
<p>Report by Catherine Clifford</p>



<p>Twitter and Square co-founder and CEO <a href="https://www.cnbcafrica.com/news/2020/04/08/twitter-ceo-jack-dorsey-pledges-1-billion-of-square-stake-for-covid-19-relief-efforts/">Jack Dorsey</a> is worth $4.9 billion, according to Forbes.</p>



<p>But the 43-year-old college drop-out says he plans to give away all of his money within his lifetime.</p>



<p>Why?&nbsp;</p>



<p>“I live by the principle of everything is connected, so if someone is in pain, I’m in pain, ultimately, over time,” Dorsey told former Democratic presidential hopeful and universal basic income advocate Andrew Yang on an episode of the “Yang Speaks” podcast published Thursday.</p>



<p>“I want to make sure that I’m doing whatever I can in my lifetime to help that through my companies’ works, through my own personal giving,” Dorsey told Yang.&nbsp;</p>



<p>On April 7, pledged (on Twitter, of course) to transfer $1 billion worth of his shares of Square to fund a combination of <a href="https://www.cnbcafrica.com/videos/2020/05/21/covid-19-working-from-home-presents-new-cyber-security-challenges-for-firms/">Covid-19</a> relief efforts, universal basic income and support for girls’ health and education. At the time, that was approximately 28% of his net worth.</p>



<figure class="wp-block-embed-twitter wp-block-embed is-type-rich is-provider-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><p lang="en" dir="ltr">I’m moving $1B of my Square equity (~28% of my wealth) to <a href="https://twitter.com/hashtag/startsmall?src=hash&amp;ref_src=twsrc%5Etfw">#startsmall</a> LLC to fund global COVID-19 relief. After we disarm this pandemic, the focus will shift to girl’s health and education, and UBI. It will operate transparently, all flows tracked here: <a href="https://t.co/hVkUczDQmz">https://t.co/hVkUczDQmz</a></p>&mdash; jack (@jack) <a href="https://twitter.com/jack/status/1247616214769086465?ref_src=twsrc%5Etfw">April 7, 2020</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<p>“I’m in a situation that I never imagined when I was a kid or [even] when I was 25,” Dorsey told Yang. “I didn’t have any aspect of what money would mean until I was, probably 35.” (Dorsey’s first appearance on the Forbes billionaires list was in 2012.) </p>



<p>“I’m so grateful, but part of gratitude is not just saying I’m grateful, it’s doing,” Dorsey told Yang.&nbsp;</p>



<p>For Dorsey, that means giving his money to worthy causes.&nbsp;</p>



<p>“I want to give out all my money in my lifetime. I want to see the impacts, selfishly, in my lifetime,” Dorsey told Yang. “I want to make sure that we’re helping people.”</p>



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<p>Dorsey is publicly tracking his $1 billion donation via a Google Document. Because the contribution is in stock and the value of the stock has increased, the donation is currently worth more than $1.5 billion, according to the Google Doc. So far, $200 million of the stock has been liquidated into cash for dispersal, Dorsey said.</p>



<p>As of Thursday, Dorsey has distributed a bit more than $85 million, according to the Google Doc.</p>



<p>The unconventional tech billionaire did not want to start a foundation because he doesn’t want to pay the overhead expenses involved with running a philanthropic organization, he told Yang.&nbsp;</p>



<p>Giving away his money feels good, Dorsey says, in the same way that creating Twitter and Square and seeing the tech tools being used for the first time feels good.</p>



<p>“When you build something like a Twitter or Square, the greatest value is actually seeing someone else use it. That’s what drives us. It feels electric,” Dorsey said. “The first time we saw tweets from Iran, it felt electric. It felt amazing.” And it felt just as amazing when his mom texted him to tell him that the coffee shop she goes to in St. Louis had started using Square.</p>



<p>“That electricity that I feel in those moments is the same that I’m feeling right now when I give and when I know that these organizations that we’re giving to are focused on real impact and doing things that are bigger than all of us and especially me,” Dorsey told Yang.&nbsp;</p>



<p>One of those organizations is Yang’s. Dorsey dispersed $5 million to Yang’s Humanity Forward initiative, an organization which advocates for the benefits of universal basic income. That money will be given in $250 microgrants to those in need, Yang said.</p>



<figure class="wp-block-embed-twitter wp-block-embed is-type-rich is-provider-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><p lang="en" dir="ltr">Here’s our podcast talking about it and a few other things: <a href="https://t.co/x90i2I89No">https://t.co/x90i2I89No</a></p>&mdash; jack (@jack) <a href="https://twitter.com/jack/status/1263459839360897024?ref_src=twsrc%5Etfw">May 21, 2020</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<p>This article was first published on CNBC Make It <a href="https://www.cnbc.com/2020/05/21/twitter-ceo-jack-dorsey-on-giving-away-his-billions.html">https://www.cnbc.com/2020/05/21/twitter-ceo-jack-dorsey-on-giving-away-his-billions.html</a> and is republished with its permission.</p>



<p>For more coverage on COVID-19 visit: <a href="https://www.cnbcafrica.com/covid-19/">https://www.cnbcafrica.com/covid-19/</a></p>


Billionaire Bill Gates: 6 movies and TV shows to help relieve pandemic stress

Here’s why Twitter billionaire Jack Dorsey wants to give all his money away


<p>Report by Sam Shead</p>



<p><strong>Key Points:</strong></p>



<ul class="wp-block-list"><li>Alibaba’s Jack Ma, China’s richest man, is stepping down from the board of SoftBank on June 25.</li></ul>



<ul class="wp-block-list"><li>SoftBank’s Vision Fund reported losses of $18 billion on Monday, while the SoftBank Group as a whole had losses of $13 billion.</li></ul>



<ul class="wp-block-list"><li>Big bets on companies like Uber, WeWork and Oyo have not paid off for the SoftBank Vision Fund.</li></ul>



<p>Alibaba founder <a href="https://www.cnbcafrica.com/east-africa/2020/03/18/covid-19-billionaire-jack-ma-to-donate-masks-test-kits-to-all-countries-in-africa/">Jack Ma</a> is stepping down from the board of SoftBank after the company’s Vision Fund posted record-breaking losses of $18 billion. </p>



<p>Ma, whose $41.8 billion net worth makes him China’s richest man, is the latest high-profile figure to exit SoftBank Group, which on Monday posted total annual losses of $13 billion for the year ending March 31.&nbsp;Uniqlo founder Tadashi Yanai stepped down from SoftBank’s board in December, while Nidec founder Shigenobu Nagamori stepped down in 2017.&nbsp;</p>



<p>Son said that Ma decided to leave SoftBank’s board “on his own”. He added: “That’s sad, but we still keep in contact directly and right before the <a href="https://www.cnbcafrica.com/covid-19/">Covid-19</a>, we met face-to-face every month to have dinner, to talk about businesses, to talk about lives. And we will remain friends for the rest of our life, I believe.”</p>



<p>Ma has become increasingly focused on education philanthropy over the last year. He stepped down as Alibaba’s chairman last September and there’s speculation that he’ll quit Alibaba’s board later this year.</p>



<p>Ma’s departure (effective June 25) comes after SoftBank founder Masayoshi Son pivoted away from telecoms to backing new companies through the colossal $100 billion Vision Fund, which was launched in 2017.</p>



<p>In total, the Vision Fund has backed 88 start-ups with a total of $75 billion. The Vision Fund, which counts Apple and Saudi Arabia’s sovereign wealth fund among its contributors, is in poor health because a number of its biggest bets have turned out to be disasters.&nbsp;</p>



<p>An enormous $9 billion bet on WeWork turned out to be a very bad move after the office space provider imploded, spectacularly, months before the coronavirus wreaked havoc with global economies. With dozens of multi-story offices empty around the world, WeWork’s situation is only expected to go from bad to worse.</p>



<p>The Vision Fund has also pumped billions of dollars into companies like taxi app Uber and Indian hotel chain Oyo, which have seen their valuations plummet over the last few months as a result of the coronavirus and confinement measures, among other factors.</p>



<p>“Values of Uber, WeWork and its three affiliates decreased, and total fair value of other portfolio companies decreased significantly,” SoftBank wrote in its financial report.</p>



<h2 class="wp-block-heading">Old friends&nbsp;</h2>



<p>Ma and Son, two of Asia’s best-known tech tycoons, are close friends and their relationship goes back at least 20 years as Son was one of Alibaba’s earliest investors.</p>



<p>In 2000, one year after Alibaba was founded, SoftBank invested a reported $20 million into the company. An SEC filing from February showed that SoftBank owns around 25% of Alibaba, a stake worth more than $100 billion, making it SoftBank Group’s most valuable investment. </p>



<p>SoftBank stock hit a four-year low on March 19, prompting the group to announce plans to sell or monetize $41 billion of its assets and buy back $4.7 billion of its shares.</p>



<p>This article was first published on CNBC <a href="https://www.cnbc.com/2020/05/18/alibabas-jack-ma-quits-softbank.html">https://www.cnbc.com/2020/05/18/alibabas-jack-ma-quits-softbank.html</a> and is republished with its permission.</p>



<p>For more coverage on COVID-19 visit: <a href="https://www.cnbcafrica.com/covid-19/">https://www.cnbcafrica.com/covid-19/</a></p>


Op-Ed: Supporting the ICT sector in Africa as a cure for the economic crisis

Billionaire Jack Ma quits SoftBank’s board as its Vision Fund posts a record $18 billion loss

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<p>Long4Life increased annual profits by 13 per cent to 43.8 cents as demand for its lifestyle brands in sports, recreation and personal beauty grew. But since its financial year-end in February, things have taken a turn for the worst because of Covid-19 lock-down restrictions. Long4Life CEO Brian Joffe joins CNBC Africa for more.</p>


Long4Life’s plan to manage tomorrow

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<p>Vehicle recovery and data analytics company, Cartrack has positioned themselves to declare a dividend from profits generated during the financial year amid the COVID-19 global crisis. The company has declared a dividend of 54 cents per share and has seen an increase of 94 per cent of cash generated from operating activities. Joining CNBC Africa for more is Zak Calisto, CEO of Cartrack.</p>


Cartrack CEO on how the company is navigating COVID-19 shocks

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<p>Airtel Africa announced their 2019-2020 financial results that saw an 11.2 per cent revenue increase but is their current business module sustainable in a post COVID-19 environment, CNBC Africa spoke to the CEO of Airtel Africa, Raghunath Mandava for more.</p>


Airtel Africa sees increase in FY revenue

Airtel Africa sees increase in FY revenue, remains bullish on Africa’s outlook


<p>Report by Sam Meredith</p>



<p><strong>Key Points</strong></p>



<ul class="wp-block-list"><li>A.P. Moller-Maersk said its idle fleet made up 9.4% of its total capacity at the end of the first quarter. That’s the firm’s highest level of idled fleet capacity in more than 10 years.</li></ul>



<ul class="wp-block-list"><li>It comes as the company reported first-quarter revenue of $9.57 billion, largely in line with analyst expectations. It reported first-quarter revenue of $9.54 billion a year earlier.</li></ul>



<ul class="wp-block-list"><li>Shares of the A.P. Moller-Maersk slipped almost 6% during morning deals.</li></ul>



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<p>Shipping giant A.P. Moller-Maersk on Wednesday warned of a sharp contraction in container demand over the coming months, citing the “profound impact” of the <a href="https://www.cnbcafrica.com/videos/2020/05/11/jse-unveils-relief-measures-for-business-in-distress/">coronavirus pandemic</a> on <a href="https://www.cnbcafrica.com/videos/2020/05/05/covid-19-what-the-world-can-learn-from-africa-in-dealing-with-a-pandemic/">global trade</a>.</p>



<p>“Our expectation is that we will see <a href="https://www.cnbcafrica.com/east-africa/2020/05/11/covid-19-lack-of-freight-holds-back-kenyas-flower-industry/">demand</a> significantly down in the second quarter, maybe as much as 20% to 25%. But, we will also match that on a one-to-one basis with reductions in capacity,” Soren Skou, CEO of A.P. Moller-Maersk, told CNBC’s “Squawk Box Europe” on Wednesday.</p>



<p>“It helps continue to serve the customers but also to take out a lot of costs and keep our pricing stable,” he added.</p>



<p>The world’s largest container shipping company said it expects 2020 to be a “challenging year,” with demand expected to decrease across all business in the second quarter.</p>



<p>In an effort to offset a slowdown in global trade, A.P. Moller-Maersk said it had canceled more than 90 sailings, or 3.5% of total shipping capacity, in the first three months of the year.</p>



<p>It expects close to 140 sailings to be canceled in the second quarter.</p>



<h2 class="wp-block-heading">Blank sailings</h2>



<p>The company said the combination of a fall in demand and increased uncertainty about the future, following the emergence of the Covid-19 crisis, had led to suspensions and so-called “blanked sailings” in the first quarter.</p>



<p>A blank or void sailing is a sailing that has been canceled by the carrier.</p>



<p>A.P. Moller-Maersk said its idle fleet made up 9.4% of its total capacity at the end of the first quarter. That’s the firm’s highest level of idled fleet capacity in more than 10 years.</p>



<p>When asked whether idled fleet capacity could increase even further in the second quarter, Skou replied: “I would expect that if we actually see a further drop in demand then the idle fleet, for sure, will increase as we adjust the network size to ensure that we continue to have a high utilization and take out as much costs as we possibly can.”</p>



<p>It comes as the company reported first-quarter revenue of $9.57 billion, largely in line with analyst expectations. It reported first-quarter revenue of $9.54 billion a year earlier.</p>



<p>Meanwhile, earnings before interest, tax, depreciation, and amortization (EBITDA) increased 23% to $1.52 billion over the first three months of the tear, slightly above company guidance provided in March.</p>



<p>Shares of the A.P. Moller-Maersk slipped almost 6% during morning deals.</p>



<p>This article was first published on CNBC <a href="https://www.cnbc.com/2020/05/13/coronavirus-ap-moller-maersk-has-idled-almost-10percent-of-its-fleet.html">https://www.cnbc.com/2020/05/13/coronavirus-ap-moller-maersk-has-idled-almost-10percent-of-its-fleet.html</a> and is republished with its permission.</p>



<p>For more coverage on COVID-19 visit: <a href="https://www.cnbcafrica.com/covid-19/">https://www.cnbcafrica.com/covid-19/</a></p>


COVID-19: World’s largest shipping firm expects 25% drop in container demand

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<p>Agri-business Kaap Agri has iced its interim dividend despite an increase in revenue and profit due to most of its operations trading during the five week COVID-19 lockdown. Kaap Agri CEO, Sean Walsh joins CNBC Africa for more.</p>


Kaap Agri holds on to cash to avoid COVID-19 iceberg

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<p>Nigeria&#8217;s equities market is continuing the positive run from Monday, to break down some first-quarter numbers, Mustapha Wahab, Equity Research Analyst at Cordros Securities joins CNBC Africa for more&#8230;.</p>


Reviewing Nigeria’s first-quarter numbers

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<p>Like many property companies who are allocating its cash wisely during these unprecedented times, Redefine Properties has not declared a dividend for its interim results.</p>


Redefine CEO on the passing of founder Mark Wainer & navigating COVID-19 crisis

<p><iframe loading="lazy" src="https://www.youtube.com/embed/Zglkao_ciQk" width="640" height="360" frameborder="0" allowfullscreen="allowfullscreen"></iframe></p>
<p>MTN Nigeria has announced a 5.6 per cent rise in first-quarter profit after tax for the year. Moses Hammed, Investment Research Analyst at Investment One Financial Services joins CNBC Africa to discuss some first quarter earnings&#8230;.</p>


MTN Nigeria Q1’20 PAT up 5.6%

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<p>Wema Bank reported 56.2 per cent risen in its full-year profit after tax for 2019. The commercial lender also reported a 32 per cent rise in gross earnings. Tunde Mabawonku, Chief Finance &#038; Strategy Officer at Wema Bank joins CNBC Africa to break down the numbers.</p>


Wema Bank sees increase in FY’19 PAT

Wema Bank sees increase in FY’19 PAT, here’s how they plan to weather COVID-19 shocks

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<p>Clicks is going ahead with plans to open 38 new stores and 40 new pharmacies despite uncertainties of how COVID-19 will impact the economy. The pharmaceutical retailer has however put dividends and share buybacks on ice, opting to preserve cash for tough times ahead. Clicks CEO, Vikesh Ramsunder joins CNBC Africa for more.</p>


Clicks rolling out new stores despite COVID-19

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<p>Technology group EOH narrowed its first half loss per share from continuing operations, while group revenue fell 14 per cent and costs rose. EOH CFO, Megan Pydigadu joins CNBC Africa for more.</p>


EOH Exco chop salaries by 25%; ask staff to cut by 20%

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<p>Cape Town focused property group Spear REIT joins the list of hotel groups such as the Apartments group and Capital Hotels in launching self-isolation rooms in its hotels. Spear REIT is offering rooms in its Doubletree by Hilton hotel which is equipped with hygiene hampers and isolation facilities for self-quarantined citizens. Spear REIT CEO, Quintin Rossi joins CNBC Africa for more.</p>


COVID-19: Spear REIT unveils self-isolation rooms in its hotels

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<p>Sasfin Holdings reporting an interim 5.67 per cent increase in earnings per share due to improved credit quality. The group also cited its strategy to exit direct private equity after poor performances in recent years. Sasfin Group CEO, Michael Sassoon joins CNBC Africa for more.</p>


Michael Sassoon on Sasfin’s five-point coronavirus plan

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<p>South African food producer Libstar has reported an annual revenue increase of 2.4 per cent due to its grocery and perishable food division as well as a headline earnings rise of 10.1 per cent, joining CNBC Africa for more on the impact that the coronavirus will have on its sales is Robin Smith, Group Commercial and Financial Director at Libstar.</p>


Libstar says Italian food imports for Woolworths are safe from COVID-19

Libstar says Italian food imports for Woolworths have stringent safety measures in place for COVID-19

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<p>Sasol has announced measures to stabilise its balance sheet including a potential $2 billion rights issue in the wake of lower oil prices and COVID-19 headwinds will it be enough to stabilise the crash of its share price which is down almost 90 per cent this year? Sasol CEO, joins Fleetwood Grobler for more.</p>


Earnings

Here’s why Twitter billionaire Jack Dorsey wants to give all his money away

Billionaire Jack Ma quits SoftBank’s board as its Vision Fund posts a record $18 billion loss

Long4Life’s plan to manage tomorrow

Cartrack CEO on how the company is navigating COVID-19 shocks

Airtel Africa sees increase in FY revenue, remains bullish on Africa’s outlook

COVID-19: World’s largest shipping firm expects 25% drop in container demand

Kaap Agri holds on to cash to avoid COVID-19 iceberg

Reviewing Nigeria’s first-quarter numbers

Redefine CEO on the passing of founder Mark Wainer & navigating COVID-19 crisis

MTN Nigeria Q1’20 PAT up 5.6%

Wema Bank sees increase in FY’19 PAT, here’s how they plan to weather COVID-19 shocks

Clicks rolling out new stores despite COVID-19

EOH Exco chop salaries by 25%; ask staff to cut by 20%

COVID-19: Spear REIT unveils self-isolation rooms in its hotels

Michael Sassoon on Sasfin’s five-point coronavirus plan

Libstar says Italian food imports for Woolworths have stringent safety measures in place for COVID-19

Sasol plans $2bn rights issue

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Earnings

Here’s why Twitter billionaire Jack Dorsey wants to give all his money away

Billionaire Jack Ma quits SoftBank’s board as its Vision Fund posts a record $18 billion loss

Long4Life’s plan to manage tomorrow

Cartrack CEO on how the company is navigating COVID-19 shocks

Airtel Africa sees increase in FY revenue, remains bullish on Africa’s outlook

COVID-19: World’s largest shipping firm expects 25% drop in container demand

Kaap Agri holds on to cash to avoid COVID-19 iceberg

Reviewing Nigeria’s first-quarter numbers

Redefine CEO on the passing of founder Mark Wainer & navigating COVID-19 crisis

MTN Nigeria Q1’20 PAT up 5.6%

Wema Bank sees increase in FY’19 PAT, here’s how they plan to weather COVID-19 shocks

Clicks rolling out new stores despite COVID-19

EOH Exco chop salaries by 25%; ask staff to cut by 20%

COVID-19: Spear REIT unveils self-isolation rooms in its hotels

Michael Sassoon on Sasfin’s five-point coronavirus plan

Libstar says Italian food imports for Woolworths have stringent safety measures in place for COVID-19

Sasol plans $2bn rights issue

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