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Good morning from Billionaires.Africa.
Here is a brief on what we published yesterday.
SpaceX has filed confidentially for a June IPO targeting a $1.75 trillion valuation and a raise of up to $75 billion — which would be the largest public offering in history and push Elon Musk toward trillionaire status. Starlink, the satellite internet network that now serves 10 million subscribers including several African markets, is the engine behind the valuation. The filing comes after SpaceX merged with Musk's AI company xAI in February in an all-stock deal valued at $1.25 trillion.
In South Africa, Robert Gumede is pursuing a takeover of Tongaat Hulett through Vision Sugar while facing a R390 million Special Tribunal claim over a Covid-19 PPE scandal. In Ghana, the full story behind Daniel McKorley's midnight loss of his Kotoka Airport terminal has become one of the most consequential business disputes in the country this year. And in a quieter but significant move, Netflix granted board director Strive Masiyiwa 654 stock options at $95.55 per share.
Top Stories
SpaceX files for June IPO targeting $1.75 trillion valuation Analysts project 2026 Starlink revenue of $16–24 billion. SpaceX's total 2025 revenue is estimated at $15–16 billion with up to $8 billion in profit. Nasdaq rule changes could allow SpaceX to join the Nasdaq 100 within 15 days of listing, triggering billions in forced index-fund buying.
Robert Gumede faces R390 million PPE fraud claim amid Tongaat Hulett bid The South African billionaire is simultaneously leading Vision Sugar's rescue bid for the troubled sugar producer while defending himself against allegations that he masterminded a Covid-era price-gouging scheme involving SAPS.
West Africa
McDan Aviation vs Ghana Airports: How McKorley lost his Kotoka terminal in a midnight raid The full story behind the 1am seizure — unpaid fees, a defied court injunction, political context around the Mahama administration, and reports that Ibrahim Mahama was being lined up for the terminal. McKorley is fighting back.
Ibrahim Mahama's jet departs Ghana for ambulance conversion The Bombardier 604, known as the Dzata aircraft, left Ghana on April 3 to be converted into a free emergency air ambulance for all Ghanaians.
Wealth Moves
Rabiu falls to fourth among Africa's richest after Kirsh's Sysco deal Nathan Kirsh's $29.1 billion Jetro sale sharply lifted his fortune, pushing Rabiu down from third to fourth on the continent despite BUA Group's record year.
Masiyiwa granted 654 Netflix stock options at $95.55 The Zimbabwean billionaire and Netflix board director received non-qualified options expiring April 2036.
East Africa
Bakhresa inducted into 2026 Milling Hall of Fame The Bakhresa Group now processes 8,560 tonnes of grain daily across more than 40 companies in 10 countries. Patriarch Said Salim Bakhresa started with a restaurant in Dar es Salaam in 1975.
April's Investor Memo, Deep-Dive Report and Exclusive Briefing are available for subscribers:
→ Investor Memo: South Africa's Fuel Reckoning
