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Fawn Weaver established a scholarship to carry the torch of excellence surrounding Nearest Green. As AFROTECH™ previously reported, Weaver is the CEO and co-founder of Uncle Nearest, a whiskey brand valued at over a billion dollars. The brand was born after she came across a 2016 New York Times article while traveling in Singapore. The article featured an image of Jack Daniel alongside a group of men, with Nathan “Nearest” Green—known as Uncle Nearest—positioned in a way that ensured he wouldn’t be overlooked. In 1864, Green, who was enslaved, began teaching Daniel how to make whiskey in Tennessee. Daniel went on to sell whiskey throughout Lynchburg, TN, and the business formed into the popular brand Jack Daniel’s. Green’s role had been lost over time despite him being the master distiller at the Jack Daniel Distillery and the first African-American master distiller on record in U.S. history. As a whiskey maker, research shows he became the wealthiest African American in Lynchburg,...
Editorial Note: Opinions and thoughts are the author’s own and not those of AFROTECH™. Companies and products are often designed with younger generations, like Gen Z and Millennials, in mind. However, this emphasis often causes the industry to overlook older generations who also need technology tailored to their needs. One would think this would be an obvious market, given that Gen X and Boomers hold more wealth than younger generations. That wealth alone makes them an attractive customer base because they can afford the products and services being developed. Even so, there hasn’t been much focus from tech investors or founders on creating solutions for this demographic. How often have you come across a founder or investor saying, “We’re building this for Gen X or Boomers”? Rarely, if ever. This is a massively overlooked opportunity. One reason for this lack of attention is that the tech industry is perpetually focused on the future. Rarely does it look to the past. When developing...
South Africa’s first Black-owned bank has hit unicorn status, POCIT reports. Tyme Group, founded in 2019, is majority-owned by billionaire Patrice Motsepe, notes Bloomberg. The platform was designed to make digital banking more affordable and accessible, and it has been an overwhelming success with online and physical banks throughout South Africa and the Philippines. According to TechCrunch, it has attracted 10 million users since its inception and reached an additional 5 million users through its Philippine brand, GoTyme. GoTyme allows users to create an account via its bank app. Customers can then receive an ATM debit card instantly and retrieve it at a kiosk. Tyme Group says it has allocated $600 million in financing to support small businesses and has raised $400 million in customer deposits. Now it is seeking to extend its reach in new markets, which include Vietnam and Indonesia by 2025. This will be made possible in light of a $250 million round led by digital bank Nu...
Keith Lee experienced survivor’s remorse when he bought his first home in 2024. Lee, a former delivery driver and MMA fighter, is a well-known food reviewer who boasts 16.8 million followers on TikTok alone. His reviews have led businesses to become overnight successes within their communities. In fact, some have even expanded after gaining traction from his reviews. As previously reported by AFROTECH™ , Stricen Carter had been on the verge of closing down her New Orleans, LA-based NOLA Sips and Sweet Thangs, which sells a variety of flavored snowballs and treats, until Lee’s review. Since then, her business has not only stayed afloat but she has also opened a storefront in Houston, TX. View this post on Instagram A post shared by DESIGNER SNOBALLS ®️🍧🌈🍭✨ (@sweetthangsnola) Beyond providing visibility, Lee has also demonstrated his commitment to supporting small businesses financially. As he revealed on the “Club Shay Shay” podcast, hosted by Shannon Sharpe, Lee invested $300,000...
Katt Williams has purchased land to open a movie studio. During an interview with GQ, the comedian revealed he has acquired a former military base located in Alabama. It has been confirmed by Williams’ publicist, Amy Sisoyev. “I can’t disclose the amount or exact location just yet, but I can confirm that he has purchased a former military base in Alabama,” Sisoyev said via email to AL.com. Williams shared that he aims to follow in the footsteps of other celebrities, such as Tyler Perry. As AFROTECH™ previously reported, Perry, a self-made billionaire, opened the world’s largest Black-owned studio. The studio, which Perry self-funded, reached a valuation of $280 million in 2023. Speaking of wanting to be next in line, Williams commented to GQ : “It’s just not fair to put all that pressure on Tyler Perry. He can only do so much.” At the time of this writing, it is unclear when the movie studio will break ground. Williams is part of a growing number of Black figures seeking to disrupt...
Maconomics CEO Ross Mac is financially empowering urban communities. While Ross Mac learned the value of money early on as a result of selling candy in third grade and through being raised by frugal middle class parents, he still did not have much understanding on the investment arena, credit building, or homeownership. Instead, the South Side Chicago native — with ties to Wall Street through his roles at Morgan Stanley and Grosvenor Capital — credits exposure for serving as his “greatest teacher.” During his freshman year at Wharton School of Business at the University of Pennsylvania, he saw a peer who was trading while in class. A week later, he jump started his portfolio and began educating himself on various tax hacks, he told Will Lucas on “Black Tech Green Money” podcast. His time on Wall Street was another turning point. “I remember seeing a managing director check his 401(k) and he had a couple million in there. So, now I’m starting to think about retirement. And so I think...
Fearless Fund has made a new investment, following a court victory. Fearless Fund is more than one month removed from the settlement of a major court battle that centered its Strivers Grant program, which allocated $20,000 in funding to Black-woman-owned businesses. As AFROTECH™ previously reported, a lawsuit had been filed by the American Alliance for Equal Rights group as it claimed the program operated with “explicit racial exclusion.” The case has been settled between the parties, resulting in the grant program’s closure. However, the move was viewed as a victory by Fearless Fund, which only had one grant left to disperse from the program, and the final decision allowed the firm to “strategically” avoid a Supreme Court ruling — something that could have impacted the greater population of Black business owners seeking funding. “This is a WIN and positive outcome for the Fearless Fund and our community,” Fearless Fund stated on AFROTECH™’s Instagram at the time. “We strategically...
Team ownership is not completely off the table for billionaire Mark Cuban. Cuban was former majority owner of the NBA’s Dallas Mavericks since 2000, purchasing stake in the team for $285 million, mentioned Fortune. At the time, he felt he was at an advantage due to his knowledge in technology and media. However, in recent years he recognized a shift towards real estate as necessary to be successful in team ownership. As a result, he chose instead to sell most of his stake to the Miriam Adelson family, controlling shareholder of Las Vegas Sands Corp., in December 2023 in a deal valued at $3.5 billion. He now maintains a 27% stake in the Dallas Mavericks and is in control of its basketball operations as well as serves as the alternate governor, according to the NBA. “When I first bought [the Mavericks] in 2000 I was the tech guy in the NBA. I was the media guy. I had every edge and every angle,” he explained on the “All-In Podcast.” “Now fast-forward 24 years later. In order to...
Shannon Sharpe says he could have been a billionaire if he had moved forward with an investment in Google. During an episode of Sharpe’s “Club Shay Shay” podcast, which featured billionaire businessman Mark Cuban, the host reveals he lucked out of a six-figure investment in Google after receiving advice from his financial team. The opportunity to invest in what has become a major tech giant was while he was in the NFL signed to the Baltimore Ravens. He was under a four-year contract — although he remained with the team for only two seasons, during 2000 and 2001. The contract was valued at $13.8 million, which encompassed a 4.5 million signing bonus and $4.5 million guaranteed, according to Spotrac. “I remember when Google came out and they thought shares were gonna open up at about $85 a share. And I remember sending it to my financial guys, and I was like — ‘Oh, you know what?’ I had just signed with the Ravens, so I had some money. And I was like, ‘Man, I’d like to buy $300,000...
Mark Cuban believes it’s only a matter of time before an NBA player signs a $1 billion contract. The Dallas Mavericks’ minority owner shared his thoughts during an appearance on Shannon Sharpe’s “Club Shay Shay” podcast. When Sharpe asked if he thinks the world will ever see such a monumental deal, Cuban responded, “Yeah, but that presumes that TV keeps on going up the way it is. But, you’re going to see a hundred million dollars a year here shortly. Because if the TV contract has 10% increases in the cap, [which is] the way the CBA works. You saw Steph [Curry] had 62 million for one year… and it’s going to go crazier.” The Collective Bargaining Agreement (CBA) defines the employment guidelines and agreements for all professional basketball players in the National Basketball Association, per its website . It also outlines the rights and responsibilities of the NBA Clubs, the NBA, and the National Basketball Players Association (NBPA). Sharpe’s question was prompted by 25-year-old...
A conversation with Beyoncé inspired Megan Thee Stallion’s latest business venture. Launching A Tequila Brand In April 2024, Megan Thee Stallion, the rapper born Megan Jovon Ruth Pete, announced plans to launch her own tequila brand during Adweek’s Social Media Week (SMW). She will be part of the $2.5 trillion spirits industry, which will reportedly reach $5.7 trillion by 2032, per Fortune Business Insights. During Adweek’s SMW, Megan Thee Stallion also revealed that she was working on bringing new music. “I create the things that I want to see. I don’t create things for other people to like them,” she said, per Essence. “I create the music I want to hear, I go and do my own thing and stay true to me.” In May 2024, the “Savage” rapper embarked on the Hot Girl Summer arena tour featuring GloRilla. During the tour’s visit to Chicago, IL, Megan Thee Stallion gave fans an exclusive first taste of her tequila brand, per a May 19 Instagram post. She has yet to reveal other details about...
Shaquille O’Neal once invested in Ray J’s music career. During an interview on Shannon Sharpe’s podcast “Club Shay Shay,” the R&B singer-turned-entrepreneur reveals he received $1.5 million from the former Los Angeles Lakers basketball player to support “Sexy Can I,” the first single from his 2008 studio album “All I Feel.” The single featuring Yung Berg would go on to become a top 10 hit on Billboard. O’Neal saw a big return on that investment , Ray J says on the podcast. “He gave us $1.5 [million] for the ‘Sexy Can I’ project, which was the ‘All I Feel’ project, and ‘Sexy Can I’ was the record to lead off. It sold 8 million copies,” Ray J told Sharpe. “We recouped the number back for Shaq, and I don’t know five months, six months, and everything else has been profitable ever since, so shout out to Shaq.” He added, “If you look at the ‘Sexy Can I’ video, you see Shaq in the video. He’s the one with the camera.” Photo Credit: YouTube/ MNRK Music Group O’Neal has distinguished...
Jerami Grant is now a team owner! The Portland Trail Blazers forward joined the D.C. United ownership group as an investor, a press release mentions. The move marks a full circle moment, given his upbringing in the DMV region in Maryland. Now, he will have a chance to not only sport a new hat but also discover new ways to reinvest in the region, he reveals. “I am honored to be joining the D.C. United ownership group. Having grown up in the DMV, Washington, D.C. holds a special place in my heart, and I am proud to invest in the community that has played a significant role in shaping who I am today,” Grant said in the news release. “D.C. United’s ownership group has shown impressive growth over the years, extending their influence beyond sports into the realms of music and arts, which is something I deeply respect. The club’s commitment to social responsibility is admirable, and I am eager to contribute in a meaningful way by giving back to the community. I strongly believe in the...
Revolt employees now become the largest shareholder group of the media company, The New York Times reports. As AFROTECH™ previously reported, Diddy had exited his position as chairman of Revolt TV and sold his remaining shares to an anonymous buyer. Now it has been announced by Revolt CEO Detavio Samuels that Diddy has officially separated from the company he founded in 2013 alongside Andy Schuon. “One-hundred percent of Sean Combs’s shares have been redeemed and retired,” Samuels said, according to The New York Times. “He is no longer chairman. He is no longer on the board. He has no shares, no equity in Revolt. We have completely separated and dissociated from each other.” The majority of Revolt’s employees, which consists of about 80% people of color, are now the company’s largest shareholder group, the outlet notes. The initial value of Diddy’s shares in the company is unclear. “Today marks one of the biggest days we’ve seen at REVOLT and in media (especially Black media),”...
The 1997 film “Men In Black” was instrumental in elevating former Sony Executive Steve Stoute to a new realm. However, it was his learned lessons from his involvement with the film soundtrack that caused him to pivot into a new career path. Between 1990 and 1999, Stoute stamped the title of Sony Music Entertainment’s president of urban music, The Creators Blueprint reports. He played a role in the careers of artists, including singer Mariah Carey, Nas, and even actor and rapper Will Smith, whose solo music career would skyrocket following the release of his first single “Men In Black.” The track topped the Billboard Hot 100 chart and he won a Grammy award for Best Rap Solo Performance in 1997, according to Pop Sugar. The movie would not only go on to make its mark in cinema and music, but it would leave an impact in the realm of business . During an interview with former NFL player Shannon Sharpe on his podcast “Club Shay Shay,” Stoute recalled a scene showing Smith, who plays James...