Patrice Motsepe has announced he will give half the money generated by the Motsepe family’s assets to assist poor South Africans.
Motsepe made his announcement on Wednesday in Johannesburg, amid speculation he was going to buy South Africa’s Independent Newspaper Group from major shareholders Independent News and Media. Rumours also circled African Rainbow Minerals, of which he is the founder and executive chairperson, would make purchases in the platinum sector.
Motsepe’s net worth alone is at $2.65-billion as of November 2012.
Motsepe said the money given to the Motsepe Foundation would contribute in particular to addressing education and health issues in South Africa.
In a live video at the event, billionaire and philanthropist Bill Gates commended Motsepe’s decision.
The announcement was attended by the likes of King Goodwill Zwelithini, Basic Education Minister Angie Motshekga, Rabbi Warren Goldstein and other religious leaders.