Billionaire Todd Boehly sells his Chelsea stake and leaves as chairman
Todd Boehly and Mark Walter have sold their Chelsea stakes to Clearlake Capital for close to £1 billion, giving the firm full control.
Otobong Tommy
Reporter
Otobong Tommy is a business writer and researcher with a background in public administration. She has worked with media and policy-adjacent institutions including Ventures Africa and NAEC, contributing to research and business reporting.
Crypto billionaire Justin Sun awards OpenAI $1 million that OpenAI does not want
Justin Sun has launched a prize and handed OpenAI $1 million for cracking one of mathematics' seven Millennium Problems. OpenAI answered two of the four parts, declined the official $1 million prize for it, and the Clay Institute still lists the problem as open.
Revolut founder Nik Storonsky says ChatGPT found his $404 million yacht's ex-owner
Nik Storonsky owns 29 per cent of a company valued at $115 billion, and last month asked investors to let him borrow more against it. He also spent €350 million on a superyacht and is now in court over a €17.5 million commission.
TikTok's Zhang Yiming passes Adani as Asia's richest at $105 billion
Seven years ago Bloomberg valued the ByteDance founder at $13 billion. Washington then spent three years trying to shut his app down. He is now worth more than $105 billion and has passed Gautam Adani to become the richest person in Asia.
Glencore's $2 billion Singapore fight hits Glasenberg's 10% stake
Glencore says its former partner sent banks falsified invoices and fabricated emails. That partner is suing for $2 billion. The company has already provisioned $480 million, one of its largest trading losses as a public company and Ivan Glasenberg owns a tenth of it.
Dangote refinery boss defends $49 billion valuation
A US refiner with more capacity than Dangote's is worth about $16 billion. A Turkish one is worth $12 billion. Aliko Dangote is asking investors for $49 billion and his chief executive says the comparison is the wrong one.
Sam Altman's OpenAI is considering a funding round that would value it at $1.2 trillion
OpenAI is weighing a private round at a $1.2 trillion valuation, the Financial Times reported, ahead of a listing it has been preparing since May.
French billionaire heir Frédéric Arnault is slowing Loro Piana down on purpose
Frédéric Arnault is pulling Loro Piana out of wholesale and capping volume growth, at a brand LVMH values at around €10 billion.
Shoprite CEO Pieter Engelbrecht gets $2.2m of $7m share pool
Thirteen executives at Africa's largest grocer have been handed R115 million in shares. The chief executive took nearly a third. The finance chief took part of his through his wife, and moved another R11.5 million of stock into a family trust.
Bill Gates pledges $1bn for AI in the world's poorest countries
Bill Gates says the next 12 to 18 months decide whether AI reaches the people with the least or entrenches those with the most. His foundation is putting $1 billion behind the first outcome, most of it in Africa and South Asia.
Kenyan billionaire Vimal Shah says he was defrauded of $745,000 in currency deal
Bidco Africa founder Vimal Shah told a Nairobi court he sent Ksh102.4 million for dollars that never arrived, after a friend vouched for the deal.
Billionaire Patrice Motsepe's Kropz to cut staff at $160m phosphate mine
Patrice Motsepe has put about $160 million into a phosphate mine outside Cape Town since 2018. It never reliably produced. Now Kropz is cutting its own staff, letting the mining contract lapse, and mothballing most of the plant.
Michael Dell's family office buys Baldwin Insurance for $7.7bn
Michael Dell made $107 billion this year on AI servers. He is now spending some of it on an insurance broker, bought alongside an AI holding company, at an 88 per cent premium, and taken off the public market entirely.
Billionaire Masayoshi Son borrows $11.87 billion more for his OpenAI bet
SoftBank secured an $11.87 billion two-year loan from about 20 banks, exceeding its $10 billion target, to fund its OpenAI investment.
South African tycoon Don Ncube was Anglo's first black director and now drills for gas
Don Ncube holds 16.35% of Kinetiko Energy, a stake worth about $6.9 million, built from licences the South African state had no form to issue.
Chinese AI chip founders are worth $2.1 billion each at a company that has never made a profit
Shanghai Enflame has fewer than 900 staff, one major customer and has never turned a profit in eight years. Its two founders, both ex-AMD engineers, are now worth $2.1 billion each and their biggest customer is also their biggest shareholder.