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AFRICA’S RICHEST PEOPLE 2023

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The Next Billion-Dollar Startups 2021


<p><strong>How the singer became the richest female musician on the planet. Hint: it wasn&#8217;t performing.</strong></p>



<p>When Robyn Fenty, known to the world as Rihanna, launched Fenty Beauty in 2017, she sought to create a cosmetics company that made “women everywhere (feel)&nbsp;<em>included</em>.” A perhaps unintended consequence: The beauty line has helped her enter one of the world’s most&nbsp;<em>exclusive</em>&nbsp;ranks: Billionaire.</p>



<p>Rihanna is now worth $1.7 billion,&nbsp;<em>Forbes</em>&nbsp;estimates—making her the wealthiest female musician in the world and second only to Oprah Winfrey as the richest female entertainer. But it’s not her music that’s made her so wealthy. The bulk of her fortune (an estimated $1.4 billion) comes from the value of Fenty Beauty, of which&nbsp;<em>Forbes&nbsp;</em>can now confirm she owns 50%. Much of the rest lies in her stake<strong>&nbsp;</strong>in her lingerie company, Savage x Fenty, worth an estimated $270 million, and her earnings from her career as a chart-topping musician and actress.</p>



<p>While Barbados-born Rihanna isn’t the only celebrity to capitalize on her social media presence —she has 101 million followers on Instagram and 102.5 million on Twitter—to build a beauty brand, she is the most successful beauty entrepreneur to do so. Fenty Beauty, which is a 50-50 joint venture with French luxury goods conglomerate LVMH (run by Bernard Arnault, the world’s second richest person), launched in 2017 with the goal of inclusivity. Its products come in a diverse range of colors—foundation is offered in 50 shades, including harder-to-find darker shades for women of color—and are modeled in its advertising by an equally diverse group of people.&nbsp;</p>



<p>Available online and at Sephora stores, which are also owned by LVMH, the products were an instant success. By 2018, its first full calendar year, the line was bringing in more than $550 million in annual revenues, according to LVMH, beating out other celebrity-founded brands like Kylie Jenner’s Kylie Cosmetics, Kim Kardashian West’s KKW Beauty and Jessica Alba’s Honest Company.</p>



<p>“A lot of women felt there were no lines out there that catered to their skin tone. It was light, medium, medium dark, dark,” says Shannon Coyne, cofounder of consumer products consultancy Bluestock Advisors. “We all know that’s not reality. She was one of the first brands that came out and said ‘I want to speak to all of those different people.’”</p>



<p>While cosmetics sales slowed during the pandemic, beauty companies are worth as much as ever. Stocks of larger beauty conglomerates like Estee Lauder and L&#8217;Oreal have bounced back, reaching all-time highs and trading at impressive 7.5 (or more) times annual revenues. Meanwhile independent brands like Beautycounter and Charlotte Tilbury inked deals with investment firms earlier this year at billion-dollar valuations.</p>



<p>That is good news for Rihanna. Thanks to the impressive multiples at which beauty companies are trading, Fenty Beauty is worth a conservative $2.8 billion,&nbsp;<em>Forbes&nbsp;</em>estimates. And all signs point to the company continuing to grow. In its annual report for 2020, LVMH said Fenty Skin, which launched last year, was off to a “very promising start” and “generated unprecedented buzz,” and that Fenty Beauty &#8220;maintained its appeal as a premier make up brand.&#8221;</p>



<p>Fenty Beauty isn’t Rihanna’s only billion-dollar brand. In February her lingerie line&nbsp;<a href="https://www.forbes.com/sites/maddieberg/2021/02/10/rihannas-lingerie-line-savage-x-fenty-raises-115-million-on-same-day-lvmh-announces-its-closing-her-fashion-house/">Savage x Fenty raised $115 million in funding</a>&nbsp;at a $1 billion valuation. The company, which launched in 2018 as a joint venture with TechStyle Fashion Group, counts blue-chip investors like Jay-Z’s Marcy Venture Partners and private equity firm L. Catterton (<a href="https://www.forbes.com/sites/sergeiklebnikov/2020/05/12/why-a-private-equity-firm-backed-by-bernard-arnault-is-putting-400-million-into-norwegian-cruise-line/?sh=7fa14e343504">in which Bernard Arnault is an investor)</a>&nbsp;as shareholders. Rihanna maintains a 30% ownership stake,&nbsp;<em>Forbes&nbsp;</em>estimates. The latest round of funding will reportedly be used for customer acquisition and retail expansion.&nbsp;</p>



<p>Not that everything Rihanna touches turns to gold.&nbsp; In February, LVMH and Rihanna&nbsp;<a href="https://www.forbes.com/sites/maddieberg/2021/02/10/rihannas-lingerie-line-savage-x-fenty-raises-115-million-on-same-day-lvmh-announces-its-closing-her-fashion-house/?sh=4568e2373660">confirmed in a statement to&nbsp;<em>Forbes</em></a>&nbsp;that they had shut down their other venture, a high-end fashion and accessories house also called Fenty. Launched in 2019, Fenty sought to extend Rihanna’s brand of inclusivity and offer styles in a range of sizes. But like many luxury fashion brands, the high-priced line suffered during the pandemic, releasing its last collection in November 2020.</p>



<p>The only complaint some fans may have about her career as a fashion and beauty mogul? It keeps her busy. The singer, who used to release an album almost every year, hasn’t released a new album since 2016’s&nbsp;<em>Anti.&nbsp;</em></p>



<p>From a financial perspective, that may be just fine: “She is creating a brand outside of herself. It’s not just about Rihanna,” says consultant Coyne. “Even if you don&#8217;t like her music, she’s created a real style in the fashion and beauty space.”</p>



<p><strong><em>by&nbsp;Madeline Berg, Forbes Staff</em></strong></p>


Rihanna’s Savage X Fenty Show Vol. 2 presented by Amazon Prime Video – Show & BTS

Fenty’s Fortune: Rihanna Is Now Officially A Billionaire


<p>Elon Musk was in court in Delaware last week defending his role in Tesla’s acquisition of failing solar panel installer SolarCity in 2016. That questionable decision – SolarCity was founded by his cousins; Musk was its biggest shareholder and served on the board of both companies – triggered a shareholder lawsuit. Of course, not all of Musk’s misguided notions land him in Delaware Chancery Court, but many don’t pan out precisely as planned. “If I wasn’t optimistic I don’t think I would have started an electric car company or a rocket company,” <a href="https://twitter.com/WillOremus/status/1415012678020513794?s=20" target="_blank" rel="noreferrer noopener">he told the court</a>.In the case of the $2.6 billion SolarCity deal, the solar roof revolution he predicted in 2016 hasn’t materialized. But neither has an affordably priced Tesla, an all-electric semi, a robotaxi network or next-gen low-cost, high-capacity batteries. Ahead of a ruling in the SolarCity case, here’s a roundup of some of Musk’s bigger swings – and misses – from the last five years.  </p>



<h2 class="wp-block-heading" id="h-35-000-model-3"><strong>$35,000 Model 3</strong></h2>



<div class="wp-block-image"><figure class="alignleft size-large is-resized"><img loading="lazy" decoding="async" src="https://cms.forbesafrica.com/wp-content/uploads/2021/07/GettyImages-1008732814-1024x683.jpg" alt="" class="wp-image-51852" width="379" height="252" srcset="https://cms.forbesafrica.com/wp-content/uploads/2021/07/GettyImages-1008732814-1024x683.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2021/07/GettyImages-1008732814-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2021/07/GettyImages-1008732814-768x512.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2021/07/GettyImages-1008732814-1536x1024.jpg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2021/07/GettyImages-1008732814-2048x1366.jpg 2048w" sizes="(max-width: 379px) 100vw, 379px" /><figcaption>The general assembly of the Tesla Model 3 at the Tesla factory in Fremont, California, on Thursday, July 26, 2018. (Photo by Mason Trinca for The Washington Post via Getty Images)</figcaption></figure></div>



<h4 class="wp-block-heading" id="h-the-35-00-price-point-was-touted-for-years-as-the-model-3-s-key-appeal-no-longer-just-a-auto-for-the-rich-telsa-would-finally-make-a-mass-market-car-but-after-model-3-went-into-production-it-was-only-available-at-that-price-intermittently-before-being-scrubbed-currently-the-cheapest-version-starts-at-40-000-and-after-taxes-registration-and-add-ons-usually-sells-for-closer-to-50-000-meanwhile-starting-prices-for-tesla-s-bigger-model-s-and-x-have-risen-to-85-000-and-95-000-respectively-and-they-really-cost-more-than-100-000-with-options-taxes-and-delivery-charges">The $35,00 price point was touted for years as the Model 3’s key appeal. No longer just a auto for the rich, Telsa would finally make a mass-market car. But after Model 3 went into production it was only available at that price intermittently before being scrubbed. Currently the cheapest version starts at $40,000 and after taxes, registration and add-ons usually sells for closer to $50,000. Meanwhile, starting prices for Tesla’s bigger Model S and X have risen to $85,000 and $95,000, respectively, and they really cost more than $100,000 with options, taxes and delivery charges.</h4>



<div class="wp-block-image"><figure class="alignright is-resized"><img decoding="async" src="https://thumbor.forbes.com/thumbor/960x0/https%3A%2F%2Fspecials-images.forbesimg.com%2Fimageserve%2F60e8c1aec3268da90bbd4e49%2F0x0.jpg%3FcropX1%3D820%26cropX2%3D3181%26cropY1%3D0%26cropY2%3D2362" alt="Tesla-Semi_IR_8219-14-Courtesy Tesla" width="-471" height="-471"/><figcaption>TESLA</figcaption></figure></div>



<h2 class="wp-block-heading"><strong><br>Tesla Semi</strong></h2>



<h4 class="wp-block-heading">Musk’s ambitions go beyond passenger vehicles and in November 2017 he unveiled his futuristic electric truck, promising it would go 500 miles per charge and be available around the end of 2019. As of July 2021, Tesla hasn’t announced a firm launch date or production site for the Semi and in June Jerome Guillen, the long-time head of the truck program, unexpectedly resigned.</h4>



<h2 class="wp-block-heading"><strong>Tesla Roadster</strong></h2>



<h4 class="wp-block-heading">Unveiled in November 2017 along with the Semi, Musk said the Roadster would arrive in 2020, be the fastest production car ever made and go as far as 620 miles per charge. The anticipated tech wonder is expected to cost about $200,000 but there’s no firm launch date. </h4>



<h2 class="wp-block-heading"><strong>Tesla Giga Berlin</strong></h2>



<h4 class="wp-block-heading">Musk wanted Tesla’s first European battery CK plant to open in July 2021. While much of the physical construction is complete, the plant lacks regulatory approval to begin operations, has stoked opposition from local environmentalists and faces fines related to water and sewerage issues. The current hope is that the plant will be open by early 2022.</h4>



<div class="wp-block-image"><figure class="aligncenter size-large is-resized"><img loading="lazy" decoding="async" src="https://cms.forbesafrica.com/wp-content/uploads/2021/07/GettyImages-1270253742-1024x683.jpg" alt="" class="wp-image-51854" width="697" height="465" srcset="https://cms.forbesafrica.com/wp-content/uploads/2021/07/GettyImages-1270253742-1024x683.jpg 1024w, https://cms.forbesafrica.com/wp-content/uploads/2021/07/GettyImages-1270253742-300x200.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2021/07/GettyImages-1270253742-768x512.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2021/07/GettyImages-1270253742-1536x1024.jpg 1536w, https://cms.forbesafrica.com/wp-content/uploads/2021/07/GettyImages-1270253742-2048x1365.jpg 2048w" sizes="(max-width: 697px) 100vw, 697px" /><figcaption>2: A sign marks Tesla Strasse (Tesla Street) at the construction site of the new Tesla Gigafactory near Berlin on September 02, 2020 near Gruenheide, Germany. (Photo by Sean Gallup/Getty Images)</figcaption></figure></div>



<h2 class="wp-block-heading"><strong>Tesla Full Self Driving&nbsp;</strong></h2>



<p>In October 2016 Musk announced that all Teslas were being built with the necessary computing power, sensors and cameras to allow them to eventually operate autonomously. At that time, he estimated that Full Self Driving capability would arrive in two to three years. The $10,000 feature, an enhancement of the company’s Autopilot system, was released in beta form in July, but after a series of horrific, fatal accidents Tesla now warns drivers that it “<a href="https://twitter.com/tesla_raj/status/1413764413165772803" target="_blank" rel="noreferrer noopener">may do the wrong thing at the worst time</a>” and that they need to use it with “additional caution”–suggesting that it isn’t ready for primetime.</p>



<h3 class="wp-block-heading"><strong>Tesla Robotaxi Network</strong></h3>



<p>Musk said at Tesla’s Autonomy Day in October 2019 that by the end of 2020 “for sure, we will have over a million robotaxis on the road. … The fleet wakes up with an over-the-air update. That&#8217;s all it takes.” As a result of that capability, Tesla owners would be able to earn money from their vehicles by making them available for an autonomous, on-demand ride service the company would oversee. That hasn’t happened and there’s no indication that will be possible–or legal– in the near term.</p>



<h3 class="wp-block-heading"><strong>Tesla Next-Generation Battery Cells</strong></h3>



<p>Musk touted a larger, beer-can size 4680 lithium battery cell in September 2020 that he claimed would be 56% cheaper and have five times the energy of the company’s current cells. He said pilot production of small batches at a lab in Silicon Valley was underway and that the company might be able to scale up to high-volume production within a year or two. Timing for production is unclear, but delays in manufacturing the cell appear to be part of the problem with launching Tesla’s Semi and Roadster. </p>



<h3 class="wp-block-heading"><strong>Tesla Solar Production And Jobs&nbsp;</strong></h3>



<p>New York spent $950 million to build and equip a solar panel factory in Buffalo that SolarCity had big plans for. In exchange for the state’s generosity, the company was to create at least 1,460 jobs there. The future looked promising after Tesla purchased SolarCity in late 2016 and in December of that year Tesla said it “entered into a long-term agreement with Panasonic to manufacture photovoltaic cells at our Gigafactory 2 in Buffalo, New York, with negotiated pricing provisions and the intent to manufacture 1 gigawatt of solar panels annually.” But in the years since, output of panels at the plant has been unclear. In 2020 Tesla reported delivering just 205 megawatts of solar panels, a quarter of what SolarCity installed in 2016. Tesla has also had difficulty maintaining the required headcount at the factory. Panasonic abandoned the facility last year, further reducing employment at the facility. Tesla has been given numerous extensions by the state. As of Memorial Day, it had 1,058 employees at the plant, and has until the end of 2021 to meet the 1,460-worker target or pay a $41 million penalty.</p>



<p><strong><em>By Alan Ohnsman, Forbes Staff</em></strong></p>


Elon Musk, CEO of SpaceX and chairman of Tesla Motors at Tesla’s headquarters in San Carlos Tuesday Oct. 24, 3008.  Silicon Valley icon Musk became a billionaire founding PayPal, but he’s out to do something even more important – help humanity reach beyon

Elon Musk’s Biggest Tesla Blunders Of The Last Five Years


<p><strong>The company will begin offering commercial spaceflights next year, with an eventual goal of multiple flights per day around the world.</strong></p>



<p>n Sunday, Virgin Galactic hit a crucial milestone on its road to make commercial space tourism a reality starting in 2022: sending a fully crewed ship to space that included founder and billionaire Richard Branson. But Branson won’t be leading the charge, as he plans to step back and focus on his charitable foundations. That leaves Michael Colglazier as the “steely-eyed missile man” in charge of the company’s mission.</p>



<p>As CEO of the space tourism company, it’s Colglazier’s job to get ready for paying customers, with shareholders looking over his shoulder to make sure he does. (Not to mention the over 600 people who’ve already bought spaceflight tickets &#8211; some of whom have been holding them for over a decade). His goal is to get the company to the point where it starts opening its doors to taking customers to space starting next year.</p>



<p>Despite the pressure, the former president and managing director of Disney Parks, who took the reins of the space tourism company in July of last year, is upbeat and chipper at the end of this long day that saw the company’s founder get to the stars. Sitting down in New Mexico’s spaceport, which was built by the state for the purpose of facilitating space tourist flights the way airports facilitate airlines, he emphasizes that what Virgin Galatic needs to deliver is more than just a spaceflight, amazing as the singular event is.&nbsp;</p>



<p>“Our product, what we give you is a lifelong memory,” Colglazier says. “And so our focus is on the experience so that your emotions are so powerful that the memory is impressed upon you in a way you talk about it your whole life.”</p>



<p>To that end, he explains Virgin Galactic’s ultimate aim is to have spaceports located all over the world, not just New Mexico, which can offer more than just a place to hitch a ride to space, but a place that can “inspire” people to want to make their own journey. “We’ll be collaborating with New Mexico to figure out how to build a broader experience around the spaceport,” he says. “And that’s the product we’ll take to other locales.”&nbsp;</p>



<p>Doing that, he says, means operating at a near-daily cadence of spaceflights from every location it operates from, which will require a massive increase in the company’s manufacturing capacity. He estimates that each spaceport his company operates in will need “high single digit to low double digit” numbers of spaceships, along with multiple motherships needed to carry the spacecraft to altitude.</p>



<p>“We’re talking 400 flights a year for every spaceport we operate,” he says. “So we have to build a fleet. How many ships we need is going to depend on how quickly we can turn them around” for future spaceflights, he says. Something the company won’t be sure about until it’s done more tests with its next generation of spacecraft, the first of which has been built and is undergoing testing now.</p>



<blockquote class="wp-block-quote is-style-large is-layout-flow wp-block-quote-is-layout-flow"><p>“You saw the elegance of it, you saw how gracefully it goes,” says Colgrzier of the Unity launch. “It&#8217;s a ballet and it acrobatically moves to purposely give you this amazing view of the planet.”</p></blockquote>



<p>It’s also something that will happen with some competition. In just a few days, Amazon founder Jeff Bezos’ company Blue Origin is sending its founder to space on a test flight, and that company also plans on offering rides to customers. Colglazier says the market right now is way too big to worry about competition. However, he does then point out that Virgin’s experience is quite different from Blue Origin’s, starting with the fact that Virgin’s spacecraft are carried by plane while its competitor will lift customers up on a traditional rocket.&nbsp;</p>



<p>“We take off horizontally, and we believe there&#8217;s great value to that,” he says, describing how Virgin’s carrier planes take its spacecraft to around 45-50,000 feet before releasing them to rocket the rest of the way to space. “And you saw the elegance of it, you saw how gracefully it goes. It&#8217;s a ballet and it acrobatically moves to purposely give you this amazing view of the planet. ”</p>



<p>Getting to the point where the company can offer its “elegant” experience will likely be quite capital intensive. The company announced this morning that it’s selling an additional $500 million in shares. In a report published earlier this year, Morgan Stanley estimated the company likely won’t see positive free cash flow until 2028, though Colglazier dismisses that by saying “there are many financial models out there, and they range a lot because people are missing the data. Today will be a nice proof point of that.”</p>



<figure class="wp-block-image"><img decoding="async" src="https://thumbor.forbes.com/thumbor/960x0/https%3A%2F%2Fspecials-images.forbesimg.com%2Fimageserve%2F60ec998b6830238503a22689%2F1960x0.jpg%3Ffit%3Dscale" alt="Sirisha Bandla looks out the window at Earth while in zero-g."/><figcaption>While on the Unity 22 flight, Virgin Galactic VP Sirisha Bandla also conducted a scientific experiment.&nbsp;<small>VIRGIN GALACTIC</small></figcaption></figure>



<p>Virgin’s got other ways of bringing money in to build out its vision, too. Colglazier says the company intends to open up more spaceflight ticket sales in the summer or fall (it previously stopped offering tickets in 2013). It will also be using its suborbital spaceflights as a platform for scientific research. On Sunday’s flight with Richard Branson, company VP Sirisha Bandla was busy conducting a research experiment for Virgin customer the University of Florida. Research experiments, he says, can bring in around $600,000 per flight.&nbsp;</p>



<p>Ultimately, Colglazier says, his company will spend the next few years focused on building up and scaling out both its customer experiences and its research business, and then tackle other opportunities as they come. “We now have a really interesting organization and company that you would imagine could do other things,” he says. “But we want to make sure we get the economic engine moving first.” </p>



<p><em><strong>By Alex Knapp, Forbes Staff</strong></em></p>


Sir Richard Branson Rings Opening Bell As Virgin Galactic Holdings Joins NYSE

Virgin Galactic CEO Explains What’s Next After Billionaire Richard Branson’s Successful Spaceflight


<p>MacKenzie Scott, the philanthropist and ex-spouse of Amazon CEO and founder Jeff Bezos, announced a new round of donations Tuesday, totaling some $2.7 billion to 286 organizations around the U.S. She detailed her thought process and the list of recipients in a&nbsp;<a href="https://mackenzie-scott.medium.com/seeding-by-ceding-ea6de642bf" target="_blank" rel="noreferrer noopener">Medium blog post</a>.&nbsp;&nbsp;</p>



<p>“Sitting down to write this post, I felt stuck,” Scott writes. “I want to de-emphasize privileged voices and cede focus to others, yet I know some media stories will focus on wealth.” (Duly noted by us here at&nbsp;<em>Forbes</em>.) By&nbsp;<a href="https://www.forbes.com/profile/mackenzie-scott/?sh=b4d7725243d0">our estimate</a>, Scott’s fortune—after distributing the latest gifts—stands at $57 billion as of 10:30 am ET, which makes her the 22nd richest person in the world.&nbsp;</p>



<p>Scott says she wished she could have titled her post “286 Teams Empowering Voices the World Needs to Hear,” because she and her team are “attempting to give away a fortune that was enabled by systems in need of change.” With that, Scott jumps into the&nbsp;<a href="https://www.nytimes.com/2021/06/13/opinion/warren-buffett-billionaire-taxes.html" target="_blank" rel="noreferrer noopener">billionaire debate</a>&nbsp;that’s long simmered amid recent explosive reporting by&nbsp;<a href="https://www.propublica.org/article/the-secret-irs-files-trove-of-never-before-seen-records-reveal-how-the-wealthiest-avoid-income-tax" target="_blank" rel="noreferrer noopener">ProPublica</a>&nbsp;revealing that the world’s richest—including her ex-husband—pay very little in taxes relative to their wealth.</p>



<p>“We are governed by a humbling belief that it would be better if disproportionate wealth were not concentrated in a small number of hands, and that the solutions are best designed and implemented by others,” Scott writes. She says she focused her latest donations on higher education, groups bridging divides through interfaith support, arts and culture, anti-poverty organizations led by people of color and grassroots groups supporting local communities.</p>



<p>Scott didn&#8217;t disclose the specific dollar amount of each grant she made. But she did say that in total, she dispersed $2.739 billion. If the grants are equal in size, that means each of the 268 organizations received about $10 million. One recipient, the Children’s Defense Fund,&nbsp;<a href="https://www.childrensdefense.org/2021/childrens-defense-fund-receives-20-million-from-mackenzie-scott-and-dan-jewett/" target="_blank" rel="noreferrer noopener">says</a>&nbsp;they received $20 million, “the largest single contribution” in its history. Global health organization&nbsp;<a href="https://www.forbes.com/sites/kerryadolan/2018/03/12/backed-by-a-band-of-philanthropists-nonprofit-makes-dramatic-progress-in-reducing-childhood-deaths/?sh=36a9069a237e">Muso</a>&nbsp;received $15 million, likewise its largest donation to date, according to a press release. The BOMA Project, which aims to end poverty in rural Africa, received&nbsp;<a href="https://bomaproject.org/2021/06/15/philanthropist-mackenzie-scott-donates-10m-to-the-boma-project/" target="_blank" rel="noreferrer noopener">$10 million</a>.</p>



<p>Fascinating, though, are Scott’s donations to groups that enable philanthropic giving or aid. Like Kiva, which makes microloans. Or Give Directly, which gives cash to the very poor in African countries. Another recipient, the National Council of Nonprofits, told&nbsp;<em>Forbes</em>&nbsp;their unrestricted grant will help their work supporting tens of thousands of nonprofits across the country. “Grateful for the tremendous trust that MacKenzie and Dan [Jewett, her husband] have in our work does not even begin to describe how we are feeling today,” CEO and president Tim Delaney says.</p>



<p>In keeping with Scott’s stated belief of ceding control of money for the best results in disseminating wealth, she gave to the Decolonizing Wealth Project, which redistributes wealth to Black, Indigenous and other philanthropic initiatives led by people of color. A gift was also made to Homeboy Industries, a Los Angeles-based nonprofit that rehabilitates former gang members and helps them become contributing members of society.</p>



<p>Among Scott’s education recipients is DonorsChoose, a nonprofit that lets teachers crowdfund for their classrooms. Founder Charles Best told&nbsp;<em>Forbes</em>&nbsp;that Scott’s gift was “overwhelming,” and said her Tuesday blog post “will surely be cited as one of the most powerful philanthropic manifestos ever written.” Scott also donated to numerous colleges and universities.</p>



<p>Another recipient, Faith in Action, told&nbsp;<em>Forbes</em>&nbsp;they look forward to using their multi-million donation “toward continued investments in Black and Brown communities” as part of their mission to help people of religious faith work towards more just and equitable societies. “This gift is transformative for Faith in Action,” executive director, the Reverend Alvin Herring, says. “As we center the leadership of everyday folks who aren’t looking for the limelight, we are grateful to Ms. Scott for investing in organizations led by people directly impacted by the issues we care so deeply about.”</p>



<p>Arts organizations receiving funds include the legendary Apollo Theater in Harlem, the Alvin Ailey American Dance Theater, Jazz at Lincoln Center and the L.A. Arts Endowment Fund, among others.</p>



<p>Tuesday marks Scott’s third major round of donations. By&nbsp;<em>Forbes</em>’ estimate, she gave away&nbsp;<a href="https://www.forbes.com/sites/denizcam/2021/04/06/how-mackenzie-scott-gave-away-nearly-6-billion-last-year-and-ended-up-richer/?sh=4a551b4068cc">nearly $6 billion</a>&nbsp;in 2020 to 500 organizations. Scott is also a&nbsp;<a href="https://givingpledge.org/Pledger.aspx?id=393" target="_blank" rel="noreferrer noopener">signee</a>&nbsp;of the Giving Pledge, promising to give away half of her fortune to charitable causes during her lifetime, or after her death.</p>


Axel Springer award ceremony

MacKenzie Scott Just Gave Away Another $2.7 Billion


<p><strong>Poland’s parcel king, Rafal Brzoska has gone from near-bankrupt to billionaire by not delivering packages to individual houses.</strong></p>



<p class="has-drop-cap">It was the summer of 2016, and the walls were closing in on Rafał Brzoska. The then-38-year-old Polish entrepreneur had spent nearly two decades transforming InPost, a college dorm-room business that shoved supermarket coupons through letterboxes, into a $120 million–a-year commercial mail business. But competing against the government’s postal service was taking a toll. He had $65 million in debt and was frantically trying to find new investors while staving off the repo man.</p>



<p>“One of my key points with the new investors was, ‘I want to repay all the bonds, all the banks, all the people that have lent us money,’ ” recalls Brzoska, who is now 43. “The investors wondered why, and I told them, ‘I want to live in this country, and you only have one name, one face.’ ”</p>



<p>Those investors weren’t interested in Brzoska’s dying postal business but in the automated e-commerce lockers spinoff he had started in 2010. Amazon and other online retailers ship packages for pickup to these refrigerator-sized street lockers, which cost around $20,000 to install. They are popular because mailmen in Europe will rarely leave a parcel unattended on a stoop. That effectively stops porch piracy (54% of Americans say they’ve had a package swiped), but if you miss the doorbell you’re in for a slog to the post office.</p>



<p>On the brink of bankruptcy, Brzoska moved to shut down the mail business in summer 2016 ahead of talks with his rescuer, Advent International. The Boston-based private equity group took InPost private the following April. The $110 million deal paid off the company’s debts and gave Brzoska a further $125 million to nearly double the size of his parcel locker network to 4,400 in a year.</p>



<p>It was both a sweetheart deal and a shrewd one. Poles were late to embrace online shopping, but by 2017 e-commerce sales were growing at a steady 20.4% per year. Then came the pandemic, and online shopping jumped 36% in just 12 months. InPost’s revenues soared to $677 million, up 104% in 2020. Brzoska’s lockers handle 36% of all parcels shipped in Poland.</p>



<p>“There were a lot of reasons to say no to this one, and a lot of people did say no,” says Paul Atefi, a managing director at KKR, which loaned InPost $145 million in 2018 to build new lockers. Brzoska now has 11,734 lockers in Poland and more than 1,100 in the United Kingdom, plus a few hundred in Italy. “But when we started looking at a machine-by-machine basis, it was really compelling. Sometimes the payback was as low as 1.5 years per machine. . . . We love this company.”</p>



<p>The margins are enviable, too. Brzoska charges around $2 per package, and his costs are limited to locker setup, labor and leases for locker space. InPost pocketed $97 million in profit in 2020. “Our automated parcel machines are doubling revenue year-over-year,” he says.</p>



<p>“In Poland they’re targeting to increase Ebitda margins to more than 50%,” says David Kerstens, an analyst with Jefferies International. “And that’s compared to Ebitda for postal operators, such as Royal Mail, that are low single digits.”</p>



<p>Putting lockers within “slipper distance” of shoppers’ homes and offices transformed the business, says Marek Różycki, a consultant who advised Advent on the InPost deal. “If you have to trek a mile to your nearest locker in the pouring rain, that’s not appealing. But in Poland, my nearest locker is 350 meters away. It’s almost like home delivery—and more convenient.”</p>



<p>InPost learned the “slipper rule” the hard way. Advent rolled back Brzoska’s wild expansion to four continents, which left the company thinly spread and overextended. “This was a classic scenario where you have a charismatic, very entrepreneurial individual managing a business that was growing very fast,” Różycki says. “But he took on too many projects with too few resources.”</p>



<p>InPost went public again in January on Amsterdam’s stock exchange, valuing the business at $9.7 billion; Brzoska’s stake is currently worth $1.1 billion. He has persuaded investors that his lockers are a cheaper, greener alternative to fleets of delivery trucks crisscrossing Europe’s cities. One storage unit can do the work of 24 trucks, Brzoska says: “That’s why lockers are the future.”</p>



<p>While Brzoska was mastering the locker business, his main rivals—Europe’s postal services, plus UPS and Amazon, which have experimented with lockers—took a different tack, boosting home delivery and signing up thousands of corner stores to handle package pickups and returns. It was a quick, cheap way to scale versus lockers, but the pandemic-driven e-commerce boom has left bodegas from Berlin to Bilbao with aisles crowded with packages and long lines for returns. “Convenience stores aren’t that convenient for parcel collection, and particularly not during the pandemic,” Kerstens says.</p>



<p>Brzoska’s plan is to cut those lines—and leap ahead in Europe—with a $675 million deal, announced in March, to buy delivery giant Mondial Relay and drop his lockers at the busiest stores in its France-wide network.</p>



<p>Brzoska’s dramatic results have not gone unnoticed. Alibaba and Allegro—Poland’s e-commerce powerhouse, which accounts for a quarter of InPost’s sales—now have lockers in Poland, while Europe’s postal giants, such as Germany’s Deutsche Post, are also betting on parcel machines.</p>



<p>Brzoska isn’t the underdog this time, and he won’t shy from a fight. He credits his star sign and lucky bead bracelets—incongruous against his tailored suits—for the fact that he survived earlier rounds with postal heavyweights. “I told my team: ‘I am a Scorpio. I will survive, and you will survive with me, because Scorpios are always like this, fighting until the very end.’ ”</p>



<p><strong><em>By Iain Martin, Forbes Staff</em></strong></p>


Amazon Warehouse Employees Prepare For Their Busiest Time Of Year

The Future Of Internet Shopping Might Not Be Home Delivery


<p><a href="https://www.forbes.com/profile/jeff-bezos/?sh=28bb8a6a1b23">Jeff Bezos</a>&nbsp;didn’t have to wait long to reclaim his throne as the richest person in the world: A few hours after&nbsp;<a href="https://www.forbes.com/sites/daviddawkins/2021/05/24/bernard-arnault-becomes-worlds-richest-person-as-lvmh-stock-rises/?sh=355a97ab2ad9">losing</a>&nbsp;the title to French luxury fashion magnate&nbsp;<a href="https://www.forbes.com/profile/bernard-arnault/?sh=23d080666fa4">Bernard Arnault</a>, he’s now back at No. 1 after Amazon’s shares ticked up when markets opened in New York. As of 1:30 pm ET, Bezos leads with a fortune of $188.4 billion, ahead of Arnault’s $187.3 billion.</p>



<p>The two men entered the weekend on level terms, worth $186 billion each, after shares in Arnault’s&nbsp; luxury goods conglomerate LVMH rallied in the second half of last week. LVMH stock performed even better on Monday, closing nearly 1% higher and boosting Arnault’s fortune by $1.7 billion—enough for him to briefly eclipse Bezos and become the world’s richest person for a few hours. Then Amazon shares ticked up more than 1% as of 1:30 pm ET on Monday, making Bezos $2.4 billion richer today.</p>



<p>Arnault has briefly ranked as the world’s richest person several times already: Just before the markets closed on Friday in the U.S., Arnault was about $100 million&nbsp;<a href="https://www.forbes.com/sites/giacomotognini/2021/05/21/french-luxury-tycoon-bernard-arnault-is-now-tied-with-jeff-bezos-for-richest-person-in-the-world/?sh=364d38d42b91">richer</a>&nbsp;than Bezos, before ending the day with the same net worth. At around 10:30 am ET on December 16, 2019, Arnault&nbsp;<a href="https://www.forbes.com/sites/kristinstoller/2019/12/16/french-billionaire-bernard-arnault-was-briefly-the-worlds-richest-person-today/?sh=43b1d3ad7ce1">pushed</a>&nbsp;past Bezos to claim No. 1 for the first time, until Amazon shares closed higher and Arnault fell back to number two.</p>



<p>While Bezos is now trading the top spot with Arnault, he was previously locked into a tight competition with Tesla CEO&nbsp;<a href="https://www.forbes.com/profile/elon-musk/?sh=5a9c30fe7999">Elon Musk</a>, currently the third richest person in the world with a net worth of $150.8 billion. In early January, Musk overtook Bezos to become the richest on three separate occasions—on January 8, 12 and 14—before the Amazon founder definitively clawed his way back on January 15.</p>



<p>All three men have seen spectacular growth in their net worths throughout the pandemic, collectively gaining more than $300 billion. Since <em>Forbes</em> calculated net worths for its 2020 World’s Billionaires list at the worst of the market crash in March 2020, Bezos has gotten more than $75 billion richer, compared to gains of nearly $127 billion for Musk and $111 billion for Arnault. Bezos’ net worth peaked at a staggering $200 billion on two occasions: <a href="https://www.forbes.com/sites/jonathanponciano/2020/08/26/worlds-richest-billionaire-jeff-bezos-first-200-billion/?sh=495faf434db7">first</a> in August 2020 and <a href="https://www.forbes.com/sites/sergeiklebnikov/2021/04/28/jeff-bezos-is-once-again-worth-a-staggering-200-billion/?sh=287e3af24b4e">again</a> late last month in April 2021.</p>



<p><em><strong>By Giacomo Tognini, Forbes Staff</strong></em></p>


Jeff Bezos’s India Visit Marked By Probe and Protests

After Briefly Dropping To No. 2, Jeff Bezos Is Again The Richest Person In The World


<p><strong>Unexploded World War II bombs, protests over trees, water and animal habitats, union scrutiny and a labor review have hindered Tesla&#8217;s Berlin Gigafactory plans — but the biggest hurdle may come in the form of strict German regulations.</strong></p>



<p class="has-text-align-center"><strong>By Alan Ohnsman, Forbes Staff &amp; Sofia Lotto Persio, Forbes Staff</strong></p>



<p>Tesla had hit its stride in November 2019 when&nbsp;<a href="https://www.forbes.com/sites/alanohnsman/2019/11/12/willkommen-elon-musk-says-next-tesla-gigafactory-will-be-in-germany/?sh=163614f68b03">Elon Musk announced a massive electric car plant in Germany</a>, the heart of European auto-manufacturing. His Silicon Valley company was riding a booming share price fueled by the start of a string of quarterly profits and, more importantly, its Shanghai Gigafactory was coming together at an astonishing pace: It was about to begin making Model 3s just 11 months after the groundbreaking.&nbsp;</p>



<p>Emboldened by that success and cash from an&nbsp;<a href="https://www.ft.com/content/7a3c8d9a-57bb-11e9-a3db-1fe89bedc16e" target="_blank" rel="noreferrer noopener">emissions credit sales deal with Fiat Chrysler</a>&nbsp;to fund it, the carmaker’s billionaire CEO and cofounder aimed to replicate it in leafy Grünheide, Germany, site of the future $4.9 billion (€4 billion) plant 24 miles east of Berlin. “Giga Berlin will come together at an impossible-seeming speed,” Musk&nbsp;<a href="https://twitter.com/elonmusk/status/1287598172508958721?s=20" target="_blank" rel="noreferrer noopener">tweeted</a>&nbsp;in July 2020. It hasn&#8217;t worked out that way.</p>



<p>Physical construction is nearing completion, but the plant may not start making Model Ys until 2022, months after an initial target of July 1–or even later, pending environmental approval from the state of Brandenburg. Tesla has had a much harder road than Musk envisioned. The company had to remove unexploded World War II shells at the site. It’s faced stiff opposition from environmentalists over chopping down hundreds of acres of trees, the plant’s voracious water needs and the disruption of bat and animal habitats. The plant is being <a href="https://www.reuters.com/business/autos-transportation/top-union-sets-sights-works-council-teslas-german-gigafactory-2021-05-07/" target="_blank" rel="noreferrer noopener">eyed for organization by IG Metall</a>, Germany’s biggest labor union. The project is also under scrutiny for a possible <a href="https://finance.yahoo.com/news/authorities-open-labour-probe-german-182635315.html" target="_blank" rel="noreferrer noopener">violation of labor laws during construction</a> and may be fined for installing sewer pipes without permission.</p>



<p>“Although things looked good regarding the Tesla facility up to a few weeks ago, a different reality can lie behind a facade,” says Matthias Schimdt, an independent auto analyst based in Berlin. He sees the project unfolding much like the capital city’s new airport, which was built quickly but saw its opening delayed nearly a decade as it struggled to win final approval to operate from German authorities. “This mustn&#8217;t be a carbon copy situation for Tesla, which is located just a stone&#8217;s throw from the new airport that eventually came into service last year,” Schimdt says. “It just goes to highlight that things aren&#8217;t easy in ‘bureaucratic hell’ Germany.”</p>



<p>Delays fulfilling Musk’s quest to tap the lucrative European market complicate the electric-car impresario’s efforts to stay ahead of mounting competition in battery-powered vehicles, especially from German automakers like Volkswagen, Daimler and BMW. Tesla may be the world’s most valuable carmaker, but it’s far from the biggest, having just a fraction of the production capacity of German, U.S., Japanese and Korean auto giants, delivering just under 500,000 vehicles last year versus VW’s 9.3 million. And while the company’s plant in China was a critical addition to its long-time production base in Fremont, California, Tesla can’t meet Musk’s long-held goal of producing millions of electric vehicles annually without Giga Berlin and a second U.S. auto-assembly plant under construction near Austin, Texas.</p>



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"><p>“It just goes to highlight that things aren&#8217;t easy in &#8216;bureaucratic hell&#8217; Germany.”</p><cite>Auto analyst Matthias Schmidt<br></cite></blockquote>



<p>“Coming off the incredibly fast build of the Shanghai factory, they might have miscalculated how quickly they could get Berlin up and running–perhaps not fully accounting for the significant differences in regulatory and environmental standards,” says Garrett Nelson, senior equity analyst at CFRA Research. Construction also happened amid logistical and supply chain headaches related to the Covid-19 pandemic, he says. “Tesla is doing everything possible to stay on track with its guidance, but the reality is that first production could be delayed until early 2022.”</p>



<p>The company hasn’t confirmed reports that&nbsp;<a href="https://www.marketwatch.com/story/teslas-berlin-gigafactory-to-be-delayed-another-6-months-report-11619992994" target="_blank" rel="noreferrer noopener">Musk agreed to a six-month delay</a>&nbsp;for the plant a few days after reassuring investors and analysts on Tesla’s April 26 results call that “both Texas and Berlin are progressing well.”</p>



<p>“We expect to have initial limited production from those factories this year and volume production from Texas and Berlin next year,” Musk said on the call. But during a surprise visit to the Grünheide construction site&nbsp;<a href="https://www.reuters.com/business/elon-musk-visits-teslas-delayed-european-gigafactory-state-minister-says-2021-05-17/" target="_blank" rel="noreferrer noopener">Monday he told reporters</a>&nbsp;&#8220;I think there could be less bureaucracy. That would be better.&#8221;</p>



<p>&#8220;There should be some kind of active process for removal of rules. Otherwise, over time, the rules will just accumulate and you get more and more rules until eventually you can&#8217;t do anything,&#8221; Musk said, according to Reuters.</p>



<p>Analysts have already adjusted their models for Tesla to reflect the slowdown. “Giga Berlin is an early 2022 story,” says Dan Ives, an equity analyst for Wedbush. “Given the red tape in Europe this timeline remains bumpy but needs to be running by March 2022–otherwise production issues would be hampered.” </p>



<p>Germany’s role as a global auto powerhouse, with its strong parts supply base and reputation for high-quality engineering, lured Musk over other countries he eyed as sites for Tesla’s European plant. (He&nbsp;<a href="https://www.autoexpress.co.uk/tesla/108395/tesla-gigafactory-europe-to-be-built-in-germany-not-uk-as-elon-musk-blames-brexit" target="_blank" rel="noreferrer noopener">considered the U.K.</a>, but uncertainties related to Brexit ultimately proved too big a gamble.) Aside from selling vehicles in Germany, Tesla planted its flag there in 2016 with the&nbsp;<a href="https://www.forbes.com/sites/alanohnsman/2016/11/08/tesla-buying-germanys-grohmann-engineering-to-automate-accelerate-production/?sh=100c31523354">acquisition of Grohmann Engineering</a>, rebranded Tesla Grohmann Automation. The chance to square off against the country’s auto giants–which are also now aggressively focused on closing the electric vehicle gap with Tesla–on their home turf added to its appeal. For Economics Minister&nbsp;<a href="https://www.bloomberg.com/news/articles/2020-09-02/germany-promises-musk-whatever-he-needs-for-tesla-berlin-plant" target="_blank" rel="noreferrer noopener">Peter Altmaier</a>, Tesla’s decision to “build a highly modern factory for electric cars in Germany is further proof of the attractiveness of Germany as an automotive manufacturing base,” he said when the project was announced in 2019.</p>



<p>Given the headaches he’s run into, Musk may be “wondering whether that ‘Made in Germany’ stamp on the underbody of each model leaving the factory was worth it,” says analyst Schmidt.</p>



<p>Grünheide, in the state of Brandenburg, sits in what was East Germany, which&nbsp;<a href="https://www.pewresearch.org/fact-tank/2019/11/06/east-germany-has-narrowed-economic-gap-with-west-germany-since-fall-of-communism-but-still-lags/ft_19-11-01_eastwestgermanyecon_3/" target="_blank" rel="noreferrer noopener">remains poorer than the rest of the country</a>&nbsp;since reunification 30 years ago. Local politicians were thrilled at the prospect of a project that would bring thousands of jobs and prestige to the area. “The whole region can look forward to new opportunities of development now thanks to the Tesla project which has really put Grünheide on the map globally,”&nbsp;<a href="https://www.gruenheide-mark.de/m/politik/person/31026/pamela-eichmann" target="_blank" rel="noreferrer noopener">Pamela Eichmann</a>, chair of the Grünheide (Mark) local council, told&nbsp;<a href="https://www.dw.com/en/locals-views-on-german-tesla-plant-irreconcilable-as-production-start-faces-delay/a-57405731" target="_blank" rel="noreferrer noopener">Deutsche Welle</a>&nbsp;this month.</p>



<p>While the town’s leaders might be rooting for the factory, plenty of others are not. The plant occupies a space between the A10 highway and Fangschleuse railway station, but it’s also a few miles from the Löcknitztal nature reserve that’s had protected status since 1984 and been registered as a fauna-flora-habitat area (FFH) since 1998. Grünheide literally translates as “Green Heath” from German.</p>



<p>So when one of the first steps to ready the 300-hectare site for Musk’s gigafactory was&nbsp;<a href="https://twitter.com/joergstb/status/1227992011699052545?s=20" target="_blank" rel="noreferrer noopener">chopping down about 430 acres of forest</a>, it wasn’t the best start–particularly for a company whose motto is “accelerating the world’s transition to sustainable energy.”</p>



<p>Environmentalists temporarily blocked tree-cutting operations in early 2020, but Tesla <a href="https://www.cnbc.com/2020/02/21/tesla-gets-german-court-approval-to-chop-down-trees-for-gigafactory-4.html" target="_blank" rel="noreferrer noopener">won court approval,</a> initially to remove 92 hectares of trees, and then 82.8 hectares more. Musk downplayed the quality of the trees he cut down, tweeting in January 2020 that “this is not a natural forest—it was planted for use as cardboard &amp; only a small part will be used for” the Berlin gigafactory. The company has also pledged to <a href="https://www.teslarati.com/tesla-gigafactory-berlin-reforestation-video/" target="_blank" rel="noreferrer noopener">plant three times</a> as many trees as it cut down, though <a href="https://www.zmescience.com/science/agriculture-science/cutting-down-trees-and-planting-new-ones-is-wrecking-the-soil/#:~:text=Continuously%20cutting%20down%20forests%20and,crucial%20minerals%2C%20new%20analysis%20shows.&amp;text=It's%20always%20a%20good%20idea,you%20cut%20some%20old%20ones." target="_blank" rel="noreferrer noopener">scientists generally warn</a> that planting new trees is not as effective as a carbon-capture strategy as maintaining existing ones. Local environmental groups were also concerned about the disruption deforestation would <a href="https://www.loecknitztal.de/home/stellungnahme-zu-tesla/" target="_blank" rel="noreferrer noopener">cause to animals</a> inhabiting the forest. Site preparation in Grünheide <a href="https://www.cleanenergywire.org/news/tesla-searches-bats-and-resettles-ants-preparation-german-gigafactory" target="_blank" rel="noreferrer noopener">included relocating bats and ants</a> living in the forest and removal of <a href="https://www.dw.com/en/germany-defuses-wwii-bombs-at-tesla-gigafactory-site/a-52157407" target="_blank" rel="noreferrer noopener">seven unexploded bombs dropped by the U.S. during World War II</a>.</p>



<p>The amount of water the plant will use and its impact on the region also concern local environmentalists, “because most of the factory ground belongs to a drinking water protection area and very close to the factory are two nature protection areas which are very sensitive to changes in the ground water level,” says Christiane Schroeder, managing director at the Brandenburg branch of NABU (Nature and Biodiversity Conservation Union), one of the oldest and largest environmental non-profits in Germany, and a leading opponent of the Gigafactory.</p>



<p>Making matters worse, Tesla ran afoul of the district’s water authority, which discovered water pipes that had been installed without its permission. Tesla was allowed to continue construction work on April 12 after a brief suspension, but still faces a potential fine for the infraction, the Brandenburg Ministry for Agriculture, Environment and Climate Protection tells&nbsp;<em>Forbes</em>. Separately, the State Office for Occupational Safety and other agencies are&nbsp;<a href="https://finance.yahoo.com/news/authorities-open-labour-probe-german-182635315.html" target="_blank" rel="noreferrer noopener">reported to be investigating whether Tesla violated rules</a>&nbsp;for minimum wages, working hours, conditions and worker housing during plant construction.</p>



<p>Ultimately, the plant won’t be permitted to begin production until it has secured all necessary permits, a process that can grind on, Schmidt says.</p>



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"><p>“Very close to the factory are two nature protection areas which are very sensitive to changes in the ground water level”</p><cite>Environmentalist Christiane Schroeder<br></cite></blockquote>



<p>IG Metall, Germany’s biggest labor union with 2.2 million members, represents workers at Tesla’s engineering unit there and initially&nbsp;<a href="https://www.reuters.com/article/uk-tesla-gigafactory-germany-idUKKBN1XM2M0" target="_blank" rel="noreferrer noopener">welcomed the company’s gigafactory plan</a>. It had previously attempted to organize Tesla’s Grohmann unit, but the company boosted salaries there to block the effort. The union intends to set up a works council and organize future employees at Giga Berlin, union chief Joerg Hofmann&nbsp;<a href="https://www.reuters.com/business/autos-transportation/top-union-sets-sights-works-council-teslas-german-gigafactory-2021-05-07/" target="_blank" rel="noreferrer noopener">told Reuters this month</a>.&nbsp;</p>



<p>That’s anathema to anti-union Musk. In California he’s worked to keep the United Auto Workers out of Tesla’s Fremont plant–a union factory in its previous incarnations as both a Toyota-General Motors joint venture and GM facility. Tesla was found to have&nbsp;<a href="https://www.nlrb.gov/case/32-CA-220777" target="_blank" rel="noreferrer noopener">engaged in unfair labor practices by the National Labor Relations Board</a>, including efforts to interrogate workers it suspected were part of the union push at Fremont. That 2019 ruling was&nbsp;<a href="https://www.washingtonpost.com/technology/2021/03/25/tesla-nlrb-ruling/" target="_blank" rel="noreferrer noopener">upheld in March 2021</a>&nbsp;and Musk was ordered to delete a&nbsp;<a href="https://twitter.com/elonmusk/status/998454539941367808?s=20" target="_blank" rel="noreferrer noopener">2018 tweet</a>&nbsp;discouraging Fremont workers from joining the UAW. (He has yet to do so.)</p>



<p>For now, IG Metall is waiting for operational details for the Grünheide facility, including whether Tesla intends to follow the round-the-clock, three-shift approach used in the U.S. and China, and adhere to German wage and working condition rules. “We give Tesla the benefit of the doubt regarding what the labor standards will look like in the long run,” says Birgit Dietze, IG Metall’s regional head. </p>



<p>Long-time China auto analyst (and Tesla owner) Michael Dunne, whose ZoZo Go consultancy works with auto and parts makers across Asia, thinks Tesla’s exceptionally fast start in China led it to move too quickly in Germany. “I imagine Tesla thinking something like, ‘China is rife with regulations, licenses and government intervention, but we sorted that out in less than a year. Bring on Berlin!” he says. Powerful government allies eased the way for Tesla in China, that’s not an option in Germany, Dunne says. “One’s a democracy, the other one’s not. It’s rule by whim in China. Unlike in Germany, there&#8217;s no court of public opinion.”</p>



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"><p>“I imagine Tesla thinking something like, ‘China is rife with regulations, licenses and government intervention, but we sorted that out in less than a year. Bring on Berlin!”</p><cite>Zozo Go founder Michael Dunne<br></cite></blockquote>



<p>In Germany, groups like Schroeder’s NABU have a right to make their opposition known. The environmental activist tells&nbsp;<em>Forbes</em>&nbsp;the group has discussed their concerns with Tesla, but that the company has only been receptive to some of the issues raised, the easiest to accommodate. “I think Elon Musk is more into his own business and into new technology than really in preventing climate change,” she says. “He sees a great opportunity to sell his inventions as ‘part of the solution’ but doesn’t realize that he creates new problems as a side effect.”&nbsp;</p>



<p>In retrospect, Musk might have been better off building the plant in adjacent EU countries, says analyst Schmidt. “Perhaps they are slowly starting to ask themselves if they really should have looked just a few kilometers further east toward the Polish or Czech borders, where things would have have been more freewheeling,” he says. “There’s good reason Porsche decided to manufacture the Cayenne SUV–one of their most profitable models–in Slovakia!” &nbsp;</p>


gettyimages-490597722-594×594

The Rules Even Elon Musk Can’t Break


<p><strong>South African- born, billionaire technology and space entrepreneur, Elon Musk, made history at the start of 2021, overtaking Amazon’s Jeff Bezos to become the richest man on Earth. While his fortune was made on this planet, his dreams to venture to the final frontier remain. FORBES AFRICA takes a look at his journey to becoming one of the world’s most celebrated innovators and one of the wealthiest men alive.</strong></p>



<p class="has-drop-cap">THE MAN WHO FAMOUSLY SAID THAT HE WOULDN’T BE HAPPY UNTIL WE WERE ALL LIVING ON MARS, IS NOW ONE OF THE RICHEST MEN ON EARTH. WHILE ELON MUSK’S PLANS TO BE BURIED IN A GALAXY FAR, FAR AWAY REMAIN UNCHANGED, HE’S STILL GOT MUCH TO CELEBRATE IN THE HERE AND NOW.</p>



<p>On January 8 this year, at approximately 11.30AM on the American East Coast, Musk, known for founding some of the world’s most progressive tech companies, along with his unrelenting space-age ambitions, made yet another historical leap.</p>



<p>His net worth soared by $12.5 billion, to $189.7 billion, making him, for a time, the wealthiest person on the planet, according to <em>Forbes</em>, who broke the news. For the first time, Amazon founder, Jeff Bezos, who had held the top spot for a record four years, came second with a cumulative net worth of $185 billion.</p>



<p>However, in a twist of fate, stock in his electric car company, Tesla, fell by 8%, denting his personal wealth by a hefty $14 billion, overnight. But like the man himself, Musk’s wealth wouldn’t be down for long.</p>



<div class="wp-block-image is-style-default"><figure class="aligncenter size-large is-resized"><img loading="lazy" decoding="async" src="https://www.forbesafrica.com/wp-content/uploads/2021/02/GettyImages-1208933748-819x1024.jpg" alt="" class="wp-image-49882" width="376" height="470" srcset="https://cms.forbesafrica.com/wp-content/uploads/2021/02/GettyImages-1208933748-819x1024.jpg 819w, https://cms.forbesafrica.com/wp-content/uploads/2021/02/GettyImages-1208933748-240x300.jpg 240w, https://cms.forbesafrica.com/wp-content/uploads/2021/02/GettyImages-1208933748-768x960.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2021/02/GettyImages-1208933748-1229x1536.jpg 1229w, https://cms.forbesafrica.com/wp-content/uploads/2021/02/GettyImages-1208933748-1638x2048.jpg 1638w, https://cms.forbesafrica.com/wp-content/uploads/2021/02/GettyImages-1208933748-300x375.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2021/02/GettyImages-1208933748-600x750.jpg 600w, https://cms.forbesafrica.com/wp-content/uploads/2021/02/GettyImages-1208933748-scaled.jpg 2048w" sizes="(max-width: 376px) 100vw, 376px" /><figcaption>UNIVERSAL CITY, CALIFORNIA &#8211; FEBRUARY 26: Model Maye Musk (Photo by Paul Archuleta/Getty Images)</figcaption></figure></div>



<blockquote class="wp-block-quote is-style-large is-layout-flow wp-block-quote-is-layout-flow"><p>Elon’s aim is to save the planet and he also loves the thought of going to Mars&#8230;. I get very excited every step of the way. We all do. Kimbal and Tosca [Elon’s siblings] and I go to the main [SpaceX] launches, we can’t go to all the launches, as he has launched, how many now&#8230; 50 rockets? I’m not sure. I lose track. But we go to the main ones, and we are anxious beforehand and excited afterward and we are very proud of him and support him with all this. He just feels that we should be inter-planetary, starting with Mars. Mars seems to be the most friendly [planet], and that is what he would like to explore.<br></p><cite>-Elon Musk’s mother Maye Musk, in an interview from Los Angeles with FORBES AFRICA last year about her memoir, <em>A Woman Makes A Plan</em>, released by Jonathan Ball Publishers</cite></blockquote>



<p>Days later, with the swift rebound of Tesla shares by 4.7%, he wrestled the top spot from Bezos with an impressive recovery of $7.8 billion bringing his total net worth to $183.8 billion against the Amazon founder’s, marginal, but impressive, $182.4 billion.</p>



<p>At the time of going to press, the yo-yo action continued. Tesla’s stock volatility returned Bezos to the top spot, making him the world’s richest by just $200 million, with Musk making a close second. The game is set to continue for much of the year, but it won’t do much to change the fact that both billionaires are still over $30 billion richer than their nearest competitor; the third person on the list, French luxury tycoon, Bernard Arnault,  according to <em>Forbes </em>estimates.</p>



<p>Musk’s dizzying ascent is quite an achievement given that, in 2014, he ranked 47th on the U.S. Rich List, compiled by <em>Forbes</em>, with his personal net worth hovering at the $9.4 billion mark, at contemporary rates.</p>



<p>Notwithstanding his meteoric rise, most studies of Musk begin at SpaceX, his landmark aerospace manufacturing outfit, launched in 2002 with plans to make space travel more affordable and meet its founder’s often parodied mandate to catalyze humanity’s colonization of Mars.</p>



<p>“I’d like to go to Mars. I suppose it depends on how old I am when I get there&#8230; But it’s not about me going to Mars. We’re developing new technologies to enable a large number of people to go to Mars and be able to develop a self-sustaining city on Mars,” he told <em>Forbes </em>in 2014.</p>



<p>Inter-planetary ambitions aside, Musk’s ideas often overshadow the story of his origins which are rooted in a very down-to-earth Pretoria suburb, a few miles north of Johannesburg, in South Africa. Born in 1971 to a Canadian mother and a South African father, it was clear that Musk was unique from the start.</p>



<p>“The kind of things he would come up with as a youngster was always surprising. When he was very small, he would ask me, ‘where is the whole world?’, when he was three or four. It was these sorts of questions that made me realize that he was a little different,” his father, Errol Musk, noted in a 2012 interview with FORBES AFRICA.</p>



<p>Eccentricities aside, the young Musk was equally academically gifted.</p>



<p>“We called Elon ‘The Encyclopedia’ because he had read the <em>Encyclopaedia Britannica </em>and <em>Collier’s Encyclopedia</em>, and remembered everything. That’s also why we called him ‘Genius Boy’. We could ask him anything. Remember, this was before the internet. I guess now we would call him ‘The Internet’,” his mother, Maye Musk, recalls in her 2019 autobiography, <em>A Woman Makes a Plan</em>.</p>



<p>Attending Pretoria Boys High School (PBHS), often considered one of the most prestigious schools in South Africa, a teenage Musk kept to himself but found plenty of company in computers. He taught himself how to program using an old manual and eventually sold a space-themed video game that he wrote called <em>Blastar, </em>to a computing magazine in 1984, reportedly for $500, arguably the earliest of his tech ventures.</p>



<p>“My impression is that Elon kept to himself and was relatively quiet and reserved. I believe he was involved with the computer club at school, but otherwise was not really visible in mainstream activities,” Gavin Ehlers, head-boy at PBHS in 1988, the same year Musk graduated, told FORBES AFRICA in 2012.</p>



<p>Yet, despite his remarkable talent and comfortable upbringing, Musk’s childhood was blighted with peculiar challenges. As the shortest, smallest, and smartest kid in the class, he was an easy target for bullies, who tormented him until he was 15 years old.</p>



<p>“I was a late bloomer. So I was the youngest and the smallest kid in class for years and years&#8230; The gangs at school would hunt me down – literally hunt me down,” Musk told <em>Rolling Stone </em>magazine in 2017.</p>



<p>At home, things weren’t easier. His parents divorced in 1980.</p>



<blockquote class="wp-block-quote is-style-large is-layout-flow wp-block-quote-is-layout-flow"><p>If somebody else is working 50 hours and you’re working a 100, you’ll get twice as much done in the course of the year as the other company.</p></blockquote>



<p>The tumult of his early life did much to shape the man that Musk would later become. Even as a youngster, he held strong to his principles. At the time, in apartheid South Africa, mandatory two-year military service was in force for all white males who had completed their secondary school or tertiary- level education. In his objection, Musk said he didn’t prescribe to what the state was doing to its citizens.</p>



<p>“I don’t have an issue with serving in the military per se, but serving in the South African army suppressing black people just didn’t seem like a really good way to spend time,” he explained in the 2007 book, <em>Rocketeers</em>, by Michael Belfiore.</p>



<p>At 17, Musk relocated to Canada to attend university in 1989. After a number of transfers, he graduated from the University of Pennsylvania, part of the prominent Ivy League in the United States, with a dual degree in Economics and Physics, setting him firmly on the path of a tech entrepreneur. Like all the greats, he dropped out of his Ph.D. program at Stanford, instead of establishing his first startup, against the euphoria of the dot-com boom of the nineties. He founded the company, Zip2, with his younger brother, Kimbal – who has been a keen business partner to Musk throughout his entrepreneurial career – in 1995.</p>



<p>“When my brother and I were starting our first company, instead of getting an apartment we rented a small office and slept on the couch. We were so hard-up we had just one computer so the website was up during the day and I was coding at night. Seven days a week&#8230; all the time. I briefly had a girlfriend during that period and in order to be with me she had to sleep at the office,” he said with a smile, during a 2014 Commencement Speech at the University of Southern California (USC).</p>



<p>Hard work is a cornerstone of Musk’s entrepreneurial ethos. His constant refrain to anyone who inquires on his success is to outwork the competition, where possible, to get that all important edge.</p>



<p>“If somebody else is working 50 hours and you’re working a 100, you’ll get twice as much done in the course of the year as the other company,” he told the audience at USC.</p>



<p>Clearly, the hard work has paid off for Musk who joined the five-man centi-billionaires club; all with a net worth over $100 billion, in August 2020.</p>



<p>Members include Facebook’s Mark Zuckerberg and veteran tech titan, Bill Gates.</p>



<blockquote class="wp-block-quote is-style-large is-layout-flow wp-block-quote-is-layout-flow"><p>&#8220;Given that as a South African, he has managed to conquer the industry he’s in should be an inspiration to us and to Africa, in general. There are many sides to him&#8230; But let us draw inspiration from him because he is a product of the public school system in South Africa.&#8221; &#8211;<strong><em><span class="has-inline-color has-vivid-red-color">Fred Khumalo, author and journalist, South Africa</span></em></strong></p></blockquote>



<p>However, it hasn’t been an easy ride to the top. In 2018, Tesla was in dire straits, the company was struggling to build a viable product and was hemorrhaging cash almost daily. Musk had already sunk a bulk of his early fortune in the business, some of which came from the $165 million sale of his stake in PayPal, the online payments pioneer, after his exit as CEO.</p>



<p>Leading the company during that time took a toll. In a very personal interview with <em>The New York Times</em>, Musk revealed that he was losing sleep and had spent most of his birthday working on the factory floor, where he was also spending most of his days and nights. The work had taken over to the point of almost missing Kimbal’s wedding, where he was the best man. A disheveled Musk admitted that while he regretted the havoc it wreaked on his life, he had no regrets about being so determined to pull Tesla from the brink of collapse.</p>



<p>“The worst is over from a Tesla operational standpoint. But from a personal pain standpoint&#8230; the worst is yet to come,” he told <em>The New York Times</em>.</p>



<p>Musk’s passion is evident in almost everything he has done, and in every business he has built. After leaving PayPal, and selling his stake in the company, he used a bulk of the $165 million fortune to found the companies that would make his name – SpaceX and Tesla. Any seasoned entrepreneur would have considered the move a risky one but Musk was quite adamant about his ambitions and making them a reality.</p>



<p>“I think there was like literally one week where I actually worked 120 hours and just didn’t leave the factory. I didn’t even go outside,” Musk told American television news magazine program, <em>60 Minutes</em>, in 2018.</p>



<p>His intense work ethic has not only worked to transform Tesla but has inspired a number of other young entrepreneurs to build the electric car industry and get rich in the process.</p>



<p>For example, William Li, who founded electric car maker, Nio, in 2014, was 12 times richer in 2020 thanks to his shares in the U.S.-listed carmaker.<br>In fact, he’s now among the world’s 500 richest people, according to the Bloomberg Billionaires Index. Chinese entrepreneur, He Xiaopeng, chairman of XPeng Motors, has also seen his wealth jump more than 600%. Overall, fortunes of the handful of people tracked by the Bloomberg index in the electric vehicle industry have gone up by over $140 billion including Musk’s $111 billion surge.</p>



<p>However, far removed from his status on the global billionaire league tables, which have come to form the foundation of his popularity, Musk maintains his very own niche but loyal following, all devoted to his Twitter feed; his preferred mode of communication. Muskians, as they are known, see him as an eclectic superhero figure of the modern age where he is at once a conscientious technology entrepreneur and demi-god.</p>



<p>However, in 2020, following statements made on the impact the Trump administration’s Covid-19 policy responses had on his business, Musk received heavy back- lash from the mainstream and even managed to alienate some of his loyal fans. But all is forgotten now that the South African-born entrepreneur is among the world’s richest men.</p>



<p>While his wealth may be a relentless conversation starter, globally, it’s hard to ignore Musk’s legacy in the business arena. The journey from a quiet, intelligent and passionate young entrepreneur to an influential manufacturing magnate has been driven not just by a belief in hard work but by an ability to settle for dreams beyond the stars.</p>



<p>For generations to come, his place in time will always be confirmed by his commitment to not only conjure up ‘moonshot’ ideas but to actively pursue them; to Mars and back.</p>



<p>&#8211;<strong><em>BY MARIE SHABAYA</em></strong></p>



<p><strong>Get Your Copy Of FORBES AFRICA <a href="https://www.forbesafrica.com/product/single-digital-issue-the-billionaires-list-feb-march-2021/">here</a></strong></p>



<div class="wp-block-image is-style-default"><figure class="alignleft size-large is-resized"><img loading="lazy" decoding="async" src="https://www.forbesafrica.com/wp-content/uploads/2021/02/FA-OFC-2021-Feb_March-793x1024.jpg" alt="" class="wp-image-49836" width="285" height="367" srcset="https://cms.forbesafrica.com/wp-content/uploads/2021/02/FA-OFC-2021-Feb_March-793x1024.jpg 793w, https://cms.forbesafrica.com/wp-content/uploads/2021/02/FA-OFC-2021-Feb_March-232x300.jpg 232w, https://cms.forbesafrica.com/wp-content/uploads/2021/02/FA-OFC-2021-Feb_March-768x991.jpg 768w, https://cms.forbesafrica.com/wp-content/uploads/2021/02/FA-OFC-2021-Feb_March-1190x1536.jpg 1190w, https://cms.forbesafrica.com/wp-content/uploads/2021/02/FA-OFC-2021-Feb_March-1586x2048.jpg 1586w, https://cms.forbesafrica.com/wp-content/uploads/2021/02/FA-OFC-2021-Feb_March-300x387.jpg 300w, https://cms.forbesafrica.com/wp-content/uploads/2021/02/FA-OFC-2021-Feb_March-600x775.jpg 600w, https://cms.forbesafrica.com/wp-content/uploads/2021/02/FA-OFC-2021-Feb_March-scaled.jpg 1983w" sizes="(max-width: 285px) 100vw, 285px" /></figure></div>


GettyImages-1229901921

Rockets To Riches: The Rise And Rise Of Elon Musk

Key Speakers and Interviews at the Bloomberg New Economy Forum

The Forbes Billionaires’ List: Africa’s Richest People 2021


<p>Tesla billionaire Elon Musk is the richest person in the world once again, overtaking Jeff Bezos as shares of Amazon fell on Thursday.</p>



<p>Amazon’s stock fell 1.2%, lowering Bezos’ net worth by $2 billion, to $182.8 billion. Shares of electric-vehicle maker Tesla, on the other hand, lost 1.1% on Thursday, pushing Musk’s net worth down by $1.8 billion.&nbsp;</p>



<p>Musk is now worth $182.9 billion, which again makes him the wealthiest person on the planet, according to&nbsp;<em>Forbes’</em>&nbsp;estimates. The Tesla chief is now just less than $1 billion richer than Bezos, who falls to second-richest person in the world.</p>



<p>The two billionaires have spent much of the last week competing for the title of wealthiest person on the planet. Musk took the number one spot from Bezos&nbsp;<a href="https://www.forbes.com/sites/sergeiklebnikov/2021/01/08/elon-musk-is-now-the-richest-person-in-the-world-officially-surpassing-jeff-bezos/">last Friday</a>&nbsp;and&nbsp;<a href="https://www.forbes.com/sites/sergeiklebnikov/2021/01/12/elon-musk-is-back-at-no-1-richest-person-in-the-world-after-tesla-stock-rebounds/?sh=4352d8de6c68">again on Tuesday</a>,&nbsp;<em>Forbes</em>&nbsp;calculates.&nbsp;</p>



<p>Both billionaires are over $30 billion richer than the world’s third-wealthiest person, LVMH chairman Bernard Arnault, who is worth $149.4 billion,&nbsp;<em>Forbes</em>&nbsp;estimates.</p>



<p>Musk’s net worth has grown at an astonishing rate over the last year, rising more than $150 billion since March 2020, when he was&nbsp;<a href="https://www.forbes.com/billionaires/">worth $24.6 billion</a>. Bezos’ fortune has also continued to grow, though not as fast: He’s up from $113 billion in March 2020.</p>


Billionaire Elon Musk Receives Axel Springer Award

Elon Musk Is The Richest Person In The World—Again


<p>Despite seeing his net worth skyrocket in recent months—and a&nbsp;<a href="https://www.bloomberg.com/news/articles/2021-01-06/musk-close-to-surpassing-bezos-as-world-s-richest-person#:~:text=Elon%20Musk%2C%20the%20outspoken%20entrepreneur,the%20world's%20500%20wealthiest%20people." target="_blank" rel="noreferrer noopener">report</a>&nbsp;from Bloomberg on Wednesday that he’s now the world’s richest person—<a href="https://www.forbes.com/profile/elon-musk/?list=rtb/">Elon Musk</a>&nbsp;remains the second-richest person in the world, according to&nbsp;<em>Forbes</em>’ estimates.</p>



<p>Shares of Musk’s electric-vehicle maker Tesla&nbsp;<a href="https://www.forbes.com/companies/tesla" target="_blank" rel="noreferrer noopener">TSLA</a>&nbsp;<a href="https://www.forbes.com/companies/tesla">+6.9%</a>&nbsp;rose by 7% as of 2:30 p.m. EST on Thursday, pushing Musk’s net worth up by $9.8 billion, to $175.2 billion. That makes him $22 billion richer than the planet’s third-wealthiest person, French luxury tycoon&nbsp;<a href="https://www.forbes.com/profile/bernard-arnault/?list=rtb/">Bernard Arnault</a>, but still $11 billion behind the world’s number one, Amazon&nbsp;<a href="https://www.forbes.com/companies/amazon" target="_blank" rel="noreferrer noopener">AMZN</a>&nbsp;<a href="https://www.forbes.com/companies/amazon">+1.8%</a>&nbsp;CEO&nbsp;<a href="https://www.forbes.com/profile/jeff-bezos/?list=rtb/">Jeff Bezos</a>.&nbsp;<em>Forbes</em>&nbsp;estimates that Bezos has a net worth of $186.8 billion.</p>



<p>Musk’s net worth has grown at an astronomical clip over the past year. He has added nearly $150 billion to his fortune since March 2020, when he was&nbsp;<a href="https://www.forbes.com/billionaires/">worth $24.6 billion</a>. Much of that increase comes from Tesla’s skyrocketing share price, which rose more than 720% in 2020. It has gained another 10% so far over the first week of 2021.&nbsp;</p>



<p>As Tesla’s stock soared ahead of its inclusion in the S&amp;P 500 Index on December 21, Musk surpassed Facebook&nbsp;<a href="https://www.forbes.com/companies/facebook" target="_blank" rel="noreferrer noopener">FB</a>&nbsp;<a href="https://www.forbes.com/companies/facebook">+1.9%</a>&nbsp;CEO&nbsp;<a href="https://www.forbes.com/profile/mark-zuckerberg/?list=rtb/">Mark Zuckerberg</a>&nbsp;(who is worth $98.2 billion today) to become the world’s fourth-richest person in early November, then leapfrogged Microsoft&nbsp;<a href="https://www.forbes.com/companies/microsoft" target="_blank" rel="noreferrer noopener">MSFT</a>&nbsp;<a href="https://www.forbes.com/companies/microsoft">+3%</a>&nbsp;cofounder&nbsp;<a href="https://www.forbes.com/profile/bill-gates/?list=rtb/">Bill Gates</a>&nbsp;(worth $121.9 billion today) for the number three spot.</p>



<p>Musk owns around 21% of Tesla’s shares, plus a stake in private rocket company SpaceX. Tesla stock still sits at record highs, now trading for over $800 per share. The company’s $765 billion market cap makes it by far the most valuable car company in the world.</p>



<p><em>-By Sergei Klebnikov, Forbes Staff</em></p>


No, Elon Musk Is Not The Richest Person In The World—Yet


<p><em>From makeup mogul Kylie Jenner to Hong Kong real estate heir Jonathan Kwok, these 10 billionaires are worth $15.9 billion combined.</em></p>



<p>Of the 2,095 billionaires in the world, only ten are 30 or younger. Together, this precocious bunch is worth $15.9 billion. They span the globe, hailing from the U.S., Brazil, Germany, Hong Kong, Ireland and Norway.</p>



<p>Despite the global markets falling in response to the COVID-19 pandemic,&nbsp;three&nbsp;people under 30 made the list for the first time this year.&nbsp;<a href="https://www.forbes.com/profile/pedro-de-godoy-bueno/#10a957165124">Pedro de Godoy Bueno</a>, age 29, inherited assets from his billionaire father, Edson de Godoy Bueno, who died in 2017. Pedro’s fortune rose in the past year to an estimated $1.1 billion as stock of Brazilian laboratory services firm Diagnósticos da América SA tripled. The second new entrant is&nbsp;<a href="https://www.forbes.com/profile/lisa-draexlmaier/#6d899607309c">Lisa Draexlmaier</a>, age 29, who owns and is co-CEO (with her father Fritz) of the holding company for German auto parts maker&nbsp;Fritz Draexlmaier Co &amp; KG.&nbsp;<a href="https://www.forbes.com/profile/elisabeth-furtwaengler/#5de9ffd82fe3">Elizabeth Furtwaenger</a>, 28, is now worth $1.2 billion after her father Hubert Burda gave her a 37.4% stake in the family’s media empire.</p>



<p>Just three of this elite cohort are <a href="https://www.forbes.com/sites/luisakroll/2019/04/08/in-defense-of-kylie-jenner-are-any-of-the-worlds-billionaires-entirely-selfmade/#7260729477b7">self-made</a> billionaires: Snap cofounder CEO <a href="https://www.forbes.com/profile/evan-spiegel/#494a4370529c">Evan Spiegel</a>, <a href="https://www.forbes.com/profile/john-collison/#67ba93f644f3">John Collison</a> of payments startup Stripe and, yes, makeup mogul <a href="https://www.forbes.com/profile/kylie-jenner/">Kylie Jenner</a>. In November, she inked a deal to sell a 51% stake in Kylie Cosmetics to beauty giant Coty Inc. for $600 million. Jenner recently donated $1 million to Cedars-Sinai Medical Center in Los Angeles, the hospital where she gave birth to daughter Stormi in 2018, to buy personal protective equipment such as masks and face shields.</p>



<p>Collison, born and raised in Limerick, Ireland, but now living in San Francisco, is the richest billionaire under 30, with a fortune of $3.2 billion. The value of his stake in privately held Stripe has nearly tripled in the past two years thanks to three nine-figure funding rounds. The most recent, a $250 million Series G in September, put Stripe’s valuation at $35 billion.</p>



<p>The seven others under 30 all inherited their wealth.&nbsp;<a href="https://www.forbes.com/profile/jonathan-kwok/#69b1a5157aef">Jonathan Kwok</a>, 28, first became a billionaire in his own right after his father, Hong Kong property mogul Walter Kwok, passed away in 2018.&nbsp;<a href="https://www.forbes.com/profile/alexandra-andresen/#7b2b64d9682a">Alexandra Andresen</a>, now 23, has been a billionaire since she was 19 thanks to her stake in Ferd, the Norwegian investment company her father still runs.</p>



<p><strong>Here are the 10 youngest members of the 2020 Billionaires list, starting with the youngest. Net worths were calculated using stock prices and exchange rates from March 18, 2020:</strong></p>



<figure class="wp-block-image"><img decoding="async" src="https://specials-images.forbesimg.com/imageserve/5e86a4380483f0000607a9d8/960x0.jpg?fit=scale" alt="1-LeftNumber960"/></figure>



<h2 class="wp-block-heading"><strong>KYLIE JENNER</strong></h2>



<h3 class="wp-block-heading">AGE:&nbsp;<strong>22</strong></h3>



<h3 class="wp-block-heading">NET WORTH:<strong>&nbsp;$1 BILLION</strong></h3>



<h3 class="wp-block-heading">SOURCE OF WEALTH:<strong> COSMETICS</strong></h3>



<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" src="https://www.forbesafrica.com/wp-content/uploads/2020/04/960x0.png" alt="" class="wp-image-44356" width="699" height="393" srcset="https://cms.forbesafrica.com/wp-content/uploads/2020/04/960x0.png 960w, https://cms.forbesafrica.com/wp-content/uploads/2020/04/960x0-300x169.png 300w, https://cms.forbesafrica.com/wp-content/uploads/2020/04/960x0-600x338.png 600w, https://cms.forbesafrica.com/wp-content/uploads/2020/04/960x0-768x432.png 768w" sizes="(max-width: 699px) 100vw, 699px" /><figcaption>Image by JAMEL TOPPIN FOR FORBES</figcaption></figure>



<p>The celebrity-turned-makeup-mogul is the world’s youngest self-made billionaire ever. In November, she inked a deal to sell a 51% stake in Kylie Cosmetics to beauty giant Coty Inc. for $600 million.</p>



<figure class="wp-block-image"><img decoding="async" src="https://specials-images.forbesimg.com/imageserve/5e86a44aa1a0ef00060520d0/960x0.jpg?fit=scale" alt="2-LeftNumber960"/></figure>



<h2 class="wp-block-heading"><strong>ALEXANDRA ANDRESEN</strong></h2>



<h3 class="wp-block-heading">AGE:<strong>&nbsp;23</strong></h3>



<h3 class="wp-block-heading">NET WORTH:<strong>&nbsp;$1.1 BILLION</strong></h3>



<h3 class="wp-block-heading">SOURCE OF WEALTH:<strong>&nbsp;INVESTMENT FIRM</strong></h3>



<figure class="wp-block-image"><img decoding="async" src="https://specials-images.forbesimg.com/imageserve/5e86a45ea8396000070e786b/960x0.jpg?fit=scale" alt="3-LeftNumber960"/></figure>



<h2 class="wp-block-heading"><strong>KATHARINA ANDRESEN</strong></h2>



<h3 class="wp-block-heading">AGE:<strong>&nbsp;24</strong></h3>



<h3 class="wp-block-heading">NET WORTH:<strong>&nbsp;$1.1 BILLION</strong></h3>



<h3 class="wp-block-heading">SOURCE OF WEALTH:<strong>&nbsp;INVESTMENT FIRM</strong></h3>



<p>The Norwegian sisters each inherited 42% of the family-owned investment company Ferd in 2007. Their father Johan still runs Ferd and controls 70% of the voting rights via a dual-class share structure.</p>



<figure class="wp-block-image"><img decoding="async" src="https://specials-images.forbesimg.com/imageserve/5e86a47010005200067dea9a/960x0.jpg?fit=scale" alt="4-LeftNumber960"/></figure>



<h2 class="wp-block-heading"><strong>GUSTAV MAGNAR WITZOE</strong></h2>



<h3 class="wp-block-heading">AGE:<strong>&nbsp;26</strong></h3>



<h3 class="wp-block-heading">NET WORTH:<strong>&nbsp;$2.3 BILLION</strong></h3>



<h3 class="wp-block-heading">SOURCE OF WEALTH:<strong>&nbsp;FISH FARMING</strong></h3>



<p><a href="https://www.forbes.com/profile/gustav-magnar-witzoe/#287bc32e1fc0">Witzoe</a> owns nearly half of Salmar ASA, one of the world’s largest salmon producers, which is still run by his father. The Norwegian heir has dabbled in modeling as well as tech and real estate investing.</p>



<figure class="wp-block-image"><img decoding="async" src="https://specials-images.forbesimg.com/imageserve/5e86a484a8396000070e786e/960x0.jpg?fit=scale" alt="5-LeftNumber960"/></figure>



<h2 class="wp-block-heading"><strong>ELIZABETH FURTWAENGER</strong></h2>



<h3 class="wp-block-heading">AGE:<strong>&nbsp;28</strong></h3>



<h3 class="wp-block-heading">NET WORTH:<strong>&nbsp;$1.2 BILLION</strong></h3>



<h3 class="wp-block-heading">SOURCE OF WEALTH:<strong>&nbsp;PUBLISHING</strong></h3>



<p>Furtwaenger and her older brother Jacob were each given a 37.4% stake in the family’s German media company by their father, Hubert Burda, who is no longer a billionaire. Burda Media’s titles include the German editions of&nbsp;<em>Elle</em>&nbsp;and&nbsp;<em>Playboy.&nbsp;</em>Furtwaenger and her brother Jacob serve on the board of directors.</p>



<figure class="wp-block-image"><img decoding="async" src="https://specials-images.forbesimg.com/imageserve/5e86a4951ef5ae000679d5a1/960x0.jpg?fit=scale" alt="6-LeftNumber960"/></figure>



<h2 class="wp-block-heading"><strong>JONATHAN KWOK</strong></h2>



<h3 class="wp-block-heading">AGE:<strong>&nbsp;28</strong></h3>



<h3 class="wp-block-heading">NET WORTH:<strong>&nbsp;$2 BILLION</strong></h3>



<h3 class="wp-block-heading">SOURCE OF WEALTH:<strong>&nbsp;REAL ESTATE</strong></h3>



<p>Kwok, along with his older brother Geoffrey, inherited their late father Walter Kwok’s stake in Sun Hung Kai Properties, Hong Kong’s largest developer, in 2018. Shares of Hong Kong-listed SHKP have declined nearly 18% since the coronavirus outbreak at the start of the year.</p>



<figure class="wp-block-image"><img decoding="async" src="https://specials-images.forbesimg.com/imageserve/5e86a4a510005200067dea9d/960x0.jpg?fit=scale" alt="7-LeftNumber960"/></figure>



<h2 class="wp-block-heading"><strong>JOHN COLLISON</strong></h2>



<h3 class="wp-block-heading">AGE:<strong>&nbsp;29</strong></h3>



<h3 class="wp-block-heading">NET WORTH:<strong>&nbsp;$3.2 BILLION</strong></h3>



<h3 class="wp-block-heading">SOURCE OF WEALTH:<strong>&nbsp;STRIPE</strong></h3>



<p>Stripe, the payments company founded by John and his older brother Patrick, raised $250 million from investors at a $35 billion valuation in September 2019. John, born and raised near Limerick, Ireland, now lives in San Francisco, where Stripe is headquartered.</p>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="960" height="960" src="https://www.forbesafrica.com/wp-content/uploads/2020/04/960x0-1.png" alt="" class="wp-image-44357" srcset="https://cms.forbesafrica.com/wp-content/uploads/2020/04/960x0-1.png 960w, https://cms.forbesafrica.com/wp-content/uploads/2020/04/960x0-1-300x300.png 300w, https://cms.forbesafrica.com/wp-content/uploads/2020/04/960x0-1-100x100.png 100w, https://cms.forbesafrica.com/wp-content/uploads/2020/04/960x0-1-600x600.png 600w, https://cms.forbesafrica.com/wp-content/uploads/2020/04/960x0-1-150x150.png 150w, https://cms.forbesafrica.com/wp-content/uploads/2020/04/960x0-1-768x768.png 768w, https://cms.forbesafrica.com/wp-content/uploads/2020/04/960x0-1-80x80.png 80w" sizes="(max-width: 960px) 100vw, 960px" /><figcaption>Image by JAMEL TOPPIN FOR FORBES</figcaption></figure>



<figure class="wp-block-image"><img decoding="async" src="https://specials-images.forbesimg.com/imageserve/5e86a4b5a1a0ef00060520d3/960x0.jpg?fit=scale" alt="8-LeftNumber960"/></figure>



<h2 class="wp-block-heading"><strong>EVAN SPIEGEL</strong></h2>



<h3 class="wp-block-heading">AGE:<strong>&nbsp;29</strong></h3>



<h3 class="wp-block-heading">NET WORTH:<strong>&nbsp;$1.9 BILLION</strong></h3>



<h3 class="wp-block-heading">SOURCE OF WEALTH:<strong>&nbsp;SNAP</strong></h3>



<p>The Snapchat cofounder is one of the youngest CEOs of a publicly-traded company in the world. After rallying in 2019, Snap stock is down 50% since the start of the year. Spiegel, who was born in the U.S., quietly became a dual American-French citizen in 2018, according to reports in the&nbsp;<a href="https://www.lesechos.fr/tech-medias/hightech/exclusif-comment-le-pdg-de-snapchat-est-devenu-francais-1156728" target="_blank" rel="noreferrer noopener">French press</a>.</p>



<figure class="wp-block-image"><img decoding="async" src="https://specials-images.forbesimg.com/imageserve/5e886a4ab0a4e4000746bc7e/960x0.jpg?fit=scale" alt="Evan Spiegel"/><figcaption>Image by MICHAEL GRECO</figcaption></figure>



<figure class="wp-block-image"><img decoding="async" src="https://specials-images.forbesimg.com/imageserve/5e86a4c51ef5ae000679d5a4/960x0.jpg?fit=scale" alt="9-LeftNumber960"/></figure>



<h2 class="wp-block-heading"><strong>PEDRO DE GODOY BUENO</strong></h2>



<h3 class="wp-block-heading">AGE:<strong>&nbsp;29</strong></h3>



<h3 class="wp-block-heading">NET WORTH:<strong>&nbsp;$1.1 BILLION</strong></h3>



<h3 class="wp-block-heading">SOURCE OF WEALTH:<strong>&nbsp;DIAGNOSTIC SERVICES</strong></h3>



<p>A newcomer to the billionaire ranks, Pedro is the son of the late Edson de Godoy Bueno (d. 2017), once Brazil’s richest healthcare billionaire. Bueno is the CEO and largest shareholder of laboratory services firm Diagnósticos da América SA, which has seen its shares nearly triple over the past year.</p>



<figure class="wp-block-image"><img decoding="async" src="https://specials-images.forbesimg.com/imageserve/5e86a4d4a1a0ef00060520d6/960x0.jpg?fit=scale" alt="10-LeftNumber960"/></figure>



<h2 class="wp-block-heading"><strong>LISA DRAEXLMAIER</strong></h2>



<h3 class="wp-block-heading">AGE:<strong>&nbsp;29</strong></h3>



<h3 class="wp-block-heading">NET WORTH:&nbsp;<strong>$1 BILLION</strong></h3>



<h3 class="wp-block-heading">SOURCE OF WEALTH:<strong>&nbsp;AUTO PARTS</strong></h3>



<p>Draexlmaier and her father, Fritz, are co-CEOs of Fritz Draexlmaier Holdings GmbH, the holding company of the autoparts maker of the same name. Lisa, now the sole owner, joins the billionaires’ list for the first time.</p>



<p><em>Editor&#8217;s note: This post has been updated to include Elizabeth Furtwaenger.</em></p>



<p><em>&#8211;<a href="https://www.forbes.com/sites/hayleycuccinello/">Hayley C. Cuccinello</a>, Forbes Staff, <a href="https://www.forbes.com/worlds-billionaires">Billionaires</a></em></p>


kylie

Meet The World’s 10 Youngest Billionaires In 2020


<p><strong>Back in 2007,</strong>&nbsp;Jay-Z made a bold statement&nbsp;<a rel="noreferrer noopener" href="https://www.forbes.com/sites/zackomalleygreenburg/2010/12/14/jay-z-50-cent-and-diddy-i-get-money-forbes-1-2-3-billion-dollar-remix/#283e75c86ec2" target="_blank">in song</a>&nbsp;about both his lyrical prowess and his future financial fortunes: “I’m already the G.O.A.T.–next stop is the billie.”</p>



<p>Sure enough,&nbsp;<em>Forbes&nbsp;</em><a href="https://www.forbes.com/sites/zackomalleygreenburg/2019/06/03/jay-z-billionaire-worth/#70f0b90d3a5f" target="_blank" rel="noreferrer noopener">declared</a>&nbsp;him hip-hop’s first billionaire earlier this month. The news caught the attention of observers around the world—not only due to the breadth of Jay-Z’s financial achievement, but because of what it means for others looking to follow in his footsteps.</p>



<p>“Jay-Z’s entire life is the real blueprint,” says hip-hop pioneer Fab 5 Freddy, longtime host of the show&nbsp;<em>Yo! MTV Raps</em>. “He’s one of the best examples in our lifetime of one who’s truly achieved the American dream and billionaire status.”</p>



<p>Naturally, Jay-Z tops this year’s ranking of hip-hop’s richest stars. Who will be the next billionaire from the rap world? The answer is almost certainly one of the names below.</p>



<figure class="wp-block-image"><img decoding="async" src="https://specials-images.forbesimg.com/imageserve/5d010d70142c50000a32b592/960x0.jpg?cropX1=1&amp;cropX2=4689&amp;cropY1=693&amp;cropY2=3126" alt="richest rappers Drake"/><figcaption>GETTY IMAGES</figcaption></figure>



<h2 class="wp-block-heading"><strong>5. Drake</strong></h2>



<h3 class="wp-block-heading"><strong>$150 million</strong></h3>



<p>The 32-year-old Canadian is the youngest on this list by a decade, but he’s quickly gaining ground on hip-hop’s elder statesmen. Drake’s fortune grew 50% over the past year, boosted by holdings ranging from real estate to his Virginia Black whiskey, as well as a lucrative tour and new residency at the XS Nightclub in Las Vegas.</p>



<p>“Every year, we just want to get more prepared and better at touring and better at things that make money,” he&nbsp;told&nbsp;<em>Forbes</em>&nbsp;in 2013 (his average gross has since surged from $500,000 to more than $2 million per stop). “That’s pretty much my objective every year, other than making good music.”</p>



<figure class="wp-block-image"><img decoding="async" src="https://specials-images.forbesimg.com/imageserve/5d010dbe4c687b0008596731/960x0.jpg?cropX1=4&amp;cropX2=4698&amp;cropY1=679&amp;cropY2=3122" alt="richest rappers Kanye"/><figcaption>GETTY IMAGES</figcaption></figure>



<h2 class="wp-block-heading"><strong>4. Kanye West</strong></h2>



<h3 class="wp-block-heading"><strong>$240 million</strong></h3>



<p>A onetime protégé of Jay-Z, the superproducer has been making headlines recently for his Sunday Service, an invitation-only get-together mostly in Southern California that is&nbsp;reportedly&nbsp;frequented by the likes of Courtney Love and Tyler, the Creator. He took the show on the road in April for a Coachella service on Easter Sunday featuring appearances by Chance the Rapper, DMX and a gospel choir—while&nbsp;hawking&nbsp;socks and “holy spirit” sweatshirts. But selling church clothes alone won’t be enough to push West into ten-figure territory.</p>



<p>Despite&nbsp;declaring&nbsp;himself $53 million in debt and beseeching Mark Zuckerberg for $1 billion to fund future creations in 2016, West makes his debut on this list thanks to a another patron: Adidas, which lured West and his Yeezy shoe line from Nike several years ago. Our accounting of West’s wealth is almost entirely predicated on a conservative estimate of that brand’s value. As it continues to scale up, he could one day join his sister-in-law, Kylie Jenner, as a billionaire.</p>



<figure class="wp-block-image"><img decoding="async" src="https://specials-images.forbesimg.com/imageserve/5d010ee84c687b0008596780/960x0.jpg?cropX1=1&amp;cropX2=4697&amp;cropY1=804&amp;cropY2=3128" alt="richest rappers Diddy"/><figcaption>GETTY IMAGES</figcaption></figure>



<h2 class="wp-block-heading"><strong>3. Diddy</strong></h2>



<h3 class="wp-block-heading"><strong>$740 million</strong></h3>



<p>“I started my business career at age 12, delivering newspapers,” Diddy explained two years ago in our centennial issue, where we named him one of the world’s greatest living business minds. “Since then, I’ve always understood that if I give the customers my best and service them differently, whether music, clothing or vodka, I’ll get a return on my hard work.”</p>



<p>The artist formerly known as Puff Daddy dips to No. 3 on this list as industry trends weigh on some of his holdings, including cable network Revolt and clothing line Sean John (though Diddy has sold much of his stake in the latter, he retains a sizeable piece). But Ciroc, the main driver of his fortune, is growing again after case volumes fell from all-time highs in recent years—making the impresario perhaps the most likely candidate to join Jay-Z in the billion-dollar club.</p>



<figure class="wp-block-image"><img decoding="async" src="https://specials-images.forbesimg.com/imageserve/5d010e3234a5c40008482a48/960x0.jpg?cropX1=0&amp;cropX2=4695&amp;cropY1=603&amp;cropY2=3131" alt="richest rappers dr dre"/><figcaption>GETTY IMAGES</figcaption></figure>



<h2 class="wp-block-heading"><strong>2. Dr. Dre</strong></h2>



<h3 class="wp-block-heading"><strong>$800 million</strong></h3>



<p>It’s been five years since Dr. Dre proclaimed himself a billionaire, but&nbsp;<em>Forbes&nbsp;</em>still doesn’t agree with the assessment made in the wake of Apple’s $3 billion 2014 purchase of his Beats By Dr. Dre headphone line. The superproducer owned an estimated 20%-25% of the company at the time; of the $2.6 billion Apple paid upfront in cash, another $295 million was&nbsp;earmarked&nbsp;to cover debt payments, leaving Dre with a little over $500 million.</p>



<p>Even with the vesting of his final slug of Apple stock last summer, Dre hasn’t quite made it into billionaire territory. He has spent heavily over the years on property (he&nbsp;paid&nbsp;$40 million for Tom Brady and Gisele Bundchen’s Los Angeles estate) and charitable donations (along with Beats cofounder Jimmy Iovine, he&nbsp;gave&nbsp;$70 million to start a school at USC). And with his formal involvement at Apple seemingly wrapping up, Dre will likely need to get back on the festival circuit—or start a new company—if he’s to make good on his 2014 declaration.</p>



<figure class="wp-block-image"><img decoding="async" src="https://specials-images.forbesimg.com/imageserve/5d010e694c687b0008596774/960x0.jpg?cropX1=10&amp;cropX2=4698&amp;cropY1=739&amp;cropY2=3130" alt="richest rappers jay-z"/><figcaption>GETTY IMAGES</figcaption></figure>



<h2 class="wp-block-heading"><strong>1. Jay-Z</strong></h2>



<h3 class="wp-block-heading"><strong>$1 billion</strong></h3>



<p>Though he’s hip-hop’s first billionaire, Jay-Z’s lead on the rest of the pack is even larger if his entire family fortune is taken into consideration: He and wife Beyoncé are now worth a combined $1.4 billion. So much for the notion that music is a dying business.</p>



<p>“To convince artists that you can’t be an artist and make money … was the greatest trick in music that people ever pulled off,” Jay-Z&nbsp;<a href="https://www.forbes.com/forbes/2010/1011/rich-list-10-omaha-warren-buffett-jay-z-steve-forbes-summit-interview.html" target="_blank" rel="noreferrer noopener">told</a>&nbsp;<em>Forbes&nbsp;</em>in 2010. “I think the people that were making the millions said that.”</p>



<h3 class="wp-block-heading"><strong>Methodology</strong></h3>



<h5 class="wp-block-heading"><em>In order to compile our ranking of the richest rappers, we use the same procedures employed in the calculation of our annual&nbsp;billionaires list: poring over financial documents, valuing major assets, and consulting with analysts, managers, attorneys and other industry insiders.</em></h5>



<p><em>Cover photographs: Getty Images (Dr. Dre: AP Images)</em></p>



<p><em>-Zack O&#8217;Malley Greenburg; Forbes Staff</em> </p>


Tag: Billionaires list

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