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Kenyan multimillionaire Julius Mwale, founder of Mwale Medical and Technology City (MMTC), has emerged as a pivotal investor in a groundbreaking deal to acquire the iconic U.S. business magazine, Forbes.
With Forbes valued at a staggering $800 million, the acquisition marks the first time an African investor will hold a stake in a global media empire.
Mwale’s involvement underscores Africa’s rising influence on the world stage and the continent’s potential to reshape global perceptions.
Austin Russell, the 28-year-old CEO of electric vehicle tech company Luminar Technologies, leads the consortium and plans to contribute $10 million toward the acquisition.
Foreign investors, including Mwale, are set to provide most of the financing, amounting to abouot $656 million. Notable partners in the acquisition include Global Silicon Valley (GSV), Sun Group from India, and Kazakh businessman Bulat Utemaratov.
With its massive readership of 140 million unique users worldwide, Forbes is an influential media giant. The acquisition by Mwale and the consortium will consolidate their influence over millions of business-oriented users, amplifying their presence in the global media landscape.
Mwale, a prominent Kenyan businessman, has already made significant strides on the international stage. As the principal of MMTC, Mwale has invested more than $2 billion in building a 100 percent green city, anchored by the Hamptons Hospital, which provides universal healthcare to 2 million residents in Kakamega County.
His commitment to job creation and poverty reduction in Africa was emphasized during his keynote speech at the Forbes Under 30 Summit Africa, where he highlighted the opportunities presented by the Africa Free Trade Agreement, envisioning Africa’s potential to become a leading continent in terms of population, development, and growth by 2043.
Mwale’s expertise in telecommunications engineering and his role as the founder and chairman of SBA Technologies Inc. positions him at the forefront of digital identity infrastructure and mobile banking services.
With his extensive experience, Mwale serves on the boards of over 20 companies in the technology, retail, pharmaceutical, health, construction, hospitality, human resources, energy, and engineering industries. In addition, he has been chairman of the American Institute for African Development in New York since 2007.
The potential acquisition of Forbes by Mwale and the consortium is set to be a transformative moment in Africa’s global presence.
As the continent continues to develop and grow, Mwale’s investment in this media giant marks a significant step towards reshaping Africa’s narrative and establishing a stronger voice in the international business community.
