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Tyler Perry says he has done more to support Black talent and generate wealth for his community than Hollywood has. The billionaire made the comments during a speech on Monday, June 9, at the 2025 BET Awards, which celebrated 25 years of Black excellence in entertainment. Legends Jamie Foxx, Mariah Carey, Snoop Dogg, and Kirk Franklin were also honored with the Ultimate Icon Award. The event featured performances from artists such as GloRilla, Leon Thomas III, and Lil Wayne as well. Perry, who has the largest Black-owned studio in America, delivered a powerful message about the resilience of the Black footprint and encouraged attendees to continue striving for excellence. “I have made more Black millionaires — hear me when I say this — than any studio in this city combined because I’m making footprints,” Perry said. “So I don’t care if you’re struggling, if you’re trying to make it, you’re trying to build a business. If you have a dream, keep making footprints.” View this post on...
Bill Gates intends on allocating the majority of his wealth to Africa. As AFROTECH™ previously mentioned, Microsoft founder Bill Gates plans to donate the majority of his wealth by 2045 — an estimated $200 billion. Despite this massive philanthropic effort, he is still expected to remain a billionaire and may even stay the fifth-richest person in the world, BBC reports. “People will say a lot of things about me when I die, but I am determined that ‘he died rich’ will not be one of them,” he wrote in a blog post, per BBC. Gates intends to distribute his wealth through his foundation. The original plan was for the foundation to continue operating beyond his lifetime; however, he now has faith in the next generation of wealthy individuals to carry on his efforts, believing they will be better positioned to do so. “At the end of 20 years, the foundation will sunset its operations,” the Gates Foundation said in a statement, per BBC. In the meantime, Gates will focus on using his wealth...
Tesla CEO Elon Musk has acknowledged that the final version of the company’s Full Self-Driving (FSD) technology is not yet ready for public release — and there is no definitive date for when it will be available. During Tesla’s conference call following the release of its Q1 2025 financial results, Musk updated shareholders about the company’s self-driving plans, which he emphasized as essential to Tesla’s future, according to Daily Galaxy. Since 2016, Tesla has marketed vehicles claiming they have the necessary hardware for FSD features — significantly boosting sales of the FSD package — which can cost buyers up to $12,000. However, during the call, Musk said, “We’re going to have to upgrade the Hardware 3 computer” to achieve true self-driving capabilities, the outlet reported. The announcement sparked backlash from customers who felt misled, prompting Tesla to cover the costs of upgrading affected vehicles to the newer Hardware 4 — a move analysts estimate could reach hundreds of...
Editorial Note: Opinions and thoughts are the author’s own and not those of AFROTECH™. Billionaire business leaders turned against President Donald Trump as he implemented sweeping tariffs with other countries, which have amounted to billions of dollars lost. Many of the billionaires who have pushed back against the Trump tariffs have also endorsed him for the 2024 presidential election. One of those billionaires, Bill Ackman, warned against tariffs, likening them to an “economic nuclear war” in a post on X (formerly known as Twitter). He also claimed that the tariffs weren’t what he voted for, despite Trump speaking on tariffs early on in the election. How Will Tariffs Affect The American Consumer? Unwarranted tariffs will not only decimate our economy but also hurt our already fragile standing on the world stage. In retaliation, China has raised tariffs on American goods to 125%. Most business leaders, economic experts, and other world leaders are confused over Trump’s misguided...
In a political landscape where economic promises often shift with the news cycle, one topic has managed to grab headlines and public curiosity alike: DOGE checks. Tied to the Department of Government Efficiency (DOGE) — an initiative linked to Elon Musk and President Donald Trump’s administration — the proposed stimulus would direct billions in alleged government savings back to American taxpayers. But is this an actual policy shift or a high-profile thought experiment? Here’s what we know. What Are DOGE Checks? DOGE checks are a proposed stimulus payout drawn from cost-cutting measures implemented by DOGE. Since its launch in January, DOGE claims to have saved the federal government $130 billion by downsizing federal agencies and eliminating redundancies. According to Newsweek, the Trump administration has set a $2 trillion savings goal, with the potential for Americans to receive direct financial benefits from these efforts. The term “DOGE checks” gained traction following a...
Former NBA athlete Junior Bridgeman is now a billionaire. From NBA Player To Successful Businessman Bridgeman was among the 1975 NBA Draft class and was selected in the first round as the eighth pick by the Los Angeles Lakers, notes Basketball Reference. He was soon traded to the Milwaukee Bucks as part of a deal to bring Kareem Abdul-Jabbar to the Lakers. He went on to play with the Bucks until 1984 before spending two years with the Los Angeles Clippers. Bridgeman returned to the Bucks for his final season in 1986-87, according to ESPN. His starting salary in the league was two payments totaling $140,000, but he only saw $55,000 due to taxes and agent fees. Over his 12-year playing career, he earned $2.95 million and never made more than $350,000 in a single season. When Bridgeman retired from the league in 1987, he had already considered a roadmap for his post-career as a businessman. Forbes notes that he received guidance from former Milwaukee Bucks owner Jim Fitzgerald, who...
Erin Harkless Moore believes artificial intelligence (AI) can improve the Care Economy. Since 2020, Moore has served as vice president and managing director of investments at Pivotal Ventures, a company launched by billionaire philanthropist Melinda French Gates to advance social progress and accelerate women’s influence globally, per its website. Gates has even committed $2 billion towards the mission. Furthermore, alongside partners, Pivotal Ventures prioritizes an expansive list of pillars within the $648 billion Care Economy, including mental health, paid medical and family leave, and women and tech innovation. Moore is tasked with leading a team responsible for selecting, investing in, and managing a diverse portfolio that adheres to Pivotal Ventures’ mission, her LinkedIn states. “We really start with our investment thesis and our direct investments in care looking at you know tech solutions that reduce burdens of care, lower cost of care, and improve access to care, and...
Shannon Sharpe says he could have been a billionaire if he had moved forward with an investment in Google. During an episode of Sharpe’s “Club Shay Shay” podcast, which featured billionaire businessman Mark Cuban, the host reveals he lucked out of a six-figure investment in Google after receiving advice from his financial team. The opportunity to invest in what has become a major tech giant was while he was in the NFL signed to the Baltimore Ravens. He was under a four-year contract — although he remained with the team for only two seasons, during 2000 and 2001. The contract was valued at $13.8 million, which encompassed a 4.5 million signing bonus and $4.5 million guaranteed, according to Spotrac. “I remember when Google came out and they thought shares were gonna open up at about $85 a share. And I remember sending it to my financial guys, and I was like — ‘Oh, you know what?’ I had just signed with the Ravens, so I had some money. And I was like, ‘Man, I’d like to buy $300,000...
Robert F. Smith is the second-richest Black man in America. Smith follows behind David Steward, the founder of IT management company World Wide Technology, who boasts an $11.4 billion net worth to secure the top spot among Black individuals, Forbes notes. View this post on Instagram A post shared by AFROTECH (@afro.tech) Smith’s return to the list is a result of his role as founder, chairman, and partner at Vista Equity Partners, a firm that invests in enterprise software, data, and technology companies, per its website. With more than $100 billion in assets since its inception, its portfolio companies include Forcepoint, Comply, Datto, Brainware, and InfoBlox, among others. In 2024, Vista Equity Partners made additional billion-dollar moves. This includes joining Blackstone in the acquisition of Smartsheet — an enterprise platform for modern work management — for an all-cash transaction valued at $8.4 billion in September, as AFROTECH™ previously told you. “Modern enterprises rely...
Following PowerSchool Holdings Inc.’s multi-billion-dollar acquisition, Vista Equity Partners has retained its minority stake in the company. According to a press release, PowerSchool Holdings Inc., which operates as a cloud-based K-12 education software, was acquired by Bain Capital through a transaction that was valued at an estimated $5.6 billion, with the company paying $22.80 per share in cash. Bain Capital plans to build on PowerSchool’s successful track record, with its software impacting 60 million students and 18,000 customers across more than 90 countries. “PowerSchool is aligned, throughout its entire organization, to its mission to personalize education and improve learning outcomes,” David Humphrey, a partner at Bain Capital, said . “We’ve had the privilege of seeing the leadership team’s dedication to this mission through a world-class product innovation engine.” Bain Capital Partner Max de Groen added, “We are thrilled to support PowerSchool’s mission and growth as it...
50 Cent has revealed one of those “unwritten laws of business.” The artist and entrepreneur took to the stage at Invest Fest in Atlanta, GA, and shared his unspoken rule in business: Never appear to need anything. He then clarified the thought process behind this surprising rule. “One of the unwritten laws of business is to not appear to need anything,” he said during Invest Fest, according to HipHopDX. “Because everybody will do you a favor when you don’t need one. If they can expect a bigger favor in return or a favor from you at some later point, they’ll find the ability to just do it.” He added: “That’s why when they tell me no, I go — if television say[s] they [are] going on strike, I say, ‘Okay, I’m on tour.’ That last tour [the Final Lap Tour], I did 103 shows. It’s the third-highest-grossing Hip-Hop tour ever.” Although the saying “closed mouths don’t get fed” is commonly accepted, 50 Cent has succeeded in various ventures despite not adhering to this principle. While it is...
Tyler Perry opened the world’s largest Black-owned studio, not just to build his own legacy but to empower others to create theirs. As AFROTECH™ previously reported, he self-funded Tyler Perry Studios to launch in Atlanta, GA, in 2008. I t’s now reportedly worth $280 million and serves as both a hub for his creative projects and a welcoming space for other filmmakers seeking to rent its stages and spaces. His ambition to succeed and help others is driven by his great-grandfather, who was enslaved, NBC News reports. “I’m on the wave that they set in motion,” he told the outlet. “So I feel like I’m supposed to live well. I feel like I’m supposed to have everything that I want. Not just for me, but for everyone who didn’t get it. …It’s not just about what I’m doing,” Perry told NBC News. “It’s also about all the people that’s affected.” Perry’s vision has manifested in several ways. His workforce is 99% Black and also includes a population of those who were formerly incarcerated and...
Many singing shows have come and gone since American Idol was in its prime, but few contestants have made as much of an impact without actually winning as Jennifer Hudson. You might recall the Chicago native from season three of the reality series, where she quickly won over the hearts of audiences with her stellar vocals and down-to-earth energy. Much to the viewers’ surprise, Hudson was voted out early in the competition, but she didn’t let that stop her from pursuing her dreams. Instead, Jennifer Hudson’s net worth is now in the multimillions thanks to her decades of dedication to her craft . The mother of one is the youngest of three on her maternal side but found out as a teenager that her absent father was responsible for 26 other children. She was only seven when she took an interest in singing in the church choir, and it was her grandmother, Julia, who encouraged Hudson to get involved in community theater. She’s cited Whitney Houston, Patti LaBelle and the late Aretha...
A new update regarding the potential sale of BET has been revealed. According to Bloomberg, Paramount is reportedly in talks with BET CEO Scott Mills and CC Capital Founder Chinh Chu, who are looking to buy the network. Bloomberg’s anonymous sources share that the group is aiming to offer $1.6 billion to $1.7 billion. The outlet details that the new offer follows the group’s initial attempt to purchase BET in December 2023 for “a little under $2 billion” and also comes after Paramount’s proposed merger with David Ellison’s Skydance Media fell through. As previously shared by AFROTECH™, Byron Allen has shown avid interest in being a potential buyer of BET. So much so that he reportedly placed an offer of $3.5 billion that same month. The whopping offer marked the media mogul’s second attempt to lock in the opportunity to make BET Black-owned again. “You are pursuing an inside sale at a below-market price with management that will not yield the highest price for the stockholders,”...
Rihanna is expanding her empire! It is no secret hair has been important to Rihanna’s identity. Now she is taking that passion into the business world. The mogul took to social media to announce Fenty Hair will launch on June 13, 2024, and cater to every hair type. “A new family is moving in! @fentyhair is pullin up and it’s time to finally have the hair experience you’ve been waiting for,” she wrote on Instagram. “You know how much switching my hair up matters to me. I’ve had almost every texture, color, length, from weaves to braids to natural- so I am launching a flexible line of products for not only every hair want, but every single product is designed to strengthen and repair all types of hair, which is what we truly need! It’s time to play and get stronger by the style . WE COMING 6/13, but sign up NOW so you can get access and shop before anyone else FENTYHAIR.COM.” View this post on Instagram A post shared by badgalriri (@badgalriri) At the time of this writing, it is...