LeBron James has signed a two-year, $104 million deal with the Los Angeles Lakers, according to sources familiar with the matter.

This contract sets a new record for an NBA player of his age and pushes his net worth to almost $1.5 billion based on estimates from the Bloomberg Billionaires Index.

At 39 years old, James remains one of the league’s top superstars, holding the all-time scoring record and maintaining an average of 25.7 points per game last season.

His enduring performance on the court, coupled with this lucrative contract, underscores his continued dominance in professional basketball.

James’ wealth is not only derived from his NBA salary but also from an extensive portfolio of sponsorships, investments, and his own ventures.

His business empire includes the SpringHill Co., a consumer and entertainment company valued at approximately $725 million.

The company received significant investment from Nike Inc., among others, in 2021.

James’ lifetime deal with Nike is projected to bring in $1 billion, adding to his financial achievements.

Also, he earned over $100 million from the sale of Beats Electronics to Apple Inc. in 2014. His diverse investments include a 1% stake in Fenway Sports Group, which owns the Boston Red Sox, Pittsburgh Penguins, and Liverpool Football Club.

The new contract also aligns with James’ personal aspirations, allowing him to play alongside his 19-year-old son, Bronny James Jr., who was recently drafted by the Lakers and agreed to a four-year, $7.9 million deal.

This father-son duo marks a significant milestone in NBA history.

LeBron James has long expressed his goal of owning an NBA franchise, and this latest contract brings him closer to achieving billionaire status, a crucial step towards that dream.

His financial success mirrors his extraordinary career on the court, where he has been a dominant force since being drafted first overall by the Cleveland Cavaliers in 2003.

As James enters his 22nd NBA season, his influence extends far beyond basketball. His financial acumen and strategic investments have solidified his place as one of the wealthiest athletes in the world, trailing only behind legends like Michael Jordan, who recently sold his stake in the Charlotte Hornets, amassing a net worth of over $4 billion.

James’ continued success both on and off the court exemplifies his moniker “King James,” showcasing his unparalleled talent and business savvy.

With his latest contract, LeBron James reaffirms his position as a leading figure in sports and business, inspiring athletes and entrepreneurs alike.

Billionaire businessman Femi Otedola has solidified his position as the largest shareholder of FBN Holdings after acquiring a substantial number of shares through both direct and indirect investments.

The transaction, which took place on June 20, 2024, saw Mr. Otedola’s personal investment vehicle, Calvados Global Services Limited, and himself collectively purchase a total of 863,180,810 ordinary shares of FBN Holdings.

This acquisition amounted to 546,674,034 shares purchased by Calvados Global Services Limited at a price of N21.97 per share, and 316,506,776 shares bought directly by Mr. Otedola at N21.91 per share.

The combined investment value of these acquisitions totals N18,950,313,232.34, a significant financial commitment by Mr. Otedola to bolster his influence within one of Nigeria’s foremost financial institutions.

In February 2024, Femi Otedola owned 1,989,342,376 indirect units, constituting 5.54% of FBN Holdings’ total shareholding, alongside 40,033,982 direct shares, amounting to 0.11%.

Combined, his holdings stood at 2,029,376,358 shares, equivalent to about 5.65% of the company’s shares.

At that time, Oba Otudeko’s Barbican Capital Limited held the largest stake in the bank.

However, following his acquisition of an additional 863,180,810 shares valued at N18,950,313,232.34 on June 20, 2024, Otedola has now emerged as FBN Holdings’ largest shareholder.

Otedola has now emerged as FBN Holdings’ largest shareholder.

The billionaire’s decision to augment his stake in FBN Holdings aligns with his broader investment strategy in Nigeria’s financial sector.

It also reflects his confidence in the long-term growth and stability of the banking industry amidst evolving economic conditions.

Industry analysts have noted that Mr. Otedola’s move not only strengthens his position within FBN Holdings but also signals a vote of confidence in the leadership and strategic direction of the bank under current market conditions.

As the largest shareholder, Mr. Otedola’s increased influence is expected to have implications for the governance and operational decisions of FBN Holdings, potentially shaping its future trajectory in Nigeria’s banking landscape.

The acquisition comes at a time when the Nigerian economy is navigating various challenges, including inflationary pressures and regulatory changes.

Mr. Otedola’s expanded stake in FBN Holdings positions him uniquely to influence and contribute to the resilience and growth of the institution amid these dynamics.

With this latest development, all eyes are on how Mr. Otedola’s enhanced role will impact FBN Holdings’ strategic initiatives, shareholder relations, and overall performance in the coming quarters.

Elon Musk has once again ascended to the top of the global wealth rankings, surpassing Bernard Arnault, after his new artificial intelligence startup, xAI, secured $6 billion in funding.

This latest financial windfall has catapulted Musk’s net worth to an astonishing $209.2 billion, outstripping Arnault’s $199.3 billion and placing Jeff Bezos in second place with an estimated $199.9 billion as of May 30, 2024.

The announcement, made during the Memorial Day weekend, highlighted the significant investment in xAI, which now boasts a pre-money valuation of $18 billion.

Musk’s 60% stake in the startup is estimated to be worth $14.4 billion, further solidifying his financial dominance.

This valuation surge is particularly noteworthy considering the involvement of investors from Musk’s $44 billion acquisition of Twitter, now rebranded.

Musk’s wealth is predominantly derived from his substantial holdings in Tesla and SpaceX. His nearly 12% stake in Tesla and 42% stake in SpaceX are each valued at approximately $75 billion.

Despite Tesla’s fluctuating stock prices and the rising valuation of SpaceX, Musk’s financial prowess remains robust.

Also, Forbes estimates that the value of Musk’s 74% stake in his social media company has decreased to around $7 billion, nearly 70% less than its purchase price in 2022.

In a significant legal development, a Delaware judge invalidated nearly $50 billion in performance-based Tesla stock options granted to Musk in 2018, citing unfair award processes.

Tesla shareholders are set to vote on reapproving these options on June 13, which could further impact Musk’s financial status.

Meanwhile, SpaceX is reportedly aiming for a valuation of $200 billion, up from $180 billion last December, indicating a continued upward trajectory for Musk’s ventures.

The Forbes Real Time Billionaire Index, as of May 30, reflects the shifting fortunes of the world’s wealthiest individuals.

Musk now leads with $209.2 billion, followed by Bezos at $199.9 billion, and Arnault at $199.3 billion.

Other notable figures in the top ten include Mark Zuckerberg, Larry Ellison, Larry Page, Sergey Brin, Warren Buffett, Bill Gates, and Steve Ballmer.

Musk’s remarkable financial rebound underscores the volatile nature of the global wealth rankings and the significant impact of strategic investments in emerging technologies.

As xAI continues to develop, it will be intriguing to observe how Musk leverages this new venture to maintain his position as the world’s richest person.