Julius Mwale, the founder of Mwale Medical and Technology City (MMTC) and a well-known multi-millionaire from Kenya, has been identified as a key shareholder in a ground-breaking proposal to acquire Forbes, the preeminent American business magazine, for over $800 million.
Forbes confirmed to Axios that Austin Russell, the 28-year-old American CEO of the electric vehicle technology startup Luminar Technologies, will receive an 82% interest in the well-known company for an estimated $800 million valuation. Forbes and Russell did not make it clear how he intended to raise the close to $656 million required to overtake the competition.
Later, it was discovered that Russell only intended to contribute $10 million of his own funds and would obtain the remaining sum from international investors. One of the investing partners who will contribute millions of dollars to seal the deal is listed as Julius Mwale. Bulat Utemaratov, a businessman from Kazakhstan, Global Silicon Valley, and Sun Group were listed as additional partners.
According to Billionaires Africa, Mwale’s involvement in the risky offer marks the first time an African investor will own stock in such a vast media conglomerate. His action also draws attention to Africa’s growing influence on the world and the possibilities of the region.
A reputable business media outlet is Forbes. If the agreement is approved, Mwale and the other members of the group would combine their unique perspectives to influence millions of Forbes’ current and prospective readers, cementing their global position.
Last month, Mwale announced his plans to expand his Hamptons Hospital franchise to Botswana, and was in the country to attend Forbes’ Under 30 summit. During his keynote speech at the event, Mwale said “In 20 years, Africa is going to have about a quarter of the global population, and we see ourselves being able to move about 800 million people on the continent out of poverty by creating jobs.”
The African billionaire has repeatedly demonstrated his commitment to the development of the African continent through employment creation. His business, MMTC, has grown to include 12 nations across Africa. In order to empower 800 million people by the year 2050, he plans to establish 18 smart cities using an integrated approach to smart city development.
Additionally, he supports the Africa Trade Agreement, which he claims will help Africa surpass all other continents in terms of population, growth, and development by the year 2043.
The 47-year-old’s life experience hasn’t always been positive, though. His quest begins in a lowly state where he was even homeless and walking barefoot. Mwale states that he currently sits on the boards of more than 20 companies, including ones in the hospitality, retail, pharmaceutical, health, technology, human resources, and engineering.