innovations will get done. We&#8217;ll figure it out, despite the challenges, how to get them delivered. And so, that&#8217;s why this work, including delivering it in Africa, is the big focus of the Gates Foundation, and you&#8217;ll hear from us in January as we celebrate our 25th anniversary. We&#8217;re talking about our goals for the next phase of our work, and we&#8217;re going to set some very ambitious goals. So, yes, I am optimistic on HIV specifically, and on health broadly, despite the fact that we&#8217;re in a tough period.”

Conclusion Global Solutions Summit

‘I Applaud Them’: Billionaire Philanthropist Bill Gates On African Scientists And Spending Time With Aliko Dangote As He Discusses His Foundation’s New Report On Nutrition

Cannes Lions International Festival Of Creativity 2024 – Day Three

The Top 10 Richest People In The World (September 2024)

Globe-trotting billionaire Mo Dewji made a fortune in East Africa selling palm oil, rope, and soda. Now he claims to have the recipe for transforming Tanzania into an agribusiness powerhouse.



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Puffing on a nicotine vape and seated on a white leather chair in his $50 million home in Dubai, Mohammed “Mo” Dewji is waxing poetic about his plans to mechanize farming 2,500 miles away. “I want to make Africa, long term, a food basket for the world,” says the 48-year-old billionaire, who was born, raised and until recently lived in Tanzania. A framed photograph of a street in Zanzibar, the Tanzanian archipelago famous for lush white beaches, hangs on a wall behind him. “Why the hell are we not investing in agri?”



Dewji is well known in Tanzania, Africa’s fifth largest country with a population of 70 million. The football team owner and former politician controls a range of businesses through his consumer goods conglomerate MeTL Group, including textile manufacturing, edible oil refineries and his Mo Cola carbonated beverages line (named after himself). MeTL already grows crops like tea, avocados, and sisal (a natural fiber used in rope), which are vertically integrated into his other businesses.



Now Dewji wants to grow his agribusiness empire – by orders of magnitude. He is seeking to invest $250 million, including $100 million of his own capital, to buy and mechanize 100,000 hectares of farmland in Tanzania. MeTL would use the crops to feed its own businesses, then sell the surpluses to other Tanzanian firms, African countries and even European customers. Dewji says this “vision” came to him in the aftermath of Russia’s invasion of Ukraine as soaring food and fertilizer prices worsened conditions of poverty and malnutrition in Africa.



Agriculture accounts for one-third of Tanzania’s annual GDP (of $75 billion), but roughly 90% of that farming is done by subsistence farmers tilling less than 5 hectares of land each. As a result, food insecurity in Tanzania is widespread: Over 30% of children are stunted, and 13 million Tanzanians live in extreme poverty, while “many others live just above the poverty line,” <a href="https://www.usaid.gov/sites/default/files/2022-05/Copy_of_tagged_Tanzania-Nutrition-Profile.pdf" target="_blank" rel="noreferrer noopener">according to </a>the U.S. Agency for International Development. That’s despite Tanzania being the second biggest receiver of foreign aid in Sub-Saharan Africa (behind only Ethiopia) between 1990 to 2010, <a href="https://www.wider.unu.edu/sites/default/files/wp2012-037.pdf" target="_blank" rel="noreferrer noopener">receiving </a>$26.85 billion. One of those aid suppliers, the World Bank, <a href="https://www.worldbank.org/en/results/2024/01/05/ida-and-afe-tanzania-a-focus-on-people-cities-and-public-institutions-for-a-better-future#:~:text=As%20of%20August%202023%2C%20the,projects%20(%241.04%20billion%20commitments)." target="_blank" rel="noreferrer noopener">acknowledges</a> that Tanzania “still faces stubbornly high levels of poverty, in part as a result of dependence on low productivity agriculture.”



Bigger, more efficient farms could help solve Tanzania’s hunger problem. In developing countries, “Larger farms tend to be more efficient than their smaller counterparts,” a recent European Commission <a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC7546703/" target="_blank" rel="noreferrer noopener">paper</a> found. Within Africa, increasing agricultural productivity was “a substantial driver of growth and poverty reduction” in Ethiopia, Ghana, Malawi, Rwanda and Uganda—in contrast to Tanzania and those countries where farming growth lagged, according to a UN <a href="https://ourworld.unu.edu/en/done-sensibly-agricultural-development-can-reduce-poverty-in-africa" target="_blank" rel="noreferrer noopener">study</a>. But agribusiness also comes with costs: human displacement, environmental degradation, disruption of local trading networks upending entire communities. Dewji says the benefits outweigh the cons. “Life goes on for the villagers but [in] a much better scenario,” he says.



Given Dewji’s prominence, any success—or failure—will have a big impact within Tanzania and potentially beyond. “This is larger than Tanzania: a success here could have implications for the continent as a whole,” says Margaret McMillan, an economics professor at Tufts University who studies economic development in East Africa, has lived in Tanzania and heard Dewji make his agribusiness pitch at a recent conference. “If he could use it as a flagship to show how [large-scale farming] can be done successfully, that would be amazing.”



That is Dewji’s long-term plan. He wants to prove his agribusiness model works in Tanzania, then raise money from global investors to replicate it in other African countries. His dream is to invest over $1 billion across 400,000 hectares—about the size of Rhode Island, or 0.3% of Tanzania’s total landmass—across at least three countries, including Zambia and Mozambique. “I spoke to the Zambian president, I spoke to the Mozambique president,” Dewji assured&nbsp;Forbes. “But I said, ‘Guys, let me first work it out in my home country first because I understand the intricacies. Let me show a project for Africa.’”



It’s not clear these dreams will come to fruition. Dewji has been trying to get this operation going for years. Eighteen months ago, he&nbsp;<a href="https://www.reuters.com/markets/deals/tanzanian-entrepreneur-dewji-plans-2-4-bln-grains-production-investment-via-spac-2022-07-08/" rel="noreferrer noopener" target="_blank">sought&nbsp;</a>four times as much money, $4 billion, to fund an even larger version. He floated the idea of raising money by merging with a special purpose acquisition company and touted potential 10x returns. No partners came calling. “I never raised money because I failed to get the land,” he says.



Dewji has praised Samia Suluhu Hassan, Tanzania’s president since 2021, for promoting more investment and private sector activity. Yet he has spent two years trying to buy 100,000 hectares of Tanzanian land from Hassan’s administration, and the deal isn’t done yet. The land is occupied by villagers and small-scale farmers but is technically owned by Tanzania’s government.



Documents seen by&nbsp;Forbes&nbsp;describe a key pillar of his proposal: cultivating sugar cane and building a sugar refinery on 39,000 hectares in Tanzania’s Rufiji District, a rural region named after Tanzania’s largest river. Some 95,000 people live in the area,&nbsp;<a href="https://rufijidc.go.tz/statistics" rel="noreferrer noopener" target="_blank">scattered across</a>&nbsp;200 villages and hamlets. MeTL’s acquisition would involve land transfers in 17 villages and the factory would sit on a 860-hectare plot, according to the documents.



Dewji told Forbes that, eventually, he wants to grow grains (wheat, rice, corn), edible oil crops (sunflowers, soybeans, palm), and plant proteins (pigeon peas, yellow gram) on the other 61,000 hectares of land he’d like to acquire.



There have been accusations of land-grabbing, and no wonder. Dewji wants to become Tanzania&#8217;s biggest farmer in a single stroke. “Not many people live on the targeted land,” he says, but when asked how many people live there, he declines to say. The village councils and district authorities are on-board with MeTL’s plans, Dewji adds. That hasn’t alleviated concerns about corruption.



“There&#8217;s a pretty widespread perception that the government is underhanded in these large-scale transactions, that agreements are not above board,” says Ayala Wineman, a professor of agricultural and food economics at Michigan State University who has researched Tanzania and East Africa. “And oftentimes, it&#8217;s with the collaboration of local leaders who benefit from agreeing to hand over land.”



Dewji says that any villagers and subsistence farmers displaced by MeTL will get new land to continue their farming and animal husbandry, that there will be buffer zones between his operations and their new tracts, and that MeTL will fund new roads, hospitals, schools and running water systems. The documents seen by&nbsp;Forbes&nbsp;promise all that and more, including annual dividends paid to local coffers and giveaways like new tractors.&nbsp;“MeTL has been extremely sensitive,” says Dewji, who calls it a “win-win” proposition.



He’ll need to defy recent history, then.&nbsp;<a href="https://www.pnas.org/doi/10.1073/pnas.2207398120#sec-1" rel="noreferrer noopener" target="_blank">A research paper</a>&nbsp;published last year analyzed four separate large-scale land purchases in Tanzania for the purposes of agribusiness. It found that the takeovers “exacerbate farmland inequality in nearby villages” and caused “resulting inequalities [that] are not offset by improvements in other dimensions of well-being.” These local populations are “not really benefiting from these projects in any meaningful way, be it employment, the adoption of new farming practices, improvement in food security, [or] incomes,” says Jonathan Sullivan, the study’s lead author and a professor of sustainability at the University of Arizona. “Maybe Mohammed Dewji is going to do something different, but I imagine it&#8217;s going to be pretty similar.”



And yet—Tanzania needs more food. Mechanized farming of staple goods like grains and proteins – as Dewji has proposed – could help feed hungry mouths through sheer economies of scale, improved efficiencies and surpluses. “In rural Tanzania, there is a lot of food acquired through purchase,” explains Wineman. “Subsistence farmers also engage with the market to access the food they need.”



If MeTL exports crops to other countries, as Dewji envisions, Tanzania’s budget will see some of that money. “Presumably, it could generate tax revenue for the government and foreign exchange earnings,” says McMillan, hitting on two key structural issues with Tanzania’s economy: its annual trade deficits and shrinking foreign exchange reserves. Above all, perhaps, private capital should get the chance to succeed where foreign aid has failed. One consultant for the World Bank, who spoke with&nbsp;Forbes&nbsp;on the condition of anonymity, described the bank’s loans and investments in Tanzania (which total&nbsp;<a href="https://www.worldbank.org/en/results/2024/01/05/ida-and-afe-tanzania-a-focus-on-people-cities-and-public-institutions-for-a-better-future#:~:text=As%20of%20August%202023%2C%20the,projects%20(%241.04%20billion%20commitments)." rel="noreferrer noopener" target="_blank">$8.3 billion</a>) as “moderately helpful at best.”



If anyone could pull off such an audacious venture, it’s probably Dewji, a man steeped in global ambition and daring, at times dangerous entrepreneurship. His great grandfather, born in Gujarat, India, was one of thousands of Indian Muslims who migrated to East Africa in the 1800s. His father started MeTL in the 1970s as a commodities trading firm. Dewji studied political science at Georgetown and after a brief stint on Wall Street, returned to Tanzania in 1999 to help run the family business. He grew MeTL through a series of deals in the 2000s as Tanzania privatized loss-making state-owned enterprises. He served in his country’s parliament for a decade, between 2005 to 2015—while simultaneously running MeTL. He owns a 49% stake in Simba S.C., a professional football club in Dar Es Salaam, Tanzania’s largest city. He frequently posts photos of himself at matches to his 4.4 million followers.



But what Dewji is most famous for is being kidnapped in October 2018 by a group of armed men in Tanzania’s largest city, Dar es Salaam. The assailants kept Dewji for 10 days and demanded ransom, but in a strange twist, they released him in an abandoned field without ever receiving any payment, and no assailants were ever found guilty in a Tanzanian court of any criminal charges.



Who was behind this odd sequence of events? Two well-placed individuals told&nbsp;Forbes&nbsp;it was widely rumored that Tanzania’s then-President John Magufuli had orchestrated the kidnapping in connection to a dispute with Dewji about MeTL’s massive sisal holdings (sisal is a fibrous plant used to make rope, carpet, shoes and paper). Dewji told&nbsp;Forbes&nbsp;that the kidnapping was “&#8217;politically motivated,” but did not provide further detail, other than that he never paid a ransom. “There’s parts of the puzzle I cannot speak about,” he said in a recent&nbsp;<a href="https://www.youtube.com/watch?v=NjPSQEsUudg" rel="noreferrer noopener" target="_blank">podcast interview</a>&nbsp;about the kidnapping, calling the whole event “a paradox.”



Dewji attributes his good fortune to the prayers of ordinary Tanzanians, like those who buy Mo Cola in Dar es Salaam, or those who till the land that he hopes to buy one day. “The poor of the poorest people were praying for me,” Dewji says. “I&#8217;ll tell you something: I am indebted to Tanzanians, to Africans.”

Key Speakers on Day Two of The Qatar Economic Forum

Tanzania’s Richest Man Wants To Be Africa’s Biggest Farmer — If Everyone Gets Out Of His Way

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



Tech executives Mark Zuckerberg and Elon Musk suggested in June they’d be interested in clashing in a UFC-style cage fight, and egged each other on while tensions escalated between the two billionaires and their companies—but Zuckerberg&nbsp;<a href="https://www.forbes.com/sites/mollybohannon/2023/08/13/zuckerberg-thinks-its-time-to-move-on-from-planned-cage-fight-with-musk-elon-isnt-serious/">downplayed the potential</a>&nbsp;of a billionaire brawl Sunday when he said Musk “isn’t serious” about picking a date.



<h2 class="wp-block-heading" id="h-key-facts">KEY FACTS</h2>



The idea of a cage match was first posed by Musk&nbsp;<a href="https://twitter.com/elonmusk/status/1671364992665264131" target="_blank" rel="noreferrer noopener">over Twitter</a>, where the Tesla CEO responded to a thread about Instagram’s then-upcoming rival app Threads, saying, “I’m up for a cage match if he is lol.”



Zuckerberg responded the next day with an Instagram story showing a screenshot of Musk’s tweet captioned “send me location”—a reference to a famous line from former UFC lightweight champion Khabib Nurmagomedov (a Meta spokesperson confirmed to&nbsp;<a href="https://www.theverge.com/2023/6/21/23769263/mark-zuckerberg-elon-musk-fight-cage-match-worldstar" target="_blank" rel="noreferrer noopener">The Verge</a>&nbsp;that Zuckerberg was being serious in his response to Musk).



As hype around a potential fight picked up, UFC president Dana White joined in on the anticipation, posting a video of himself sporting a&nbsp;<a href="https://www.instagram.com/reel/CuCyF4HJQut/?img_index=1" target="_blank" rel="noreferrer noopener">Zuckerberg vs Musk shirt</a>&nbsp;that was made available for purchase on the UFC’s website.



White was quoted in a July 1 story from the&nbsp;<a href="https://www.nytimes.com/2023/07/01/technology/elon-musk-mark-zuckerberg-cage-match.html" target="_blank" rel="noreferrer noopener">New York Times</a>&nbsp;saying he would help organize an exhibition match between the tech CEOs and that they both wanted to fight—with both men agreeing there should be a charity component to the bout.



On July 3, photos of Musk training with UFC legend Georges St. Pierre, mixed martial arts coach John Danaher and Brazilian Jiu-jitsu black belt Lex Fridman surfaced online—with an&nbsp;<a href="https://www.instagram.com/p/CuQLly_vqrT/?img_index=1" target="_blank" rel="noreferrer noopener">Instagram post</a>&nbsp;from St. Pierre showing the four men in training gear.



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Zuckerberg, who is trained in the grappling combat discipline of Jiu-jitsu, also employed the training services of elite fighting talent in July—made evident by&nbsp;<a href="https://twitter.com/stylebender/status/1678848822041255937" target="_blank" rel="noreferrer noopener">gym photos</a>&nbsp;taken with UFC middleweight champion Israel Adesanya and UFC featherweight champion Alexander Volkanovski on July 11.



The two billionaires reinvigorated interest in a potential match in early August, when Musk said he was weightlifting to prepare for the fight, suggesting it would be live-streamed on X—the rebranded Twitter platform—and that all proceeds would go to a charity for veterans.



Zuckerberg responded to Musk’s posts via Threads, asking if a “more reliable platform” should be used for a live-stream of the fight and adding he was “not holding his breath” for a fight to materialize.



Although Zuckerberg has&nbsp;<a href="https://www.threads.net/@zuck/post/CvnechDSJeC" target="_blank" rel="noreferrer noopener">made clear</a>&nbsp;he is ready for a match, the same can’t be said for Musk, who said the date is “still in flux” and he&nbsp;<a href="https://twitter.com/elonmusk/status/1688377445957652480?s=20" target="_blank" rel="noreferrer noopener">may need surgery</a>&nbsp;before a fight can happen.



Days after calling the idea “in flux,” Musk said the Italian government agreed to an “<a href="https://www.forbes.com/sites/dereksaul/2023/08/11/elon-musk-says-italian-government-approved-epic-location-for-his-billionaire-clash-against-mark-zuckerberg/?sh=1d1742f043f9">epic location</a>” for a fight that would be managed by his and Zuckerberg’s respective foundations, not the UFC.



Zuckerberg shot down Musk’s plans, saying, “if he ever agrees on an actual date, you&#8217;ll hear it from me,” adding that he’d prefer to work with professional fight promotions such as UFC and ONE.



Just days after Zuckerberg expressed hesitation about Musk’s commitment to the match, the Meta CEO&nbsp;<a href="https://www.forbes.com/sites/mollybohannon/2023/08/13/zuckerberg-thinks-its-time-to-move-on-from-planned-cage-fight-with-musk-elon-isnt-serious/">posted on Threads</a>&nbsp;on August 13 “it’s time to move on” because Musk won’t confirm a date, adding Musk said he needs surgery—and months of recovery—before fighting and wanted to do a practice round in Zuckerberg’s backyard.



The same day Zuckerberg announced the desire to move on, Musk&nbsp;<a href="https://twitter.com/elonmusk/status/1690747345674137600" target="_blank" rel="noreferrer noopener">posted</a>&nbsp;a screenshot to X of the purported conversation in which he suggested a practice round; Zuckerberg responded over text telling him he should train on his own and say when he’s ready to compete, adding he doesn’t “want to keep hyping something that will never happen.”



<h2 class="wp-block-heading" id="h-tangent">TANGENT</h2>



In the background of Musk and Zuckerberg fight-related banter, tensions between the two have&nbsp;<a href="https://www.forbes.com/sites/phoebeliu/2023/07/09/billionaire-brawl-now-whos-winning-the-fight-between-musk-and-zuckerberg/?sh=11d0221d26bc">increased</a>&nbsp;following the launch of Instagram’s Threads platform, a direct competitor to Twitter that launched July 5 and racked up its first&nbsp;<a href="https://www.forbes.com/sites/siladityaray/2023/07/10/with-100-million-users-in-five-days-threads-is-the-fastest-growing-app-in-history/?sh=287d252549ab">100 million users</a>&nbsp;on July 10. That same day, Musk called Zuckerberg a “<a href="https://www.forbes.com/sites/maryroeloffs/2023/07/10/musk-hits-below-the-belt-with-latest-zuckerberg-attacks-zuck-is-a-cuck/?sh=356527f622ee">cuck</a>” over Twitter and proposed a “dick measuring contest” with him. An attorney for Twitter accused and threatened to sue Meta for allegedly misusing Twitter’s &#8220;trade secrets and other intellectual property&#8221; and employing former Twitter staffers for help with developing Threads, labeling it as a “copycat” app of Twitter.



<h2 class="wp-block-heading" id="h-contra">CONTRA</h2>



Musk biographer Walter Isaacson later claimed in a Twitter Spaces session that&nbsp;<a href="https://www.businessinsider.com/elon-musk-mark-zuckerberg-cage-fight-match-unlikely-walter-isaacson-2023-7" target="_blank" rel="noreferrer noopener">he doubted</a>&nbsp;a fight would happen and that it was “a metaphor” for the competition between the CEOs’ rivaling social media sites.



<h2 class="wp-block-heading" id="h-big-number">BIG NUMBER</h2>



-160. That was the&nbsp;<a href="https://dknation.draftkings.com/pop-culture/2023/6/22/23769810/mark-zuckerberg-vs-elon-musk-odds-cage-fight-who-will-win-wheres-the-asteroid" target="_blank" rel="noreferrer noopener">hypothetical line</a>&nbsp;DraftKings set in June for Zuckerberg to win the match, making him the betting favorite, with bettors needing to wager $160 on Zuckerberg to return a $100 profit. DraftKings set the odds for a Musk upset at +140, meaning a $100 bet would deliver a $140 profit. The sports betting company attributed the lines to Zuckerberg’s younger age and his regular physical activity.



<h2 class="wp-block-heading" id="h-key-background">KEY BACKGROUND</h2>



A cage match between the tech CEOs might involve some parameters to account for their difference in size. Notably, Musk told White that he would not be willing to “lose any weight” for a potential matchup. Musk, 52, stands around 6’1” tall and has made clear on Twitter that he&nbsp;<a href="https://twitter.com/elonmusk/status/1671699387620237312" target="_blank" rel="noreferrer noopener">almost never works out</a>. Zuckerberg, 39, is 5 &#8216;7” and regularly takes to physical training and competition, recently securing two medals in his first&nbsp;<a href="https://www.cnn.com/2023/05/09/business/mark-zuckerberg-jiu-jitsu-winner/index.html" target="_blank" rel="noreferrer noopener">Jiu-jitsu tournament</a>&nbsp;in May, though he was also choked out in one of his fights, according to the&nbsp;<a href="https://www.nytimes.com/2023/06/02/style/mark-zuckerberg-workout.html" target="_blank" rel="noreferrer noopener">New York Times</a>&nbsp;(Zuckerberg has denied the claim). Zuckerberg also seems to be the more avid fight fan, as he and his wife, Priscilla Chan, attended a UFC&nbsp;<a href="https://www.insider.com/video-mark-zuckerberg-attends-ufc-event-priscilla-chan-looks-shook-2022-10" target="_blank" rel="noreferrer noopener">fight card</a>&nbsp;last October.



<h2 class="wp-block-heading" id="h-forbes-valuation">FORBES VALUATION</h2>



We estimate Musk is the richest person in the world, with an estimated net worth of&nbsp;<a href="https://www.forbes.com/profile/elon-musk/?list=rtb/&amp;sh=5a59a8f87999">$225.2 billion</a>. Zuckerberg’s net worth is estimated at&nbsp;<a href="https://www.forbes.com/profile/mark-zuckerberg/?sh=350141a23e06">$107 billion</a>—placing him at No. 8 on&nbsp;Forbes’ list of the&nbsp;<a href="https://www.forbes.com/real-time-billionaires/#7b288cfb3d78">world’s real-time billionaires</a>.



<h2 class="wp-block-heading" id="h-further-reading">FURTHER READING</h2>



<a href="https://www.forbes.com/sites/antoniopequenoiv/2023/07/11/mark-zuckerberg-training-with-ufc-champions-israel-adesanya-and-alexander-volkanovski-as-elon-musk-spat-intensifies/?sh=52e0cfd75d9a">Mark Zuckerberg Training With UFC Champions Israel Adesanya And Alexander Volkanovski As Elon Musk Spat Intensifies</a>&nbsp;(Forbes)



<a href="https://www.nytimes.com/2023/07/01/technology/elon-musk-mark-zuckerberg-cage-match.html" target="_blank" rel="noreferrer noopener">A ‘Cage Match’ Between Elon Musk and Mark Zuckerberg May Be No Joke</a>&nbsp;(New York Times)



<a href="https://www.forbes.com/sites/maryroeloffs/2023/07/10/musk-hits-below-the-belt-with-latest-zuckerberg-attacks-zuck-is-a-cuck/?sh=356527f622ee">Musk Hits Below The Belt With Latest Zuckerberg Attacks: ‘Zuck Is A Cuck’</a> (Forbes)

Elon Musk Vs Mark Zuckerberg Illustration

Zuckerberg Vs Musk: Disputes Heat Up Over Billionaire Cage Fight—Here’s Everything We Know

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



Bot accounts and tweets from Twitter owner Elon Musk amplified the prices of FTX-listed cryptocurrencies, according to a Network Contagion Research Institute&nbsp;<a href="https://networkcontagion.us/wp-content/uploads/NCRI_FTXReport.pdf" target="_blank" rel="noreferrer noopener">study published Wednesday</a>, which took a close look at the sort of spam accounts that&nbsp;<a href="https://www.wsj.com/articles/elon-musks-twitter-vs-bad-bots-the-battle-goes-on-d25ce0ab" target="_blank" rel="noreferrer noopener">Musk recently claimed</a>&nbsp;have been mostly tamed.



<h2 class="wp-block-heading" id="h-key-facts">KEY FACTS</h2>



Researchers examined more than 3 million tweets about 18 cryptocurrencies from January 1, 2019 to January 27, 2023, a time range that includes Twitter activity before, during and slightly after Musk’s $44 billion acquisition of the platform.



Using Botometer, a service that checks the activity of Twitter accounts and gives them a score based on how likely they are to be bots, researchers found that out of a total of 182,105 unique accounts that tweeted about FTX-listed coins, 172,451 accounts were given “bot” scores.



Researchers said the bots aided in pumping the price of crypto coins traded by insiders of defunct Alameda Research, a hedge fund and sister firm of Sam Bankman-Fried’s FTX platform—a cryptocurrency exchange that went bankrupt in November.



Following promotional tweets by FTX’s official Twitter account, researchers found “activity for the coins grew increasingly inauthentic over time,” with bot-like comments growing and accounting for about half of the total chatter about the 18 coins.



The study also concluded that tweets by Musk mentioning altcoins, such as PEPE and PSYOP, created considerable price spikes for the cryptocurrencies.



Researchers cited a May 13&nbsp;<a href="https://twitter.com/elonmusk/status/1657318313532313600?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1657318313532313600%7Ctwgr%5E5eb9c00b8a13cb78a726136639f2a12d3adb3131%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fco" target="_blank" rel="noreferrer noopener">tweet from Musk</a>&nbsp;that featured a Pepe the Frog meme that contributed to a more than 50% increase in the price of PEPE within 24 hours, with price action being fueled by “a combination of both authentic and inauthentic bot-driven activity.”



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<h2 class="wp-block-heading" id="h-surprising-fact">SURPRISING FACT</h2>



The study did not directly link FTX or Alameda as being responsible for the bot accounts, but did note that FTX’s promotional tweets may have boosted bot engagement on coin chatter.



<h2 class="wp-block-heading" id="h-big-number">BIG NUMBER</h2>



<a href="https://www.wsj.com/articles/elon-musks-twitter-vs-bad-bots-the-battle-goes-on-d25ce0ab" target="_blank" rel="noreferrer noopener">90%</a>. That is the percentage of scams on Twitter that Musk said in June had been eliminated from the platform, which has since been rebranded to X. However, the billionaire business owner has yet to provide data backing the claim.



<h2 class="wp-block-heading" id="h-crucial-quote">CRUCIAL QUOTE</h2>



“Since Musk’s team took over Twitter last year, API changes were made to deter bot creation, possibly reducing crypto promotion and scams,” Alex Goldenberg, lead intelligence analyst for NCRI, said in an&nbsp;<a href="https://www.cnbc.com/2023/08/02/elon-musk-tweets-twitter-bots-boosted-ftx-listed-crypto-researchers.html?__source=sharebar%7Ctwitter&amp;par=sharebar" target="_blank" rel="noreferrer noopener">interview with CNBC</a>, which first reported the study. “However, these changes come with trade-offs as they also hinder independent audits by third-party researchers.”



<h2 class="wp-block-heading" id="h-forbes-valuation">FORBES VALUATION</h2>



We estimate Musk’s net worth at&nbsp;<a href="https://www.forbes.com/profile/elon-musk/?sh=58ff69fc7999">$232.7 billion</a>&nbsp;as of Wednesday, making him the world’s wealthiest person.



<h2 class="wp-block-heading" id="h-key-background">KEY BACKGROUND</h2>



Prior to his acquisition of Twitter,&nbsp;<a href="https://twitter.com/elonmusk/status/1517215066550116354" target="_blank" rel="noreferrer noopener">Musk claimed</a>&nbsp;he would “defeat the spam bots or die trying!” Since then, bots on the social media platform&nbsp;<a href="https://www.businessinsider.com/twitter-linda-yaccarino-elon-musk-exterminate-bots-2023-6" target="_blank" rel="noreferrer noopener">have persisted</a>, though it is unclear how many bots are on the site as of today. Before Musk’s acquisition of Twitter,&nbsp;<a href="https://insights.som.yale.edu/insights/is-elon-musk-right-about-the-bot-problem-on-twitter" target="_blank" rel="noreferrer noopener">Yale researchers</a>&nbsp;found the prevalence of active bots on the site varied from 1% to 14%. “In a study of the first impeachment of Donald Trump, we found that bots were 1% of the active users, but posted 31% of the tweets,” a Yale associate professor wrote in&nbsp;<a href="https://insights.som.yale.edu/insights/is-elon-musk-right-about-the-bot-problem-on-twitter" target="_blank" rel="noreferrer noopener">an article</a>&nbsp;about Twitter bots. Musk&nbsp;<a href="https://www.wsj.com/articles/elon-musks-twitter-vs-bad-bots-the-battle-goes-on-d25ce0ab" target="_blank" rel="noreferrer noopener">claimed in June</a>&nbsp;at least 90% of the fake accounts littered throughout Twitter were eliminated. However, researchers found bots were still easy to find on the app, with an assistant professor of computer science at Princeton University telling the&nbsp;<a href="https://www.wsj.com/articles/elon-musks-twitter-vs-bad-bots-the-battle-goes-on-d25ce0ab" target="_blank" rel="noreferrer noopener">Wall Street Journal</a>&nbsp;that “bad bots remain pervasive on Twitter.”



<h2 class="wp-block-heading" id="h-further-reading">FURTHER READING</h2>



<a href="https://www.forbes.com/sites/sarahemerson/2023/03/29/sam-bankman-fried-legal-fees-funded-by-alameda-money-gifted-to-father-joe-bankman/?sh=69a1063f5757">Sam Bankman-Fried’s Legal Defense Is Being Funded With Alameda Money He Gifted His Father</a>&nbsp;(Forbes)



<a href="https://www.forbes.com/sites/darreonnadavis/2023/06/02/what-happened-to-ftx-the-crypto-exchange-funds-collapse-explained/?sh=235bce7b3cb7">What Happened To FTX? The Crypto Exchange Fund’s Collapse Explained</a> (Forbes)

Elon Musk Makes Twitter Account Private

Elon Musk Tweets And Bots Boosted Price Of Altcoins Listed On FTX, Study Suggests

A high school drop-out, Nikhil Kamath is India’s youngest billionaire and with a keen interest in Africa.



IF YOU HAVE A PLAN, DOES IT MATTER THAT YOU HAVE NOT FINISHED SCHOOL? Ask Nikhil Kamath, the 35-year-old co-founder of wealth management firms Zerodha and True Beacon and India’s youngest billionaire as per Forbes India’s 2021 India Rich List.



The big name in Indian stock-broking and retail brokerage dropped out of school at the age of 15 to play chess and developed a passion for the stockmarkets and investing in asset classes. He started equity trading at the age of 17 and his first business at 19. He founded Zerodha and True Beacon with his brother Nithin in the last decade, and together, the brothers were reportedly worth $2.59 billion in 2021.



Today, Kamath is creating wealth for some of the richest people on the planet, with a disruptive product – an open-ended fund with no management fees or entry and exit fees.



This commission-free investing model has drawn comparisons with trading platform Robinhood in the United States.



How does he keep this model sustainable in the long-term and how is he looking at African investors? Kamath answers on a Zoom call from Bengaluru, known as India’s Silicon Valley and which is just the setting for his booming fintech.



The man bullish about both India and Africa starts with: “It’s our endeavour to become totally client-aligned, so we have eliminated fixed fees you would associate with a typical fund. It’s a wholesale game in a way, we charge very little, about Rs20 ($0.26) per transaction as an execution fee. We have close to 15%-18% share in the Indian markets, so even though Rs20 does not sound like a lot, with millions of 



transactions a day, that adds up to be a considerable number.” The epiphany for the model came a few years ago when Kamath



was trying to allocate his own capital to private banks and wealth managers and realized the ineptness in the system.



“So to rid the ecosystem of a lot of these inefficiencies, I decided to launch the asset management company (Zerodha), basically building a product I hoped will be available for somebody like me to invest in.”



The seasoned derivatives trader is now eyeing the African market, and hopes to set up base in the continent’s big economies like South Africa and especially Nigeria, for “the new demographic opportunities the region offers”.



India’s regulatory framework is also one of the best that makes it attractive for African investors, a point Kamath concurs with.



“As the world is getting globalized, I think everybody is looking for diversification, not just amongst asset classes but between geographies. So for an African ultra high networth individual (HNI) to participate in India’s growth would be a great opportunity.



“The problem up until now is there haven’t been very many efficient ways of doing it. We are just trying to solve that by providing the connectivity and transparency for these ultra HNIs from Africa to invest in India and get some kind of global diversification. Africa in many ways is a big emerging market for us, and the opportunities are plenty.



“The good thing we have going with India and Africa is there are deep cultural ties going back many decades, and a familiarity with how both the regions have evolved. So I would think it’s natural for increased collaboration and cross-country deals.”



But what does Kamath think of the capital markets and regulatory frameworks in Africa? How would a fund like his work here, we ask, as he hopes to change the nuances of investing.



“What has really worked for India in the last five years is the adoption of technology in the banking and fintech universe. And the regulators have allowed for an ecosystem where this adoption has thrived and happened sooner. Maybe that is a good lesson for Africa, to not go the traditional route of dealing with red tape but to make things more open and integrating technology faster might help reduce the time to get licences and processes working in Africa.”



And coming from a country with a rapidly growing startup ecosystem, the billionaire has advice too for Africa’s young entrepreneurs: “Don’t think too local; there is plenty of innovation happening in different pockets of the world. Actively engage, invest and create, try and learn from the mistakes of others.”



–For the full interview, visit <a href="https://www.cnbcafrica.com/2021/billionaire-nikhil-kamath-on-disruptive-model-of-managing-assets-of-the-ultra-rich/">www.cnbcafrica.com </a>

Screenshot 2022-02-24 at 18.41.08

The Billionaire Creating Wealth For the Ultra-Rich

Screenshot 2021-10-19 at 07.19.31

The Next Billion-Dollar Startups 2021

In recent years, he has dominated Africa’s rich lists as the continent’s youngest billionaire. Mohammed Dewji, the shrewd entrepreneur and CEO of MeTL Group in Tanzania, has previously been on two FORBES AFRICA covers – in 2013 and 2015. In this new decade, he is eyeing a much bigger chunk of African business.



JUST BACK IN DUBAI AFTER A WHIRLWIND trip dropping off his 18-year-old daughter at the School of Foreign Service at his alma mater, Georgetown University in Washington DC, the 46-year-old Tanzanian businessman, known in the hallowed corridors of the continent’s elite as “Africa’s youngest billionaire”, is more emotional than jet-lagged.



“I had to let go of her, you know, but I’m going to visit DC more often,” says Mohammed Dewji.



He could be speaking for himself too. In FORBES AFRICA’s July 2013 cover, he had said he puts in 100 hours a week growing MeTL into a pan-African conglomerate.



Today, he admits to slowing down “a little bit” – after his headline-grabbing kidnapping incident in 2018 that gave him a new lease on life and made him veer towards philanthropy and impact investing a lot more than before, he says.



But this has in no way decelerated his ambitions to conquer more markets and more milestones.



The astute, hard-nosed businessman running Tanzania’s MeTL Group, operating in areas as diverse as food, agriculture, textiles, trading, energy, financial services, real estate, logistics, and distribution, has a vision for his company that covers every commerce and commodity on the African map.



“My problem is my mind, it runs like a train. I’m trying to slow it down. But I’m not working 100 hours a week anymore; I work 80 hours a week,” he laughs. “I’m still passionate about work, I just cannot have an idle mind.”



The entire MeTL Group, he says, is on course for a targeted revenue this year of about $2 billion. The group had its genesis in the early 1970s as a modest trading house; his father Gulam Dewji, in a few years, turned it into a flourishing import-export business.



Today, the younger Dewji is talking about buying an island with a landing strip “very soon” and venturing into the hospitality business. A half-hour interview with Dewji and he has touched every business there is: his renewed investments in tea, carbonated drinks, macadamia, cashews, textiles&#8230; the list is endless.



But there is the reason for him to feel bullish. With the country’s new President, Samia Suluhu Hassan, taking over early this year following the death of President John Magufuli, Tanzania is waking up to a new vision and positive outlook, hoping to join the continent’s economic giants Nigeria, South Africa, Kenya, and Ghana.



“The new president is so business-friendly, investment-friendly, and FDI-friendly, she is doing good for Tanzania,” says Dewji.



“I have promised her that in the next five years, I’ll employ 100,000. Tanzania is one of the fastest-growing countries in Africa. I am going to continue investing more into the country and of course, in the region.”



<div class="wp-block-image"><figure class="alignleft size-full is-resized"><img loading="lazy" decoding="async" src="https://cms.forbesafrica.com/wp-content/uploads/2021/10/Screenshot-2021-10-05-at-14.40.35.png" alt="" class="wp-image-52721" width="236" height="134" srcset="https://cms.forbesafrica.com/wp-content/uploads/2021/10/Screenshot-2021-10-05-at-14.40.35.png 474w, https://cms.forbesafrica.com/wp-content/uploads/2021/10/Screenshot-2021-10-05-at-14.40.35-300x171.png 300w" sizes="auto, (max-width: 236px) 100vw, 236px" /></figure></div>



Dewji has his ear to the ground and is well-attuned to the purchasing power of consumers in his target markets in East and Central Africa.



“When I got out of university in Georgetown in 1998-1999, the per capita income in Tanzania was $300. So I was like, ‘okay, how do I become a rich man?’ Today, the per capita income is over $1,000. From the time you wake up in the morning, to the time you sleep, I need to dig deep into your pockets to at least take 70% of your purchasing power, right?” he explains simply.



“So you wake up in the morning, there is tea, sugar, maize flour, carbonated drinks, water; there’s a bicycle, there’s a motorcycle, there’s garments etc etc, So I have been able to just fight to enter. And I’ve been competing with Unilever and Procter &amp; Gamble, and Coca-Cola. I believe that in the next maybe four or five years, my carbonated drinks business, which I am expanding, will be at least over a billion dollars in terms of valuation in East and Central Africa.”



Dewji has big plans in Rwanda.



“I told President Paul Kagame that I was going to invest $50 million. And I’m going to put in an edible oil refinery and a soap plant, I’m going to put in wheat milling, I’m going to put in maize milling, I am going to put petroleum, we’re putting carbonated soft drinks. And they have been amazing. They are punching above their weight. You are welcomed like a king in Rwanda,” says the man, also known to his family and friends as ‘Mo’.



Agriculture is a mainstay business, and in 2022, Dewji says he will be the single largest sisal producer in the world. In addition, he is converting his tea business to organic tea.



“I’m going to invest another $50 million into planting a couple of thousand hectares of new hybrid tea that I can export, and also make more tea locally. I am looking at macadamia in a big way; we’ve invested in Mozambique in the maize milling business, in the cashew processing business. And in textiles, you know that I am one of the largest. If you were to visit my factory, it’s 3,800 people spinning, weaving, processing, dyeing, printing&#8230; For now, I want to also go into denim. We need to create more jobs,” he reels off breathlessly.



Dewji was in Iraq too recently and found a big gap in FMCG – “businesses that I know already”.



In the last few years, he has also found the time to part-own a football club, Simba SC, and is channeling more funds into it.



“And now, we [are among] the top 15 clubs in Africa. We have had back-to-back leagues, and I have invested $20 million. It’s just like having a plane or a yacht; you bleed money. But I just love the club and am so emotional about it.”



In 2015, Dewji also created his eponymous foundation educating underprivileged children right up to the university level in Tanzania, he says. As Tanzania’s only billionaire, he also signed the Giving Pledge in 2016, promising to donate at least half his fortune to philanthropic causes.



“Bill Gates convinced me and I signed the Giving Pledge and it has been amazing. And then, of course, the worst the part was my kidnapping in 2018.”



Kidnapped at gunpoint in Dar es Salaam, the Tanzanian capital, in October 2018, outside his gym at 5 AM, Dewji was released after nine days.



“I went through a near-death experience; they basically stripped me and blindfolded me, and I was in a room with two people, without moving for all those days,” he recalls.



It gave him a new life-altering perspective.



“I think by the age of 50, I want my kids to get a little older, and I just want to step down and do philanthropy, because it gives me a lot of satisfaction. When we run businesses, we invest and we want the maximum per dollar, right? So I look at philanthropy the same way; that you spend that dollar or the $100 or $100 million that you want to put to have maximum impact, and I’m going to focus on that!&#8221;

Final Press Release

Get, Set, Mo! $1.6 Billion And Counting

How the singer became the richest female musician on the planet. Hint: it wasn&#8217;t performing.



When Robyn Fenty, known to the world as Rihanna, launched Fenty Beauty in 2017, she sought to create a cosmetics company that made “women everywhere (feel)&nbsp;included.” A perhaps unintended consequence: The beauty line has helped her enter one of the world’s most&nbsp;exclusive&nbsp;ranks: Billionaire.



Rihanna is now worth $1.7 billion,&nbsp;Forbes&nbsp;estimates—making her the wealthiest female musician in the world and second only to Oprah Winfrey as the richest female entertainer. But it’s not her music that’s made her so wealthy. The bulk of her fortune (an estimated $1.4 billion) comes from the value of Fenty Beauty, of which&nbsp;Forbes&nbsp;can now confirm she owns 50%. Much of the rest lies in her stake&nbsp;in her lingerie company, Savage x Fenty, worth an estimated $270 million, and her earnings from her career as a chart-topping musician and actress.



While Barbados-born Rihanna isn’t the only celebrity to capitalize on her social media presence —she has 101 million followers on Instagram and 102.5 million on Twitter—to build a beauty brand, she is the most successful beauty entrepreneur to do so. Fenty Beauty, which is a 50-50 joint venture with French luxury goods conglomerate LVMH (run by Bernard Arnault, the world’s second richest person), launched in 2017 with the goal of inclusivity. Its products come in a diverse range of colors—foundation is offered in 50 shades, including harder-to-find darker shades for women of color—and are modeled in its advertising by an equally diverse group of people.&nbsp;



Available online and at Sephora stores, which are also owned by LVMH, the products were an instant success. By 2018, its first full calendar year, the line was bringing in more than $550 million in annual revenues, according to LVMH, beating out other celebrity-founded brands like Kylie Jenner’s Kylie Cosmetics, Kim Kardashian West’s KKW Beauty and Jessica Alba’s Honest Company.



“A lot of women felt there were no lines out there that catered to their skin tone. It was light, medium, medium dark, dark,” says Shannon Coyne, cofounder of consumer products consultancy Bluestock Advisors. “We all know that’s not reality. She was one of the first brands that came out and said ‘I want to speak to all of those different people.’”



While cosmetics sales slowed during the pandemic, beauty companies are worth as much as ever. Stocks of larger beauty conglomerates like Estee Lauder and L&#8217;Oreal have bounced back, reaching all-time highs and trading at impressive 7.5 (or more) times annual revenues. Meanwhile independent brands like Beautycounter and Charlotte Tilbury inked deals with investment firms earlier this year at billion-dollar valuations.



That is good news for Rihanna. Thanks to the impressive multiples at which beauty companies are trading, Fenty Beauty is worth a conservative $2.8 billion,&nbsp;Forbes&nbsp;estimates. And all signs point to the company continuing to grow. In its annual report for 2020, LVMH said Fenty Skin, which launched last year, was off to a “very promising start” and “generated unprecedented buzz,” and that Fenty Beauty &#8220;maintained its appeal as a premier make up brand.&#8221;



Fenty Beauty isn’t Rihanna’s only billion-dollar brand. In February her lingerie line&nbsp;<a href="https://www.forbes.com/sites/maddieberg/2021/02/10/rihannas-lingerie-line-savage-x-fenty-raises-115-million-on-same-day-lvmh-announces-its-closing-her-fashion-house/">Savage x Fenty raised $115 million in funding</a>&nbsp;at a $1 billion valuation. The company, which launched in 2018 as a joint venture with TechStyle Fashion Group, counts blue-chip investors like Jay-Z’s Marcy Venture Partners and private equity firm L. Catterton (<a href="https://www.forbes.com/sites/sergeiklebnikov/2020/05/12/why-a-private-equity-firm-backed-by-bernard-arnault-is-putting-400-million-into-norwegian-cruise-line/?sh=7fa14e343504">in which Bernard Arnault is an investor)</a>&nbsp;as shareholders. Rihanna maintains a 30% ownership stake,&nbsp;Forbes&nbsp;estimates. The latest round of funding will reportedly be used for customer acquisition and retail expansion.&nbsp;



Not that everything Rihanna touches turns to gold.&nbsp; In February, LVMH and Rihanna&nbsp;<a href="https://www.forbes.com/sites/maddieberg/2021/02/10/rihannas-lingerie-line-savage-x-fenty-raises-115-million-on-same-day-lvmh-announces-its-closing-her-fashion-house/?sh=4568e2373660">confirmed in a statement to&nbsp;Forbes</a>&nbsp;that they had shut down their other venture, a high-end fashion and accessories house also called Fenty. Launched in 2019, Fenty sought to extend Rihanna’s brand of inclusivity and offer styles in a range of sizes. But like many luxury fashion brands, the high-priced line suffered during the pandemic, releasing its last collection in November 2020.



The only complaint some fans may have about her career as a fashion and beauty mogul? It keeps her busy. The singer, who used to release an album almost every year, hasn’t released a new album since 2016’s&nbsp;Anti.&nbsp;



From a financial perspective, that may be just fine: “She is creating a brand outside of herself. It’s not just about Rihanna,” says consultant Coyne. “Even if you don&#8217;t like her music, she’s created a real style in the fashion and beauty space.”



by&nbsp;Madeline Berg, Forbes Staff

Rihanna’s Savage X Fenty Show Vol. 2 presented by Amazon Prime Video – Show & BTS

Fenty’s Fortune: Rihanna Is Now Officially A Billionaire

Elon Musk was in court in Delaware last week defending his role in Tesla’s acquisition of failing solar panel installer SolarCity in 2016. That questionable decision – SolarCity was founded by his cousins; Musk was its biggest shareholder and served on the board of both companies – triggered a shareholder lawsuit. Of course, not all of Musk’s misguided notions land him in Delaware Chancery Court, but many don’t pan out precisely as planned. “If I wasn’t optimistic I don’t think I would have started an electric car company or a rocket company,” <a href="https://twitter.com/WillOremus/status/1415012678020513794?s=20" target="_blank" rel="noreferrer noopener">he told the court</a>.In the case of the $2.6 billion SolarCity deal, the solar roof revolution he predicted in 2016 hasn’t materialized. But neither has an affordably priced Tesla, an all-electric semi, a robotaxi network or next-gen low-cost, high-capacity batteries. Ahead of a ruling in the SolarCity case, here’s a roundup of some of Musk’s bigger swings – and misses – from the last five years.  



<h2 class="wp-block-heading" id="h-35-000-model-3">$35,000 Model 3</h2>



<div class="wp-block-image"><figure class="alignleft size-large is-resized"><img loading="lazy" decoding="async" src="https://cms.forbesafrica.com/wp-content/uploads/2021/07/GettyImages-1008732814-1024x683.jpg" alt="" class="wp-image-51852" width="379" height="252" srcset="https://cms.forbesafrica.com/wp-content/uploads/2021/07/GettyImages-1008732814-1024x683.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2021/07/GettyImages-1008732814-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2021/07/GettyImages-1008732814-768x512.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2021/07/GettyImages-1008732814-1536x1024.jpg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2021/07/GettyImages-1008732814-2048x1366.jpg 2048w" sizes="auto, (max-width: 379px) 100vw, 379px" /><figcaption>The general assembly of the Tesla Model 3 at the Tesla factory in Fremont, California, on Thursday, July 26, 2018. (Photo by Mason Trinca for The Washington Post via Getty Images)</figcaption></figure></div>



<h4 class="wp-block-heading" id="h-the-35-00-price-point-was-touted-for-years-as-the-model-3-s-key-appeal-no-longer-just-a-auto-for-the-rich-telsa-would-finally-make-a-mass-market-car-but-after-model-3-went-into-production-it-was-only-available-at-that-price-intermittently-before-being-scrubbed-currently-the-cheapest-version-starts-at-40-000-and-after-taxes-registration-and-add-ons-usually-sells-for-closer-to-50-000-meanwhile-starting-prices-for-tesla-s-bigger-model-s-and-x-have-risen-to-85-000-and-95-000-respectively-and-they-really-cost-more-than-100-000-with-options-taxes-and-delivery-charges">The $35,00 price point was touted for years as the Model 3’s key appeal. No longer just a auto for the rich, Telsa would finally make a mass-market car. But after Model 3 went into production it was only available at that price intermittently before being scrubbed. Currently the cheapest version starts at $40,000 and after taxes, registration and add-ons usually sells for closer to $50,000. Meanwhile, starting prices for Tesla’s bigger Model S and X have risen to $85,000 and $95,000, respectively, and they really cost more than $100,000 with options, taxes and delivery charges.</h4>



<div class="wp-block-image"><figure class="alignright is-resized"><img decoding="async" src="https://thumbor.forbes.com/thumbor/960x0/https%3A%2F%2Fspecials-images.forbesimg.com%2Fimageserve%2F60e8c1aec3268da90bbd4e49%2F0x0.jpg%3FcropX1%3D820%26cropX2%3D3181%26cropY1%3D0%26cropY2%3D2362" alt="Tesla-Semi_IR_8219-14-Courtesy Tesla" width="-471" height="-471"/><figcaption>TESLA</figcaption></figure></div>



<h2 class="wp-block-heading"> Tesla Semi</h2>



<h4 class="wp-block-heading">Musk’s ambitions go beyond passenger vehicles and in November 2017 he unveiled his futuristic electric truck, promising it would go 500 miles per charge and be available around the end of 2019. As of July 2021, Tesla hasn’t announced a firm launch date or production site for the Semi and in June Jerome Guillen, the long-time head of the truck program, unexpectedly resigned.</h4>



<h2 class="wp-block-heading">Tesla Roadster</h2>



<h4 class="wp-block-heading">Unveiled in November 2017 along with the Semi, Musk said the Roadster would arrive in 2020, be the fastest production car ever made and go as far as 620 miles per charge. The anticipated tech wonder is expected to cost about $200,000 but there’s no firm launch date. </h4>



<h2 class="wp-block-heading">Tesla Giga Berlin</h2>



<h4 class="wp-block-heading">Musk wanted Tesla’s first European battery CK plant to open in July 2021. While much of the physical construction is complete, the plant lacks regulatory approval to begin operations, has stoked opposition from local environmentalists and faces fines related to water and sewerage issues. The current hope is that the plant will be open by early 2022.</h4>



<div class="wp-block-image"><figure class="aligncenter size-large is-resized"><img loading="lazy" decoding="async" src="https://cms.forbesafrica.com/wp-content/uploads/2021/07/GettyImages-1270253742-1024x683.jpg" alt="" class="wp-image-51854" width="697" height="465" srcset="https://cms.forbesafrica.com/wp-content/uploads/2021/07/GettyImages-1270253742-1024x683.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2021/07/GettyImages-1270253742-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2021/07/GettyImages-1270253742-768x512.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2021/07/GettyImages-1270253742-1536x1024.jpg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2021/07/GettyImages-1270253742-2048x1365.jpg 2048w" sizes="auto, (max-width: 697px) 100vw, 697px" /><figcaption>2: A sign marks Tesla Strasse (Tesla Street) at the construction site of the new Tesla Gigafactory near Berlin on September 02, 2020 near Gruenheide, Germany. (Photo by Sean Gallup/Getty Images)</figcaption></figure></div>



<h2 class="wp-block-heading">Tesla Full Self Driving&nbsp;</h2>



In October 2016 Musk announced that all Teslas were being built with the necessary computing power, sensors and cameras to allow them to eventually operate autonomously. At that time, he estimated that Full Self Driving capability would arrive in two to three years. The $10,000 feature, an enhancement of the company’s Autopilot system, was released in beta form in July, but after a series of horrific, fatal accidents Tesla now warns drivers that it “<a href="https://twitter.com/tesla_raj/status/1413764413165772803" target="_blank" rel="noreferrer noopener">may do the wrong thing at the worst time</a>” and that they need to use it with “additional caution”–suggesting that it isn’t ready for primetime.



<h3 class="wp-block-heading">Tesla Robotaxi Network</h3>



Musk said at Tesla’s Autonomy Day in October 2019 that by the end of 2020 “for sure, we will have over a million robotaxis on the road. … The fleet wakes up with an over-the-air update. That&#8217;s all it takes.” As a result of that capability, Tesla owners would be able to earn money from their vehicles by making them available for an autonomous, on-demand ride service the company would oversee. That hasn’t happened and there’s no indication that will be possible–or legal– in the near term.



<h3 class="wp-block-heading">Tesla Next-Generation Battery Cells</h3>



Musk touted a larger, beer-can size 4680 lithium battery cell in September 2020 that he claimed would be 56% cheaper and have five times the energy of the company’s current cells. He said pilot production of small batches at a lab in Silicon Valley was underway and that the company might be able to scale up to high-volume production within a year or two. Timing for production is unclear, but delays in manufacturing the cell appear to be part of the problem with launching Tesla’s Semi and Roadster. 



<h3 class="wp-block-heading">Tesla Solar Production And Jobs&nbsp;</h3>



New York spent $950 million to build and equip a solar panel factory in Buffalo that SolarCity had big plans for. In exchange for the state’s generosity, the company was to create at least 1,460 jobs there. The future looked promising after Tesla purchased SolarCity in late 2016 and in December of that year Tesla said it “entered into a long-term agreement with Panasonic to manufacture photovoltaic cells at our Gigafactory 2 in Buffalo, New York, with negotiated pricing provisions and the intent to manufacture 1 gigawatt of solar panels annually.” But in the years since, output of panels at the plant has been unclear. In 2020 Tesla reported delivering just 205 megawatts of solar panels, a quarter of what SolarCity installed in 2016. Tesla has also had difficulty maintaining the required headcount at the factory. Panasonic abandoned the facility last year, further reducing employment at the facility. Tesla has been given numerous extensions by the state. As of Memorial Day, it had 1,058 employees at the plant, and has until the end of 2021 to meet the 1,460-worker target or pay a $41 million penalty.



By Alan Ohnsman, Forbes Staff

Elon Musk, CEO of SpaceX and chairman of Tesla Motors at Tesla’s headquarters in San Carlos Tuesday Oct. 24, 3008.  Silicon Valley icon Musk became a billionaire founding PayPal, but he’s out to do something even more important – help humanity reach beyon

Elon Musk’s Biggest Tesla Blunders Of The Last Five Years

The company will begin offering commercial spaceflights next year, with an eventual goal of multiple flights per day around the world.



n Sunday, Virgin Galactic hit a crucial milestone on its road to make commercial space tourism a reality starting in 2022: sending a fully crewed ship to space that included founder and billionaire Richard Branson. But Branson won’t be leading the charge, as he plans to step back and focus on his charitable foundations. That leaves Michael Colglazier as the “steely-eyed missile man” in charge of the company’s mission.



As CEO of the space tourism company, it’s Colglazier’s job to get ready for paying customers, with shareholders looking over his shoulder to make sure he does. (Not to mention the over 600 people who’ve already bought spaceflight tickets &#8211; some of whom have been holding them for over a decade). His goal is to get the company to the point where it starts opening its doors to taking customers to space starting next year.



Despite the pressure, the former president and managing director of Disney Parks, who took the reins of the space tourism company in July of last year, is upbeat and chipper at the end of this long day that saw the company’s founder get to the stars. Sitting down in New Mexico’s spaceport, which was built by the state for the purpose of facilitating space tourist flights the way airports facilitate airlines, he emphasizes that what Virgin Galatic needs to deliver is more than just a spaceflight, amazing as the singular event is.&nbsp;



“Our product, what we give you is a lifelong memory,” Colglazier says. “And so our focus is on the experience so that your emotions are so powerful that the memory is impressed upon you in a way you talk about it your whole life.”



To that end, he explains Virgin Galactic’s ultimate aim is to have spaceports located all over the world, not just New Mexico, which can offer more than just a place to hitch a ride to space, but a place that can “inspire” people to want to make their own journey. “We’ll be collaborating with New Mexico to figure out how to build a broader experience around the spaceport,” he says. “And that’s the product we’ll take to other locales.”&nbsp;



Doing that, he says, means operating at a near-daily cadence of spaceflights from every location it operates from, which will require a massive increase in the company’s manufacturing capacity. He estimates that each spaceport his company operates in will need “high single digit to low double digit” numbers of spaceships, along with multiple motherships needed to carry the spacecraft to altitude.



“We’re talking 400 flights a year for every spaceport we operate,” he says. “So we have to build a fleet. How many ships we need is going to depend on how quickly we can turn them around” for future spaceflights, he says. Something the company won’t be sure about until it’s done more tests with its next generation of spacecraft, the first of which has been built and is undergoing testing now.



<blockquote class="wp-block-quote is-style-large is-layout-flow wp-block-quote-is-layout-flow">“You saw the elegance of it, you saw how gracefully it goes,” says Colgrzier of the Unity launch. “It&#8217;s a ballet and it acrobatically moves to purposely give you this amazing view of the planet.”</blockquote>



It’s also something that will happen with some competition. In just a few days, Amazon founder Jeff Bezos’ company Blue Origin is sending its founder to space on a test flight, and that company also plans on offering rides to customers. Colglazier says the market right now is way too big to worry about competition. However, he does then point out that Virgin’s experience is quite different from Blue Origin’s, starting with the fact that Virgin’s spacecraft are carried by plane while its competitor will lift customers up on a traditional rocket.&nbsp;



“We take off horizontally, and we believe there&#8217;s great value to that,” he says, describing how Virgin’s carrier planes take its spacecraft to around 45-50,000 feet before releasing them to rocket the rest of the way to space. “And you saw the elegance of it, you saw how gracefully it goes. It&#8217;s a ballet and it acrobatically moves to purposely give you this amazing view of the planet. ”



Getting to the point where the company can offer its “elegant” experience will likely be quite capital intensive. The company announced this morning that it’s selling an additional $500 million in shares. In a report published earlier this year, Morgan Stanley estimated the company likely won’t see positive free cash flow until 2028, though Colglazier dismisses that by saying “there are many financial models out there, and they range a lot because people are missing the data. Today will be a nice proof point of that.”



<figure class="wp-block-image"><img decoding="async" src="https://thumbor.forbes.com/thumbor/960x0/https%3A%2F%2Fspecials-images.forbesimg.com%2Fimageserve%2F60ec998b6830238503a22689%2F1960x0.jpg%3Ffit%3Dscale" alt="Sirisha Bandla looks out the window at Earth while in zero-g."/><figcaption>While on the Unity 22 flight, Virgin Galactic VP Sirisha Bandla also conducted a scientific experiment.&nbsp;VIRGIN GALACTIC</figcaption></figure>



Virgin’s got other ways of bringing money in to build out its vision, too. Colglazier says the company intends to open up more spaceflight ticket sales in the summer or fall (it previously stopped offering tickets in 2013). It will also be using its suborbital spaceflights as a platform for scientific research. On Sunday’s flight with Richard Branson, company VP Sirisha Bandla was busy conducting a research experiment for Virgin customer the University of Florida. Research experiments, he says, can bring in around $600,000 per flight.&nbsp;



Ultimately, Colglazier says, his company will spend the next few years focused on building up and scaling out both its customer experiences and its research business, and then tackle other opportunities as they come. “We now have a really interesting organization and company that you would imagine could do other things,” he says. “But we want to make sure we get the economic engine moving first.” 



By Alex Knapp, Forbes Staff

Sir Richard Branson Rings Opening Bell As Virgin Galactic Holdings Joins NYSE

Virgin Galactic CEO Explains What’s Next After Billionaire Richard Branson’s Successful Spaceflight

Microsoft&#8217;s move to add the role of board chairman to CEO Satya Nadella&#8217;s duties at the technology giant bucks a growing trend of companies separating the two jobs.



The number of companies whose CEO also held the title of chairman has declined steadily over the past three years at U.S. companies of all sizes, from the megacap corporations in the S&amp;P 500 to the smaller firms in the Russell 3000 index, according to new research by the Conference Board and analytics firm ESGAUGE.



The trend seems to be more pronounced among smaller companies. Only 36% of Russell 3000 companies had the CEO also serve as chair in 2020. That&#8217;s down from 41% percent in 2016.



“The importance of having an independent board has pushed many organizations to adopt a separation model,” says Matteo Tonello from The Conference Board. “The strong leadership skill sets in CEOs of very large S&amp;P 500 companies may be the reason why these companies are more reluctant to have the role separation,” he added.&nbsp;&nbsp;&nbsp;



Providing better oversight of company management and avoiding the sorts of conflicts of interest that sunk companies like WorldCom and Tyco, have largely been the reasons behind the role separations.



In companies that give CEOs a chair role as a reward for proving themselves as leaders, the gap is typically closer to two years. Nadella’s predecessor, Steve Ballmer, never named chairman during his 14-year tenure as CEO of the software giant. For years, co-founder Bill Gates played that role. John Thompson became chairman when Nadella was named CEO in February 2014 and will return to his previous role of being lead independent director.&nbsp;



&nbsp;Microsoft rationalized Nadella&#8217;s promotion in a statement that suggested the board wanted a firmer focus on management priorities. “In this role, Nadella will lead the work to set the agenda for the board, leveraging his deep understanding of the business to elevate the right strategic opportunities and identify key risks and mitigation approaches for the board’s review,” said the&nbsp;<a href="https://www.prnewswire.com/news-releases/microsoft-board-of-directors-announces-role-changes-and-quarterly-dividend-301314220.html" target="_blank" rel="noreferrer noopener">statement.&nbsp;</a>



&nbsp;The spotlight on the trend of CEOs serving as board chairs became more intense after the dot-com bubble burst in 2000. Along with sinking many Internet startups, the stock crash made investors more skeptical about the cult of personality around many company leaders. Scandals at companies like Tyco, Enron, and WorldCom only reinforced a key question: Where was the board?&nbsp; Separating the chairman and CEO role was seen as a critical step in reinforcing board independence.



The debate continued, intensifying again after the 2008 financial crisis. In February 2010, the Securities and Exchange Commission issued rules requiring listed companies to disclose their leadership structure and explain why it was appropriate. That exercise, along with pressure from shareholders, proxy advisory firms, and regulators, has prompted a slow but steady trend towards separating the chair and CEO roles. As Peter Crist, chairman of search firm Crist | Kolder, notes, “once those roles are decoupled, it’s rare to go back.”



The exception is when a successful CEO wants that role — or it’s treated as a promotion for a job well done. Mary Barra at General Motors, for example, followed a fairly typical pattern in being named chair of GM two years after holding the CEO slot. What’s unusual about Satya Nadella is the fact that he was CEO for seven years before being named chairman. That could indicate some frustration or perceived issues with the board’s ability to navigate through the current environment.&nbsp;



“The chair has more power to control the agenda and set the stage for conversations in the boardroom,” says Crist. “A CEO may say, ‘I need to lead and educate the board’ to get things done.”&nbsp;



That said, Crist rarely supports such a move. “I’m a strong believer in separating the chair and CEO roles … Not many board members can stand up to a strong CEO. Look at compensation trends. When is  compensation going to trend down? Never. It’s important to have as much autonomy as possible … If you’re a high-performing company and the CEO is viewed as a critical element of success, investors will basically shrug their shoulders when a CEO gets named chair of the board.”



By Aayushi Pratap, Forbes Staff

Microsoft Holds Annual Shareholder Meeting

Nadella’s Appointment As Microsoft Chair Bucks Governance Trend

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

Poland’s parcel king, Rafal Brzoska has gone from near-bankrupt to billionaire by not delivering packages to individual houses.



It was the summer of 2016, and the walls were closing in on Rafał Brzoska. The then-38-year-old Polish entrepreneur had spent nearly two decades transforming InPost, a college dorm-room business that shoved supermarket coupons through letterboxes, into a $120 million–a-year commercial mail business. But competing against the government’s postal service was taking a toll. He had $65 million in debt and was frantically trying to find new investors while staving off the repo man.



“One of my key points with the new investors was, ‘I want to repay all the bonds, all the banks, all the people that have lent us money,’ ” recalls Brzoska, who is now 43. “The investors wondered why, and I told them, ‘I want to live in this country, and you only have one name, one face.’ ”



Those investors weren’t interested in Brzoska’s dying postal business but in the automated e-commerce lockers spinoff he had started in 2010. Amazon and other online retailers ship packages for pickup to these refrigerator-sized street lockers, which cost around $20,000 to install. They are popular because mailmen in Europe will rarely leave a parcel unattended on a stoop. That effectively stops porch piracy (54% of Americans say they’ve had a package swiped), but if you miss the doorbell you’re in for a slog to the post office.



On the brink of bankruptcy, Brzoska moved to shut down the mail business in summer 2016 ahead of talks with his rescuer, Advent International. The Boston-based private equity group took InPost private the following April. The $110 million deal paid off the company’s debts and gave Brzoska a further $125 million to nearly double the size of his parcel locker network to 4,400 in a year.



It was both a sweetheart deal and a shrewd one. Poles were late to embrace online shopping, but by 2017 e-commerce sales were growing at a steady 20.4% per year. Then came the pandemic, and online shopping jumped 36% in just 12 months. InPost’s revenues soared to $677 million, up 104% in 2020. Brzoska’s lockers handle 36% of all parcels shipped in Poland.



“There were a lot of reasons to say no to this one, and a lot of people did say no,” says Paul Atefi, a managing director at KKR, which loaned InPost $145 million in 2018 to build new lockers. Brzoska now has 11,734 lockers in Poland and more than 1,100 in the United Kingdom, plus a few hundred in Italy. “But when we started looking at a machine-by-machine basis, it was really compelling. Sometimes the payback was as low as 1.5 years per machine. . . . We love this company.”



The margins are enviable, too. Brzoska charges around $2 per package, and his costs are limited to locker setup, labor and leases for locker space. InPost pocketed $97 million in profit in 2020. “Our automated parcel machines are doubling revenue year-over-year,” he says.



“In Poland they’re targeting to increase Ebitda margins to more than 50%,” says David Kerstens, an analyst with Jefferies International. “And that’s compared to Ebitda for postal operators, such as Royal Mail, that are low single digits.”



Putting lockers within “slipper distance” of shoppers’ homes and offices transformed the business, says Marek Różycki, a consultant who advised Advent on the InPost deal. “If you have to trek a mile to your nearest locker in the pouring rain, that’s not appealing. But in Poland, my nearest locker is 350 meters away. It’s almost like home delivery—and more convenient.”



InPost learned the “slipper rule” the hard way. Advent rolled back Brzoska’s wild expansion to four continents, which left the company thinly spread and overextended. “This was a classic scenario where you have a charismatic, very entrepreneurial individual managing a business that was growing very fast,” Różycki says. “But he took on too many projects with too few resources.”



InPost went public again in January on Amsterdam’s stock exchange, valuing the business at $9.7 billion; Brzoska’s stake is currently worth $1.1 billion. He has persuaded investors that his lockers are a cheaper, greener alternative to fleets of delivery trucks crisscrossing Europe’s cities. One storage unit can do the work of 24 trucks, Brzoska says: “That’s why lockers are the future.”



While Brzoska was mastering the locker business, his main rivals—Europe’s postal services, plus UPS and Amazon, which have experimented with lockers—took a different tack, boosting home delivery and signing up thousands of corner stores to handle package pickups and returns. It was a quick, cheap way to scale versus lockers, but the pandemic-driven e-commerce boom has left bodegas from Berlin to Bilbao with aisles crowded with packages and long lines for returns. “Convenience stores aren’t that convenient for parcel collection, and particularly not during the pandemic,” Kerstens says.



Brzoska’s plan is to cut those lines—and leap ahead in Europe—with a $675 million deal, announced in March, to buy delivery giant Mondial Relay and drop his lockers at the busiest stores in its France-wide network.



Brzoska’s dramatic results have not gone unnoticed. Alibaba and Allegro—Poland’s e-commerce powerhouse, which accounts for a quarter of InPost’s sales—now have lockers in Poland, while Europe’s postal giants, such as Germany’s Deutsche Post, are also betting on parcel machines.



Brzoska isn’t the underdog this time, and he won’t shy from a fight. He credits his star sign and lucky bead bracelets—incongruous against his tailored suits—for the fact that he survived earlier rounds with postal heavyweights. “I told my team: ‘I am a Scorpio. I will survive, and you will survive with me, because Scorpios are always like this, fighting until the very end.’ ”



By Iain Martin, Forbes Staff

Tag: Billionaire

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