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South African billionaire Patrice Motsepe has completed another major transaction in the global mining sector. According to Business Insider Africa, Harmony Gold, the mining company supported by Motsepe, has finalized a $1.01 billion acquisition of MAC Copper Limited, the owner of the high-grade CSA Copper Mine located in New South Wales, Australia. The acquisition, which was first announced in May 2025, officially went into effect on Oct. 24 through a Jersey law Scheme of Arrangement. Harmony Gold acquired all of MAC Copper’s securities at $12.25 per share, according to BusinessReport, with the total equity value of the transaction reaching approximately R18.4 billion ($1.01 billion). The deal was financed through a combination of cash reserves and a $1.25 billion bridging facility. For Harmony Gold, this marks a major step in its strategy to diversify beyond gold. The company announced plans to increase copper’s share of its total production to around 40% by 2035, per...
Aliko Dangote, the richest Black man in the world, has reached a new milestone , with a net worth of $30.3 billion, according to the Bloomberg Billionaires Index. Per Business Insider Africa, the feat makes him the first African to achieve this level of wealth, fueled by growth in his cement and oil ventures. Dangote’s wealth increased by $2.16 billion year-to-date, including a recent $430 million valuation gain. His net worth previously stood at $29.8 billion, just $200 million short of the mark, before crossing the threshold in October 2025, Business Insider Africa reports. Cement Expansion Strengthens Dangote’s Holdings Dangote’s latest financial growth is closely tied to the expansion of Dangote Cement, his company’s largest revenue driver, notes Business Insider Africa. The group recently completed a $160 million cement factory in Attingué, Côte d’Ivoire, about 30 kilometers north of Abidjan. Built on 50 hectares, the new facility is set to produce three million metric tonnes...
LeBron James is opening up about his finances. James has a net worth of $1.3 billion — with $900 million attributed to off-court earnings, including his deal with Nike — according to Forbes. However, as the first to establish wealth in his family, he admitted on the “Everybody’s Crazy” podcast — co-hosted by April McDaniel and his wife, Savannah — that it’s not easy to take financial risks when he considers his humble beginnings living in the Akron, OH, projects. “I will take a couple risks on the business side knowing that I can hustle it back or do something else, but also my other side is telling me ‘I’m first generational money maker in my household as far as my family,'” he explained on the podcast. “I always be thinking about where I come from, coming from the projects and in Akron, OH, and not having s—. It’s hard for me sometimes to take risk because if that s— happened or the whole can come off and it’s over with, I’mma be devastated,” he continued. James added that he...
Herriot Tabuteau was supposed to become a doctor, but he decided to launch a billion-dollar business instead. Forbes reports Tabuteau was born and raised in Haiti, and he says his upbringing “taught me resilience.” Though he had been living with his mother, at age 9, he moved in with his father in Manhattan, NY’s Upper East Side. With aspirations of becoming a neurosurgeon, he obtained a biochemistry and molecular biology degree from W esleyan University and was then admitted into Yale University School of Medicine where he received his MD. Tabuteau decided to make a career pivot after observing the “unhappiness” of his physician professors. He went into finance, beginning at Goldman Sachs where he worked in the company’s healthcare investment banking group. Having spent almost two decades in finance, his track record in the industry included time at Bank of America Securities, Healthco/S.A.C. Capital, and managing his own funds, with some of his investments in biotech startups,...
Campus Founder Tade Oyerinde is backed by a group of billionaires looking to disrupt the education system. Campus Oyerinde is the founder of Campus, a two-year accredited school that hires part-time instructors from the top 50 universities nationally and is on a mission to ensure students can receive debt-free education, as AFROTECH™ previously reported. This is made possible through strategic decisions, including providing an education that can often be covered through a Pell grant and offering free laptops and Wi-Fi to most students, as he mentioned on the “Black Tech Green Money” podcast hosted by AFROTECH™ Brand Manager Will Lucas. Of the 2,600 students currently enrolled in the school, which offers associate degrees in areas such as information technology, business administration with applied AI, and paralegal studies, none of the online students have had to take on student loan debt, a feat which Oyerinde says he takes great pride in. “We did not want to add $1 to the pile of...
Tyler Perry says he has done more to support Black talent and generate wealth for his community than Hollywood has. The billionaire made the comments during a speech on Monday, June 9, at the 2025 BET Awards, which celebrated 25 years of Black excellence in entertainment. Legends Jamie Foxx, Mariah Carey, Snoop Dogg, and Kirk Franklin were also honored with the Ultimate Icon Award. The event featured performances from artists such as GloRilla, Leon Thomas III, and Lil Wayne as well. Perry, who has the largest Black-owned studio in America, delivered a powerful message about the resilience of the Black footprint and encouraged attendees to continue striving for excellence. “I have made more Black millionaires — hear me when I say this — than any studio in this city combined because I’m making footprints,” Perry said. “So I don’t care if you’re struggling, if you’re trying to make it, you’re trying to build a business. If you have a dream, keep making footprints.” View this post on...
Bill Gates intends on allocating the majority of his wealth to Africa. As AFROTECH™ previously mentioned, Microsoft founder Bill Gates plans to donate the majority of his wealth by 2045 — an estimated $200 billion. Despite this massive philanthropic effort, he is still expected to remain a billionaire and may even stay the fifth-richest person in the world, BBC reports. “People will say a lot of things about me when I die, but I am determined that ‘he died rich’ will not be one of them,” he wrote in a blog post, per BBC. Gates intends to distribute his wealth through his foundation. The original plan was for the foundation to continue operating beyond his lifetime; however, he now has faith in the next generation of wealthy individuals to carry on his efforts, believing they will be better positioned to do so. “At the end of 20 years, the foundation will sunset its operations,” the Gates Foundation said in a statement, per BBC. In the meantime, Gates will focus on using his wealth...
Tesla CEO Elon Musk has acknowledged that the final version of the company’s Full Self-Driving (FSD) technology is not yet ready for public release — and there is no definitive date for when it will be available. During Tesla’s conference call following the release of its Q1 2025 financial results, Musk updated shareholders about the company’s self-driving plans, which he emphasized as essential to Tesla’s future, according to Daily Galaxy. Since 2016, Tesla has marketed vehicles claiming they have the necessary hardware for FSD features — significantly boosting sales of the FSD package — which can cost buyers up to $12,000. However, during the call, Musk said, “We’re going to have to upgrade the Hardware 3 computer” to achieve true self-driving capabilities, the outlet reported. The announcement sparked backlash from customers who felt misled, prompting Tesla to cover the costs of upgrading affected vehicles to the newer Hardware 4 — a move analysts estimate could reach hundreds of...
Editorial Note: Opinions and thoughts are the author’s own and not those of AFROTECH™. Billionaire business leaders turned against President Donald Trump as he implemented sweeping tariffs with other countries, which have amounted to billions of dollars lost. Many of the billionaires who have pushed back against the Trump tariffs have also endorsed him for the 2024 presidential election. One of those billionaires, Bill Ackman, warned against tariffs, likening them to an “economic nuclear war” in a post on X (formerly known as Twitter). He also claimed that the tariffs weren’t what he voted for, despite Trump speaking on tariffs early on in the election. How Will Tariffs Affect The American Consumer? Unwarranted tariffs will not only decimate our economy but also hurt our already fragile standing on the world stage. In retaliation, China has raised tariffs on American goods to 125%. Most business leaders, economic experts, and other world leaders are confused over Trump’s misguided...
In a political landscape where economic promises often shift with the news cycle, one topic has managed to grab headlines and public curiosity alike: DOGE checks. Tied to the Department of Government Efficiency (DOGE) — an initiative linked to Elon Musk and President Donald Trump’s administration — the proposed stimulus would direct billions in alleged government savings back to American taxpayers. But is this an actual policy shift or a high-profile thought experiment? Here’s what we know. What Are DOGE Checks? DOGE checks are a proposed stimulus payout drawn from cost-cutting measures implemented by DOGE. Since its launch in January, DOGE claims to have saved the federal government $130 billion by downsizing federal agencies and eliminating redundancies. According to Newsweek, the Trump administration has set a $2 trillion savings goal, with the potential for Americans to receive direct financial benefits from these efforts. The term “DOGE checks” gained traction following a...
Former NBA athlete Junior Bridgeman is now a billionaire. From NBA Player To Successful Businessman Bridgeman was among the 1975 NBA Draft class and was selected in the first round as the eighth pick by the Los Angeles Lakers, notes Basketball Reference. He was soon traded to the Milwaukee Bucks as part of a deal to bring Kareem Abdul-Jabbar to the Lakers. He went on to play with the Bucks until 1984 before spending two years with the Los Angeles Clippers. Bridgeman returned to the Bucks for his final season in 1986-87, according to ESPN. His starting salary in the league was two payments totaling $140,000, but he only saw $55,000 due to taxes and agent fees. Over his 12-year playing career, he earned $2.95 million and never made more than $350,000 in a single season. When Bridgeman retired from the league in 1987, he had already considered a roadmap for his post-career as a businessman. Forbes notes that he received guidance from former Milwaukee Bucks owner Jim Fitzgerald, who...
Erin Harkless Moore believes artificial intelligence (AI) can improve the Care Economy. Since 2020, Moore has served as vice president and managing director of investments at Pivotal Ventures, a company launched by billionaire philanthropist Melinda French Gates to advance social progress and accelerate women’s influence globally, per its website. Gates has even committed $2 billion towards the mission. Furthermore, alongside partners, Pivotal Ventures prioritizes an expansive list of pillars within the $648 billion Care Economy, including mental health, paid medical and family leave, and women and tech innovation. Moore is tasked with leading a team responsible for selecting, investing in, and managing a diverse portfolio that adheres to Pivotal Ventures’ mission, her LinkedIn states. “We really start with our investment thesis and our direct investments in care looking at you know tech solutions that reduce burdens of care, lower cost of care, and improve access to care, and...
Shannon Sharpe says he could have been a billionaire if he had moved forward with an investment in Google. During an episode of Sharpe’s “Club Shay Shay” podcast, which featured billionaire businessman Mark Cuban, the host reveals he lucked out of a six-figure investment in Google after receiving advice from his financial team. The opportunity to invest in what has become a major tech giant was while he was in the NFL signed to the Baltimore Ravens. He was under a four-year contract — although he remained with the team for only two seasons, during 2000 and 2001. The contract was valued at $13.8 million, which encompassed a 4.5 million signing bonus and $4.5 million guaranteed, according to Spotrac. “I remember when Google came out and they thought shares were gonna open up at about $85 a share. And I remember sending it to my financial guys, and I was like — ‘Oh, you know what?’ I had just signed with the Ravens, so I had some money. And I was like, ‘Man, I’d like to buy $300,000...
Robert F. Smith is the second-richest Black man in America. Smith follows behind David Steward, the founder of IT management company World Wide Technology, who boasts an $11.4 billion net worth to secure the top spot among Black individuals, Forbes notes. View this post on Instagram A post shared by AFROTECH (@afro.tech) Smith’s return to the list is a result of his role as founder, chairman, and partner at Vista Equity Partners, a firm that invests in enterprise software, data, and technology companies, per its website. With more than $100 billion in assets since its inception, its portfolio companies include Forcepoint, Comply, Datto, Brainware, and InfoBlox, among others. In 2024, Vista Equity Partners made additional billion-dollar moves. This includes joining Blackstone in the acquisition of Smartsheet — an enterprise platform for modern work management — for an all-cash transaction valued at $8.4 billion in September, as AFROTECH™ previously told you. “Modern enterprises rely...
Following PowerSchool Holdings Inc.’s multi-billion-dollar acquisition, Vista Equity Partners has retained its minority stake in the company. According to a press release, PowerSchool Holdings Inc., which operates as a cloud-based K-12 education software, was acquired by Bain Capital through a transaction that was valued at an estimated $5.6 billion, with the company paying $22.80 per share in cash. Bain Capital plans to build on PowerSchool’s successful track record, with its software impacting 60 million students and 18,000 customers across more than 90 countries. “PowerSchool is aligned, throughout its entire organization, to its mission to personalize education and improve learning outcomes,” David Humphrey, a partner at Bain Capital, said . “We’ve had the privilege of seeing the leadership team’s dedication to this mission through a world-class product innovation engine.” Bain Capital Partner Max de Groen added, “We are thrilled to support PowerSchool’s mission and growth as it...
