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Mark Zuckerberg And Wife to Give Away $46 Billion

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Mark Zuckerberg and his wife pledged to give away virtually all of their $46 billion in Facebook Inc. shares, setting a new philanthropic benchmark by committing their massive fortune to charitable causes while still in their early 30s.

Facebook’s chief executive officer and his wife, Priscilla Chan, unveiled the plan in an open letter to their newborn daughter, Max (short for Maxima), in a Facebook post on Tuesday, promising to donate 99 percent of their stock in the social-networking company “during our lives.”

The pledge puts Zuckerberg in the same league with other billionaires who are giving away the bulk of their wealth, including Warren Buffett and Bill Gates. The key difference is that Zuckerberg is starting at an earlier age, 31. The Bill & Melinda Gates Foundation was created in 2000, the year the Microsoft Corp. co-founder turned 45.

Zuckerberg doesn’t plan to contribute more than $1 billion a year for at least the next three years, Facebook said in a separate filing, meaning the CEO will maintain voting control of the Menlo Park, California-based company for the foreseeable future.

‘Too Important’

Zuckerberg outlined his philanthropic goals, which will focus on “advancing human potential and promoting equality,” in the letter to his daughter, who was born early last week. Zuckerberg will make long-term investments in areas such as health and education, while working to decrease inequality and building technology to bring about change.

“Our society has an obligation to invest now to improve the lives of all those coming into this world, not just those already here,” Zuckerberg and Chan wrote. “But right now, we don’t always collectively direct our resources at the biggest opportunities and problems your generation will face.”

He added that he will remain Facebook’s CEO for “many, many years to come, but these issues are too important to wait until you or we are older to begin this work.”

Different Audience

While Zuckerberg pegged the donation amount on the current value of his Facebook stock, the value of the gift could also grow. Shares of Facebook have climbed more than 180 percent since their market debut in 2012, and 90 percent of analysts who cover the company have a buy rating on the stock, meaning they expect it to go up. At the same time, the figure could be lower if investors determine in the future that Facebook’s stock is worth less.

It’s unusual for an executive to undertake such a broad philanthropic effort at so young an age. Buffett, the chairman and CEO of Berkshire Hathaway Inc. who has committed almost all of his fortune to charity, has singled out Zuckerberg as someone who can set an example for a new generation of philanthropists.

“He has an audience that’s just totally different than what I would have,” Buffett, 85, said last year at a conference in Las Vegas. The Facebook co-founder previously signed the Giving Pledge, established by Buffett and Bill and Melinda Gates, in which billionaires agree to donate the majority of their fortunes to charity.

Buffett, whose current net worth is $64.2 billion, according to the Bloomberg Billionaires Index, decided to commit most of his Berkshire stock to the Bill & Melinda Gates Foundation when he was 75, after his the death of his first wife in 2004.

Before devoting himself to philanthropy, Gates chose to focus on his company rather than charitable efforts, much to the dismay of his own mother and local Seattle business and philanthropic leaders, Tom Alberg, co-founder of Seattle-based Madrona Venture Group, said in a recent interview. It was after the death of Mary Gates in the mid-90s that Gates began his first significant foray into charitable giving.

The Gates’s charitable foundation, now worth $41.3 billion, has given away more than $34 billion. Gates started the organization in 2000, subsuming two earlier entities: the William H. Gates Foundation and the Gates Learning Foundation. Both of the men have mentored Zuckerberg in his philanthropy efforts.

“On behalf of future generations, I thank them,” Buffett said of Zuckerberg and Chan in a statement.

There’s also one more thing in common with the philanthropic endeavors of Buffett, Gates and Zuckerberg: they reduce their tax bills, as the contributions are tax-deductible.

Track Record

Zuckerberg isn’t new to philanthropy; he’s given to several education and health-related causes in the past few years. He and his wife recently started a school in one of Silicon Valley’s disadvantaged neighborhoods and a trauma center in San Francisco General Hospital, where Chan has worked as a pediatrician. The couple this week also started a coalition with Gates to invest in sustainable energy solutions. The new Chan Zuckerberg Initiative will be a limited liability company controlled by Mark and Priscilla, the couple said.

Today, 99 percent of Zuckerberg’s Facebook holdings have a value of $45 billion. If it was all to be gifted at once that would be enough to create the largest U.S. foundation, according to data compiled by Foundation Center. The pledge also situates Zuckerberg and Chan in a century-long tradition of American philanthropists that stretches back to industrialists Andrew Carnegie and John Rockefeller, whose foundations still rank among the biggest in the country.

“I absolutely think this propels Zuckerberg and his wife into that sphere,” said Berit Ashla, vice president at Rockefeller Philanthropy Advisors. “They clearly are not going to be siloed grantmakers. I anticipate they will be quite interdisciplinary in terms of how they approach the work.”

Bloomberg

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Fund Raising

Nigerian Mobility Startup, Moove Secures $20M Financing From BII to Scale Operations in Nigeria

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Moove, a mobility fintech democratising access to vehicle ownership in Africa has secured US $20 million in a 4-year structured credit investment from British International Investment (BII), the UK government’s Development Finance Institution (DFI), formerly known as CDC Group.

Moove is democratising access to vehicle ownership by providing revenue-based vehicle financing and financial services to mobility entrepreneurs. The mobility fintech is creating sustainable employment opportunities to empower those otherwise excluded from financial services by embedding its alternative credit scoring technology onto ride-hailing, e-logistics and instant delivery platforms, and using proprietary performance and revenue analytics to underwrite vehicle loans.

Since its launch in 2020, Moove has rapidly expanded its operations within Nigeria and has entered into new African markets including Ghana, Kenya, Uganda and South Africa, as well as Europe, Middle East and Asia markets.

According to the mobility company, the collaboration between Moove and BII reflects BII’s focus on mobilising capital to build self-sufficiency and market resilience in Nigeria and improve access to inclusive economic opportunities while helping to catalyse the country’s boundless entrepreneurial ambition.

Investors King gathered that Moove was the first business to qualify for BII’s BOLD (Black Ownership and Leadership Development).

Speaking on the new funding, Ladi Delano, co-founder/ co-CEO at Moove, said, “we’re incredibly proud to welcome onboard a world-class partner such as BII, whose strategic support will play a key role in our mission to build the world’s largest integrated vehicle financing platform for mobility entrepreneurs.

“With our new funding, we’re now in an even stronger position to use our technology and productivity data in creating a more inclusive financing ecosystem, whilst also tackling the unemployment problem affecting over a third of Nigerians by generating the opportunity for more seamless and sustainable employment.”

The CEO of BII, Nick O’Donohoe commented on how BII’s new five-year strategy is driving its investment in the world’s first mobility fintech.

“Investing in the prosperity of Nigeria’s growing population requires innovative new partnerships that can leverage the country’s abundant capabilities and expertise. In Moove, BII has a partner that aligns with our commitment to back dynamic tech-enabled businesses that can help accelerate impact in Nigeria by strengthening the country’s informal transport industry,” he said.

“I am delighted that not only will BII’s investment help to create jobs and provide entrepreneurial self-starters with the means to own their vehicles, but Moove’s clear focus on gender diversity will foster inclusive economic opportunities for women, both within the company’s workforce and among its drivers,” he added.

Nigeria is the BII’s biggest investment market in Africa, with a portfolio of nearly US $570 million, through more than 100 businesses and 43 funds, which collectively support almost 45,000 jobs across the country in 2020.

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Startups

Nearly 70% Forecast the Value of Start-ups in Africa Will More Than Double in Five Years

African business leaders are predicting a boom in start-up businesses across the continent as the number of working-age people launching new firms expands,  new research for blockchain-based mobile network operator World Mobile shows.

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Start-up - Investors King

African business leaders are predicting a boom in start-up businesses across the continent as the number of working-age people launching new firms expands,  new research for blockchain-based mobile network operator World Mobile shows.

Start-ups across the continent are currently valued at around $7.6 billion – around 0.2% of the total $3.8 trillion value of start-ups globally** – but nearly seven out of 10 (69%) of senior African business executives believe that will more than double in the next five years.

The rise in the predicted value of start-ups will be driven by growth in the numbers of people starting companies, the study with African business leaders from companies with combined annual revenues of more than $6.75 billion found.

Before the pandemic around 22% of working age adults on the African continent started new businesses***. But the research among senior executives based in Angola, Botswana, Cameroon, Ethiopia, Ghana, Nigeria, South Africa, and Tanzania found they expect that number to grow.

More than two out of five (43%) business leaders believe around a quarter of working age adults will have started their own businesses within five years. Almost all (97%) questioned expect the rate to increase from the pre-pandemic 22%.

Business leaders worry new business creation could be blocked by cumbersome regulations and a lack of digital skills due to poor internet connectivity seen as the biggest issues ahead of limited funding and fragmented markets.

They are hopeful about improvements – 70% expect the regulatory issue to become less of a problem over five years while 60% believe the digital skills gap on the continent will close.

World Mobile is aiming to revolutionise internet connectivity in sub-Saharan Africa which is essential to improving digital skills.  It is already working with the government in Zanzibar where it is launching a unique hybrid mobile network delivering connectivity supported by low altitude platform balloons.

Its blockchain-based network vastly reduces capital expenditure and cuts prices compared to traditional telecom operators and World Mobile is in discussions to expand in Tanzania and Kenya, as well as other territories underserviced by traditional mobile operators.

Micky Watkins, CEO of World Mobile said: “The numbers of Africans starting their own businesses pre-pandemic was already very impressive and it is interesting to see that senior business leaders across the continent expect even more expansion.

“More than doubling the value of start-ups on the continent over the next five years will have a major impact on employment and standards of living and governments are working hard to make this happen by removing regulation and addressing the digital skills gap.

“We are focused on providing affordable and reliable internet connectivity and in addition we are going to work with governments to support projects such as providing free, unlimited internet access to schools across Zanzibar.”

World Mobile’s balloons will be the first to officially launch in Africa for commercial use, offering a more cost-effective way to provide digital connection to people and is the first step in its mission to help bring nearly four billion people online before 2030 in line with the UN and World Bank’s SDGs.

The World Mobile approach is more sustainable, in environmental, social and governance terms. Environmental impacts are mitigated using solar-powered nodes, second-life batteries, and energy-efficient technology. World Mobile creates a positive societal impact through the application of its circular economy model – a “sharing economy” where locals share in the ownership and rewards of the network.

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Telecommunications

Airtel Redeems $300 Million of its $1 Billion Guaranteed Senior Notes

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Airtel Financial Results - Investors King

Airtel on Wednesday announced that its subsidiary, Bharti Airtel International (Netherlands) B.V., has launched a cash tender offer to redeem about $300 million of its $1 billion of 5.35% Guaranteed Senior Notes due in 2024.

According to the telecommunications giant, the tender offer will expire on 19 July 2022, unless amended or extended by BAIN at its sole discretion. However, there is an early tender deadline of 5 July 2022 for noteholders wishing to tender their notes for preferential early tender consideration.

In a statement obtained by Investors King, Airtel said “All Notes accepted for purchase will be cancelled ahead of their maturity in May 2024. BAIN reserves the right at its sole discretion to amend or waive any of the terms of the tender offer.

“A further announcement will be made following completion of the tender offer. This early redemption will be made out of Group cash reserves and aligns with the continuation of our pursuit of a reduction of external foreign currency debt at Group level.”

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