Latest news with #BBI
Mint
2 days ago
- Business
- Mint
Who is Mark Walter, the billionaire Dodgers owner buying LA Lakers from Buss family?
Billionaire Mark Walter is buying the Los Angeles Lakers (LA Lakers) for a whopping $10 billion from the Buss family that has held the National Basketball Association (NBA) franchise for 46 years, according to an ESPN report, citing sources. The iconic franchise has won 17 NBA titles, and is second only after the Boston Celtics. The Buss family will sell its majority stake to Walters, who also owns the LA Dodgers baseball franchise. This comes after he purchase a stake in the franchise in 2021, and agreed to get 'right of refusal' if a majority stake was ever put up for sale, according to a Bloomberg report. Notably, the Buss family purchased the Lakers for $67.5 million in 1979; and Jeanie Buss, who has helmed the team since her father Jerry Buss died in 2013, will continue to hold that role, the report said. Notably, the $10 billion valuation is a record breaker — exceeding that $6.1 billion price tag for the Celtics in March 2025, when it was bought by a group led by Bill Chisholm, as per the Bloomberg report. Outside of the NBA, the next largest sale was the $6.05 billion deal for the National Football Leagues's Washington Commanders, bought by Josh Harris, co-founder of Apollo Management, the BB report added. Other expensive deals in the US sports space this year include, the NBA's Phoenix Suns being purchased by Mat Ishbia for $4 billion; the Dallas Mavericks' $3.5 billion sale to the Adelson family; and former NBA superstar Michael Jordan's $3 billion sale of the Charlotte Hornets. Worth $12.5 billion according to the Bloomberg Billionaire Index (BBI), Mark Walter is the CEO of Guggenheim Partners LLC, a financial services firm with over $325 billion in assets. In sports, he is the CEO of holding company TWG Global, which owns baseball sports franchise the LA Dodgers, and the Women's NBA team LA Sparks; besides owning the newly formed Cadillac Formula One team, the Billie Jean King Cup tennis tournament and the professional women's hockey league, according to reports by AFP and Bloomberg. He is also part of the ownership group of English Premier League (EPL) football club Chelsea, the AFP report added. (With inputs from Bloomberg and AFP)
Mint
6 days ago
- Business
- Mint
THIS billionaire surpassed Mark Zuckerberg, Jeff Bezos to be second richest person on Forbes real-time list
Oracle's post earnings report stock jump has propelled founder-chairman Larry Ellison past Meta Platforms chief Mark Zuckerberg and founder Jeff Bezos to become the second richest person in the world, according to the Forbes' 'World's real-time billionaires' list 2025. Notably, in the Forbes 'World's Billionaires List for 2025' released in April 2025, Larry Ellison was placed at fourth spot with a net worth of $192 billion. That means that in two months, the tech billionaire has gained $66.8 billion. The bulk of this increase comes from his stock in Oracle, which jumped on June 13 post its glowing earnings report, which beat Wall Street expectations. It posted adjusted earnings of $1.70 per share on revenue of $15.9 billion. The news pushed shares to $200/apiece at closing on June 13, reflecting faith in the company's long-term growth and direction in the artificial intelligence space. Notably, the company has been at the forefront of United States President Donald Trump's push for AI infrastructure in the country — i.e. Project Stargate, alongside OpenAI and SoftBank. At time of writing, 80-year-old Larry Ellison was worth $258.8 billion, taking his place as the second richest person in the world, behind only Tesla chief Elon Musk (53 years old), who has retained his number one spot on the list, with net worth of $410.8 billion, it showed. Meanwhile, Meta CEO Mark Zuckerberg (43), who was number two, has moved down one spot at #3, with net worth of $235.7 billion; and Amazon's Jeff Bezos (61), currently in the news ahead of his impending marriage to Lauren Sanchez, has also slipped one spot to #4 with net worth of $226.8 billion, the Forbes list data showed on June 15. Rounding off the top five is recently retired Berkshire Hathaway founder Warren Buffett (94), whose wealth is recorded at $152.1 billion. Notably, as per the Bloomberg Billionaire Index (BBI) on June 15, Larry Ellison is the third richest person in the world with net worth of $234 billion, up $13.9 billion. Larry Ellison has pushed Jeff Bezos to the fourth spot, with wealth of $233 billion, down $936 million, on date. Elon Musk and Mark Zuckerberg retain their number one and two spot on this list, with net worth of $368 billion (up 4.43 billion), and $241 billion (down $3.57 billion), respectively. The top five includes Microsoft co-founder Bill Gates, with net worth of $177 billion (down 248 million), as on date.
Eyewitness News
10-06-2025
- Business
- Eyewitness News
Opposition parties reject establishment of another state-owned company
CAPE TOWN - Opposition parties have rejected the launch of another state-owned company that will consolidate and control all digital assets across the state. The Communications and Digital Technologies Committee received a briefing on the consolidation of fibre networks from all State-Owned Enterprises (SOEs) to form the South African State Digital Infrastructure Company. But the move has been criticised by some parties who say there's no need for another state company that will be poorly managed and drain the fiscus. The committee heard on Tuesday how the new state-owned entity would be a merger of state telecoms company Broadband Infraco (BBI) and government-owned signal distributor Sentech. READ: Bill seeking to incorporate all SOEs into 1 holding company open for public participation The company would have control of all fibre networks and digital infrastructure, including those owned by other SOEs that aren't in the Information and Communication Technology (ICT) sector, like Transnet and Eskom. "There is a very clear proposal or recommendation and therefore adopted position of the country, that we should look at streamlining the digital assets of the country in a wholesale provider of broadband connectivity," said committee chairperson, Khusela Diko. But the official opposition MK Party's Colleen Makhubele said she doesn't understand the business case for the new entity. "Is it just not another financial burden for taxpayers? Why do we keep creating state-owned entities when we fail to manage the current ones?" BBI CEO, Gift Zowa said there is a need for the state company to go to areas where the major networks refuse to go, such as rural and remote areas, to give the poor greater connectivity.
Hindustan Times
01-06-2025
- Business
- Hindustan Times
Second merit list brings relief for mid-range scorers, but high cut-offs persist in top colleges
Mumbai: The second general merit list for undergraduate admissions released on Saturday by colleges affiliated with the University of Mumbai has brought a measure of relief to students scoring between 80% and 90%, many of whom were left anxious after the unusually high cut-offs in the first list. While several prominent colleges have eased their cut-offs slightly—particularly in the science stream—some institutions continue to hold the bar high. At Ruia College, for instance, the cut-off for BSc Computer Science has dropped from 80.17% in the first list to 76% in the second. Similarly, Podar College saw a nearly seven-percentage-point dip in the BSc Data Science cut-off. The first merit list had sparked concern among students and parents alike, with average scorers struggling to find seats in preferred courses. However, the latest list has provided a breather—especially in science—though commerce and professional courses continue to reflect intense competition. Career-oriented programmes like Bachelor in Accounting and Finance (BAF), Bachelor in Banking and Insurance (BBI), and Bachelor in Mass Media (BMM) have seen a sharp increase in demand, with cut-offs in some colleges rising by 15% to 20% compared to last year. 'These cut-off trends indicate a strong shift in student preferences towards specialised, career-driven courses in fields like digital media and accounting,' said Minu Madlani, academic advisor at KPB Hinduja College of Commerce. 'It mirrors the growing demand for skilled professionals in emerging sectors such as fintech, financial consulting, and content marketing.' A principal from a South Mumbai college noted that while the second list has brought some relief in commerce and professional streams, competition remains stiff. 'The cut-offs are marginally lower, but the trend is consistent. We expect the third merit list to offer more flexibility for students still in the fray,' she said. She also observed a changing mindset among students. 'Today's aspirants are more open to exploring diverse academic paths. The focus is no longer limited to a few 'prestige' courses. There's greater awareness and interest in a broader spectrum of disciplines.'
India.com
26-05-2025
- Business
- India.com
Who is this billionaire who gifted Rs 600000000000? is he richer than Mukesh Ambani, Gautam Adani? name is…
Sergey Brin, co-founder of Google has donated around 4.1 million shares of Alphabet of $700 million (about Rs 6,000 crore). The name of the person or entity who received this 'gift' is not yet undisclosed. Sergey Brin's net worth is around $144 billion according to the Bloomberg Billionaire Index (BBI). He is richer than Mukesh Ambani and Gautam Adani. Mukesh Ambani has a net worth of $103 billion and Gautam Adani's wealth is around $81.3 billion. Sergey Brin donated Alphabet shares of $700 million. The 4.1 million shares were equally divided between Class A and Class C stock. Some of the media reports claim that the recipient could be a charity, trust, or financial entity. In 2023 he had donated $600 million worth of shares. Apart from this he had also donated shares of over $100 million in May 2024 and November 2024. He works to create awareness related to Parkinson's disease research and supports various climate and health-focused non-profits. Google's Next Plan Google on Tuesday sent another wave of artificial intelligence technology to accelerate a year-long makeover of its search engine that is changing the way people get information and curtailing the flow of internet traffic to websites. The next phase outlined at Google's annual developers conference includes releasing a new 'AI mode' option in the United States. The feature makes interacting with Google's search engine more like having a conversation with an expert capable of answering questions on just about any topic imaginable. AI mode is being offered to all comers in the US just two-and-half-months after the company began testing with a limited Labs division audience. Google is also feeding its latest AI model Gemini 2.5, into its search algorithms and will soon begin testing other AI features, such as the ability to automatically buy tickets to concerts and conduct searches through live video feeds.
