South African-British billionaire Clive Calder has experienced a significant downturn in his net worth, with losses totaling $320 million over the past 16 days. This decline comes swiftly after a recent surge in his fortune.
Financial setback amid recent gains
According to the Bloomberg Billionaires Index, which monitors the fortunes of the world’s top 500 billionaires, Calder’s wealth has dropped by $320 million since April 2. This equates to an average daily loss of $20 million over the specified period.
Calder’s net worth now stands at $7.08 billion, down from $7.40 billion on April 2. This reversal follows a brief upswing in February, when his wealth increased by $100 million, reaching $7.08 billion from $6.98 billion between Feb. 15 and Feb. 18.
Calder’s entrepreneurial journey and philanthropic endeavors
Ranked 366th on the Bloomberg Billionaires Index, Calder made his mark in the music industry, notably with the creation of Zomba, a global music powerhouse later acquired by German media giant Bertelsmann for $2.74 billion in 2002.
In addition to his contributions to the music landscape, Calder and his son, Keith Calder, ventured into the realm of gaming by investing $46 million in Cloud Imperium Games (CIG), the studio responsible for the ambitious project Star Citizen. This strategic investment secured approximately 10 percent of CIG’s shares, signifying a substantial financial commitment.
Calder’s impact beyond business
Clive Calder has made notable philanthropic contributions through the ELMA Foundations, one of Africa’s largest private nonprofits.
The foundation focuses on children’s healthcare, education, humanitarian relief, social enterprises, and youth development through music. In May 2020, Calder pledged $107 million to fight COVID-19 in Africa, with a significant allocation to South Africa.
Despite the recent setback in his fortune, Calder remains a major player in Southern Africa’s business landscape, alongside figures like Nicky Oppenheimer and Natie Kirsh. He continues to shape industries and contribute to philanthropic causes.
