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Motsepe Family & Associates Join Rupert And Oppenheimer Families In Donating R1 billion To Deal With COVID-19 Pandemic

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On Monday South Africa’s President, Cyril Ramaphosa revealed that South Africa’s richest families the Rupert and Oppenheimer families had each contributed R1 billion to assist small businesses and their employees affected by the coronavirus pandemic. Today the Motsepe family has contributed R1 billion ($57mn). See full statement below.

The Motsepe Family in partnership with companies and organisations that they are associated with, have pledged R1 billion to assist with the current Coronavirus (COVID-19) pandemic and its related challenges that are confronting South Africa and the African Continent.

These companies and organisations are:
 Motsepe Foundation
 Sanlam
 African Rainbow Capital (ARC)
 African Rainbow Minerals (ARM)  and others

The Founder and Chairman of the Motsepe Foundation, Dr Patrice Motsepe said: “Several hundred million rands will immediately be made available with the primary objective of saving lives and slowing and restraining the spread of the Coronavirus. We are purchasing sanitisers, disinfectants, Personal Protective Equipment (PPE) and are in discussions with Government, health workers and other stakeholders to assist with acquiring other equipment and making resources available which are essential for dealing with the Coronavirus pandemic. We’ve been advised that access to water for regularly washing hands is crucial for slowing and limiting the spread of the Coronavirus. We are therefore providing water to poor rural and urban communities by purchasing water tanks (jojos), drilling and equipping for borehole water and also building sanitary facilities. The current lockdown has an impact on the goods, equipment and services that can be purchased immediately and the goods and services which can be provided when the lockdown has been terminated. Our short to medium term interventions include building additional classrooms, computer centers and laboratories in all the 9 provinces of South Africa to assist with the excessively high number of students per classroom in some schools; particularly in the context of the current Coronavirus pandemic and the social distancing requirements.

Those schools in the poor rural and urban areas which do not have internet access or facilities will be assisted with study guides, scientific calculators, dictionaries and other educational equipment and facilities identified in consultation with the Department of Basic Education, school principals and teachers. Poor and underdeveloped communities are ill-prepared to deal with the serious challenges and consequences of the Coronavirus pandemic and are in dire need of our assistance and contributions. We are committed to contribute to the provision of quality education, infrastructure and other facilities to better prepare and equip them to deal with future pandemics or catastrophes.”

We will be working in partnership with:
 traditional leaders, kings, queens and their communities that we have been working with for the past 20 years;
 the 34 Religious and Faith-Based organisations that participate in the annual Motsepe Foundation National Day of Prayer;
 National, Provincial and Local Government authorities;
 Trade Union and other Worker Representative organisations;
 NGOs and other local community representative organisations;
 sport organisations and entities;
 local, provincial and national business and professional organisations;
 black and white farmers and their representative organisations; and
 other organisations or structures that can assist or partner with us in dealing with the current Coronavirus pandemic.

The CEO of Sanlam Ian Kirk said: “Sanlam has a rich history of always putting our people, our clients and our country first; hence our mantra of ‘Doing well, by doing Good’. Today, we’re proud of the partnership with the Motsepe Family and its associated companies. We believe these efforts will make a meaningful contribution not only towards fighting the Coronavirus, but also in developing the long-term sustainability of South Africans, particularly in poor and rural areas. Periods of profound uncertainty like these call for us to come together to support all the prudent actions that contain the scourge of this virus and its impact on our already fragile economy.”

The CEO of ARC Dr Johan van Zyl said: “As a nation we are in unchartered waters in terms of the scale and danger that the COVID19 pandemic presents to South Africans. It is now time for each and everyone of us to demonstrate leadership and help. ARC is a fairly young company with limited financial resources. Yet, it remains important that we make a contribution. In this regard we are partnering with companies and organisations with which we have common interests and share common values to ensure that the positive impact we aim to make is felt.” We have been in contact with various Ministers and MECs and will also be in contact with the Government’s Coronavirus Solidarity Fund to identify specific initiatives and projects where we can partner and work together. There may be upliftment and developmental undertakings where they are better positioned than we are, in which case we may fund or donate with them on a particular project or partnership.

We want to thank Government for their leadership and cooperation including health workers, police, soldiers, as well as Religious and Faith-Based organisations, traditional leaders, trade union and other worker representative organisations, NGOs and other rural and urban organisations. We also want to thank business and in particular the Rupert and Oppenheimer families, the employees, boards and stakeholders of the companies that the Motsepe Family is associated with, for their assistance and contributions in dealing with the current Coronavirus pandemic.

South Africans have a history of uniting and working together when confronted with major and enormous challenges. We are confident that South Africa will in the medium to long term overcome the life-threatening and economic challenges caused by the Coronavirus pandemic and continue to build a bright and inclusive future for the people of South Africa and the African continent.

Billionaires

Jeff Bezos ‘Trillionaire’ Is Trending On Twitter. Here’s Why

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TOPLINE Jeff Bezos’ wealth suddenly caught Twitter’s attention on Wednesday amid ‘claims’ that the world’s richest man is set to become a trillionaire, in part thanks to pandemic-driven demand that has sent Amazon stock soaring.

KEY FACTS

  • Bezos was trending on Twitter on Wednesday after a months-old study by small business advice platform, Comparisun, resurfaced, claiming that Bezos net worth could reach $1 trillion by 2026.
  • The company analyzed the market cap of the highest valued firms on the New York Stock Exchange, as well as Forbes’ 25 richest people. Chinese real estate billionaire Xu Jiayin is second on the study’s list.
  • But Bezos has a long way to go to become the world’s first trillionaire. At the time of publication, Forbes values the 56-year-old’s net worth to be $143 billion. He owns a 11.2% stake in Amazon, and his wealth has surged upwards from around $125 billion in March.
  • Amazon is predicted to be one of the winners of the pandemic as demand for online shopping, streaming and delivery services flies.
  • Sales in the first three months of the year topped $75 billion, up from $60 billion in 2019. The potential for a second wave of the virus and further lockdowns could keep that demand high.
  • Bezos joined Forbes’ list of 400 richest Americans in 1998, four years after he founded Amazon, and had a net worth of $1.6 billion at the time.

KEY BACKGROUND

Amazon AMZN shares are up more than 28% so far this year. But the company is now up against “the hardest time” it has ever faced, Bezos said in April. The company predicted operating profits of $4 billion in the three months to June, but is now committing that entire amount to “COVID-related expenses” such as higher wages for hourly teams, buying up personal protective equipment for staff, and developing coronavirus testing facilities.

The company has been under fire from former employees—both office staff and warehouse workers—for allegedly silencing them after they spoke out about a lack of protection against the virus. Amazon has let go a number of employees, claiming that they breached company policy. 

TANGENT

In February, Bezos pocketed $3.1 billion after selling $4 billion worth of Amazon shares since January.

Isabel Togoh, Forbes Staff, Business

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Facebook Will Pay Out $52 Million After Failing To Protect Moderators From Dangers Of Extreme Content

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TOPLINE Former Facebook moderators will receive at least $1,000 each after Facebook agreed to pay $52 million to settle a lawsuit over allegedly failing to protect moderators being exposed to harmful content online.

KEY FACTS

  • Moderators were exposed to the worst types of content online including terrorism, pedophilia and animal abuse. They were hired by Facebook through third-party firms.
  • The settlement covers more than 11,000 current and former moderators across California, Arizona, Texas and Florida. It was filed at San Mateo County Superior Court on Friday.
  • Plaintiffs who have been diagnosed with a mental illness, including PTSD, qualify for additional compensation of up to $50,000.
  • The social media giant says it will change its policies in response to the case, and introduce compulsory group counseling sessions for moderators, while third-party firms will be required to step up support for moderators’ mental health.

CRUCIAL COMMENT

Lawyer Steve Williams, representing the plaintiffs, told The Guardian: “The harm that can be suffered from this work is real and severe. So the fact that we got some real, meaningful relief going forward just feels really good.”

KEY BACKGROUND

Facebook was sued in September 2018 by former content moderator Selena Scola, who developed PTSD after nine months in the job, thanks to regular exposure to images of rape and murder. The scale of the mental toll on moderators was exposed by The Verge last year. The outlet reported that some Facebook content moderators working for IT firm Cognizant CTSH in Arizona had developed fringe views after exposure to extreme right-wing and conspiracy theorist content, while some had developed PTSD. To cope, some moderators at the firm smoked weed to numb their emotions, while being paid just $28,800 a year. A Guardian report last year found that moderators for Facebook based in Berlin were becoming addicted to extreme content, were overworked and paid little. 

Isabel Togoh, Forbes Staff, Business

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Billionaire Behind TikTok Commits $10 Million To A Bill Gates-Backed Accelerator For COVID-19 Therapeutics Treatments

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Zhang Yiming, the 36-year-old Chinese billionaire founder of social media app TikTok and its parent company, ByteDance, has pledged $10 million to the COVID-19 Therapeutics Accelerator, a project founded by the Bill and Melinda Gates Foundation. Other donors to the Accelerator include the Chan Zuckerberg Initiative, the Michael & Susan Dell Foundation, and singer Madonna. 

“While [Zhang] has met Bill Gates a couple of times in passing, he does not know him well but has tremendous respect for Bill and Melinda Gates’ systematic approach and ongoing efforts in contributing to philanthropy,” a spokesperson for Zhang said. “He sees them as an inspiration for all entrepreneurs fortunate enough to be in a position to give back to the community.” 

The Accelerator was launched in March as a $125 million fund, initially backed by the Gates Foundation, the Wellcome Trust and Mastercard. In early April, Mark Zuckerberg and Priscilla Chan’s philanthropic arm CZI announced a $25 million gift to the fund. The U.K. government and Madonna also became donors; the size of their gifts were undisclosed.

The Accelerator’s mission is to coordinate research, remove barriers to drug development, and scale up treatments to the coronavirus with fast and flexible funding, according to the Accelerator’s website. It is working with the World Health Organization, researchers, governments, the private sector and global regulators to fast track drugs related to COVID-19.

“Philanthropic, government and private sector organizations, as well as individuals like Zhang Yiming demonstrate the wide array of donors who understand the value of collaboration in developing effective drugs  to help turn the tide of this pandemic,” said Trevor Mundel, president of the global health division at the Gates Foundation. “Until we have a vaccine, expanded testing, isolation and treatment are our best options.”

Forbes pegs Zhang’s net worth at $16.2 billion, based on his estimated ownership of about one quarter of ByteDance. Founded in 2012 and headquartered in Beijing, the privately held company last raised financing in 2018 at a massive $75 billion valuation. 

TikTok launched in 2016 and reached international markets the next year. The short video app, which has around 625 million users worldwide, according to App Annie, appeals particularly to the Gen Z demographic. 

This is the first known significant philanthropic donation by Zhang. 

Angel Au-Yeung, Forbes Staff, Billionaires

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