Billionaire Watch

Serena Williams: A Tennis Icon’s Astonishing Journey to a $300 Million Net Worth

Published

1 year ago

August 25, 2023

Serena Williams, an undisputed legend in the world of tennis and widely recognized as the greatest female player in the sport’s history, is on the cusp of reaching an astounding net worth of nearly $300 million.

Back in June 2023, Forbes listed Serena Williams among America’s Self-Made Women, with a net worth of $260 million. However, in the time that has since elapsed, her wealth has surged to an impressive $290 million.

At the age of 41, Serena continues to hold her status as one of the world’s highest-paid athletes, amassing approximately $300,000 in winnings.

Her financial prowess extends well beyond the tennis court, with endorsements alone valued at an astonishing $45 million.

In 2022, Serena Williams, a mother of two who recently welcomed her second child, gracefully concluded a storied tennis career during which she earned nearly $95 million in prize money. Having retired from professional sports, she has deftly redirected her wealth into venture capital investments in startups worldwide.

Serena Williams: Championing Diverse Ventures in Nigerian Startups

A year ago, Serena Williams established a $111 million venture fund through Serena Ventures, an investment firm she founded in 2014.

Serena Ventures has since thrown its support behind 30 companies spanning a diverse range of industries, including e-commerce, fashion, and social goods, aligning with its mission of promoting diverse leadership, individual empowerment, creativity, and opportunity.

Among the beneficiaries of Serena’s support is Andela, a company that epitomizes these values. Known for its diverse team of co-founders, executives, and local lead directors in the countries where it operates, Andela embodies Serena Ventures’ commitment to fostering inclusive entrepreneurship.

In addition to Andela, Serena Ventures has extended its backing to Coinbase, the San Francisco-based cryptocurrency exchange; Masterclass, the online learning platform; and Wave, a remittance service available in five African countries.

One particularly notable investment was Serena Williams’s venture capital firm injecting $3.3 million into Stears Inc., a Nigerian data and insights firm, last year.

This funding initiative, spearheaded by Serena Ventures and with support from MaC Enterprise Capital, Omidyar Group’s Luminate Fund, Melo 7 Tech Companions, and Cascador, marked Serena’s deepening interest in African companies.

Serena Williams has expressed her intent to intensify her investments in the African continent following her retirement from tennis after the 2023 US Open.

Diverse Avenues of Wealth for Serena Williams

While embarking on her second act, Serena Williams continues to maintain endorsement deals with over a dozen prominent brands, all while actively participating in the world of investments through her firm, Serena Ventures.

Also, she co-founded “Will Perform,” a startup that emerged in December 2022, dedicated to creating products for topical pain relief, muscle care, and skincare.

Expanding her horizons, Serena launched Nine Two Six Productions in April 2023, a multimedia company aimed at bolstering her role as a producer.

Additionally, Serena made a memorable cameo appearance in the 2022 film “Glass Onion.” Her contributions also extend to the literary world, with her first children’s book released in September 2022.

Serena Williams’s portfolio of achievements includes a minority stake in the Miami Dolphins, further solidifying her multifaceted and impressive legacy.

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Abdulsamad Rabiu Reclaims Elite Status on Bloomberg’s Billionaires Index with Surging Valuations

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Aliko Dangote Retains Title as Africa’s Richest for the 12th Year Running – Forbes

Temitayo Olukoya

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Billionaire Watch

Dangote Reflects on Textile Sector Failures: Billionaire Lost Billions Before Achieving Success

Published

1 week ago

August 30, 2024

Samed Olukoya

Behind every great success story lies an often-overlooked tale of struggle, missteps, and lessons learned.

Africa’s richest man, Aliko Dangote, recently shared his untold journey of failure and financial loss during a keynote speech at the 2024 Manufacturers Association of Nigeria (MAN) summit in Abuja.

According to Independent.ng, Dangote opened up about a chapter in his career that saw billions of naira lost in Nigeria’s once-thriving textile industry—a venture that, despite his best efforts, ended in closure and significant setbacks.

Dangote, the Chairman of Dangote Group and a global business icon, revealed that his foray into the textile industry in the 1960s did not go as planned.

Reflecting on the experience, he explained how his company, Dangote General Textile Mills, invested billions in two textile mills—one in Kano and the other being Nigeria Textile Mill, an enterprise originally set up for the Western Region by political leader Chief Obafemi Awolowo.

At a time when the Nigerian textile industry was booming, Dangote had high hopes for the success of these mills.

“We massively invested billions at that time,” Dangote said, recalling the scale of the operations. His company had bought out the foreign shareholders of the Nigeria Textile Mill, aiming to capitalize on the growth of the industry.

However, the boom didn’t last, and the lack of supportive government policies spelled doom for Dangote’s textile ventures.

Dangote explained that the government’s failure to protect the sector through consistent and effective policy decisions ultimately led to the collapse of both textile plants.

“We had to shut both the two factories,” he said, attributing the downfall to a combination of unfavorable conditions and a government that was unable to shield the industry from economic pressures.

The situation worsened when it came to paying the pensions and gratuities of employees who had been with the textile mills for decades.

Dangote noted that many of the workers had been employed for 25 to 30 years, creating a massive financial burden for the company.

Facing these enormous costs, he was forced to sell Liberty Merchant Bank, another one of his business ventures, to cover the debt. “Luckily for us, somebody came and said he wanted to buy our bank, Liberty Merchant Bank,” Dangote explained.

The sale of Liberty Merchant Bank brought in N1.2 billion, but this financial relief was short-lived. “After cashing out N1.2 billion, the industry consumed N985 million to pay pensions and gratuities just to get out of the business,” Dangote revealed.

The losses from the textile industry were devastating, leaving him to admit that his company had “burnt its fingers” in the process.

Despite encouragement from former President Olusegun Obasanjo to re-enter the textile industry years later, Dangote declined, citing the trauma of his previous experiences.

“I told him, ‘No, I will not go back there,’” Dangote said.

The billionaire’s candid recounting of these struggles serves as a reminder that even the most successful entrepreneurs face setbacks on their journey to success.

His willingness to share these hardships offers valuable insights for other aspiring business leaders, especially in emerging markets like Nigeria, where industries can be unpredictable, and policy shifts often complicate growth efforts.

Though the textile industry didn’t yield the results Dangote had hoped for, his resilience and ability to learn from failure allowed him to shift focus to other sectors.

Today, the Dangote Group is a leading conglomerate with investments spanning cement, sugar, salt, and petroleum, among others.

Dangote has solidified his place as one of Africa’s wealthiest men, a testament to his determination to succeed in adversity.

Billionaire Watch

Masayoshi Son Loses $2.6 Billion as SoftBank Shares Sink on BOJ Rate Hike

Published

1 month ago

August 2, 2024

Samed Olukoya

Masayoshi Son, the founder of SoftBank Group Corp., saw his fortune decrease by $2.6 billion in just two days as shares of his technology conglomerate plummeted.

The significant drop comes in the wake of an unexpected interest rate hike by the Bank of Japan (BOJ), which has sent shockwaves through the Japanese stock market.

SoftBank Shares Plunge

On Friday, SoftBank shares fell by 8% in Tokyo trading, capping a two-day decline of approximately 14%. This sharp drop in value has erased a substantial portion of the gains Son had accrued earlier in the year.

Despite this setback, Son’s net worth remains approximately $14 billion, still up from the $11.3 billion he started with at the beginning of the year, according to the Bloomberg Billionaires Index.

Impact of BOJ’s Policy Shift

The BOJ’s decision to raise interest rates sooner than anticipated has had a profound effect on Japanese stocks, particularly those in the technology sector. SoftBank, one of the world’s largest tech investors, has been significantly impacted.

The company had enjoyed a 46% increase in its stock price through the end of July, driven by its holdings in companies like chipmaker Arm Holdings Plc.

However, Arm’s shares dropped by 16% on Thursday after the company reaffirmed its annual sales forecast, disappointing investors who had hoped for more optimistic projections.

Economic and Market Repercussions

The broader Japanese market also suffered, experiencing its most significant drop since 2016. Investors reacted to the tighter monetary policy with a selloff, leading to widespread declines across various sectors.

SoftBank’s extensive international operations make it particularly vulnerable to currency fluctuations.

The yen strengthened to a four-month high on Thursday, following the BOJ’s hawkish stance, which added to the pressure on SoftBank’s stock.

Masayoshi Son’s Financial Position

Masayoshi Son, 66, remains the largest shareholder of SoftBank, which is valued at approximately $78 billion.

However, much of his stake is pledged as collateral for loans with various financial institutions. This arrangement heightens the financial risks for Son, especially during periods of market volatility.

SoftBank’s Performance and Future Prospects

SoftBank has been a major player in the technology investment space, with significant stakes in companies that are at the forefront of innovation, such as those involved in artificial intelligence.

The company’s future performance is likely to be closely watched by investors, particularly in light of the recent market turbulence and the BOJ’s policy changes.

Broader Economic Context

The BOJ’s interest rate hike is part of a broader effort to address economic challenges, including inflation and currency stabilization.

The impact of this policy shift on Japanese businesses and the global economy remains to be fully seen.

Analysts and investors are closely monitoring developments, particularly as they relate to major corporations like SoftBank.

The recent decline in SoftBank’s stock price and the resulting loss in Masayoshi Son’s wealth underscore the volatility and uncertainty in today’s financial markets.

Billionaire Watch

Warren Buffett Donates $5.3 Billion in Berkshire Shares to Charities

Published

2 months ago

July 9, 2024

Samed Olukoya

Renowned investor Warren Buffett has reaffirmed his commitment to philanthropy by donating $5.3 billion worth of Berkshire Hathaway shares to five charitable foundations.

The donations announced on Friday will see the Bill & Melinda Gates Foundation Trust receive the largest portion, totaling 9.93 million Class B shares of Berkshire Hathaway.

Also, the Susan Thompson Buffett Foundation will receive 993,035 shares, while the Sherwood Foundation, Howard G. Buffett Foundation, and NoVo Foundation will each benefit from 695,122 shares.

Buffett, approaching his 94th birthday in August, said his annual contributions first announced in a publication back in 2006 are important.

These shares represent a significant portion of Buffett’s holdings, with his remaining Class A stock valued at approximately $127 billion, constituting nearly 99.5% of his net worth.

Over the past 18 years, Buffett has maintained a steadfast commitment to his Berkshire holdings, refraining from both buying and selling Class A or B stock.

The impact of Buffett’s philanthropy extends far beyond these recent donations, as the five foundations have collectively received Berkshire Class B shares valued at approximately $55 billion since 2006.

This ongoing support has enabled these organizations to fund initiatives ranging from global health and education to poverty alleviation and community development.

As the Berkshire shares are transferred to the designated foundations, stakeholders anticipate a continuation of impactful programs and initiatives supported by Buffett’s generosity.

Moving forward, Buffett’s philanthropic efforts are expected to further inspire and catalyze global philanthropy, setting a precedent for strategic giving and leveraging financial resources for maximum societal benefit.