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AI Boom Mints New Billionaires at Record Speed, Refining Modern Wealth Creation

By
Ojukwu Emmanuel
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0

The Artificial Intelligence (AI) boom is reportedly creating fortunes at a historic pace, reshaping the ranks of the ultra-wealthy and sparking one of the largest wealth creation waves in modern history.

According to CNBC, AI startups have minted dozens of new billionaires in 2025, fueling a boom that is rapidly becoming the largest wealth creation wave in modern history.

Blockbuster fundraising rounds for companies such as Anthropic, Safe Superintelligence, OpenAI, Anysphere, and others have propelled valuations to record heights, creating vast paper fortunes.

According to CB Insights, there are now 498 AI unicorns, private companies valued at $1 billion or more with a combined worth of $2.7 trillion. Remarkably, 100 of these companies were founded last two years (2023). In addition, looking at the AI companies that are currently valued above $100 million, there are about 1,332.

Some of the newly minted AI billionaires include

Alexandr Wang

Founder and CEO of Scale AI is a billionaire with a net worth of around $2-3.6 billion, but his company’s $14 billion valuation in May 2024 and a $14.3 billion investment from Meta have likely created numerous millionaires among early employees and investors.

Lucy Guo

Co-founder of and former CEO of Scale AI, who left in 2018, is now the youngest self-made billionaire in the world, with an estimated net worth of $3.6 billion.

Sam Altman

The CEO of OpenAI has a personal fortune of $1.9 billion, not from OpenAI equity but from other investments (e.g., Stripe, Reddit). However, employees with equity stakes are poised to become millionaires as the company grows.

Dario Amodei

Co-founder of Anthropic has an estimated net worth of over $1.2 billion with the number likely far higher after the company’s recent fundraise that values the company at over $170 billion.

CoreWeave

Founders Michael Intrator, Brian Venturo, Brannin McBee, and investor Jack Cogen are billionaires with net worths ranging from $1.2 billion to $3.1 billion after CoreWeave’s $23 billion IPO in March 2025. The company’s rapid growth from a $2 billion valuation in 2023 has likely created millionaires among its early employees and investors.

Liang Wenfeng

The founder and CEO of Chinese AI company DeepSeek is reportedly worth over $1 billion based on the estimated value of the low-cost AI company. The company’s success, without outside investors, suggests that early team members and internal stakeholders may have become millionaires.

Mira Murati

Former OpenAI CTO and CEO of Thinking Machines Lab, raised $2 billion for her new venture, valued at $12 billion by July 2025. This

Michael Truell

The 25-year-old founder attained billionaire status after his company Anysphere’s valuation jumped from $9.9 billion to $18-20 billion. Early employees and investors in this startup are probably new millionaires.

CNBC business news wealth editor Robert Frank, speaking on Squawk Box, compared the AI boom to the dot com boom era, noting how the wealth creation is different. He further stated that the big difference back then was that everyone was that every company was going public. Unlike now, most of these AI companies can stay private longer because of massive capital coming in, despite being private with their wealth being less liquid.

The surge extends beyond individual markets. Publicly traded giants like Nvidia, Meta, and Microsoft, along with infrastructure providers powering AI’s data and computing needs, have seen stock prices soar. The demand for AI talent has also produced staggering compensation packages for engineers. “Going back over 100 years of data, we have never seen wealth created at this size and speed,” said Andrew McAfee, principal researcher at MIT. “It’s unprecedented.”

Bloomberg estimated in March that four of the largest private AI firms had already minted at least 15 billionaires with a combined net worth of $38 billion—and more unicorns have emerged since. While much of this wealth is tied up in private equity, new liquidity pathways are emerging.

The Bay Area remains the epicenter of the AI boom. In 2024, Silicon Valley firms raised more than $35 billion in venture capital. San Francisco now boasts 82 billionaires, surpassing New York’s 66. The region’s millionaire population has doubled in the past decade, outpacing New York’s 45% growth. “The people who know how to found, fund, and grow tech companies are here,” McAfee noted. “Silicon Valley is still Silicon Valley.”

Experts expect the newly wealthy AI entrepreneurs to reinvest heavily in the tech sector, mirroring the dot-com era. Many are likely to focus on AI-driven disruption, particularly in fields like wealth management. The true winners, however, will be those who build their entire operations around AI strategically integrating it into every process, partnering across industries, and transforming raw capability into lasting value.

The recent AI boom is a modern-day gold rush and the biggest rewards will go to those building the tools, infrastructure, and strategies that turn today’s AI breakthroughs into tomorrow’s enduring empires.

Chowdeck Secures $9M Series A to Drive Expansion Across Nigeria and Ghana

By
Ojukwu Emmanuel
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0

Chowdeck, a Lagos-based food delivery startup that connects users to restaurants, has secured $9M in Series A funding to launch its quick commerce strategy and expand operations in Nigeria and Ghana.

Novastar Ventures led the equity round, which included participation from Y Combinator, AAIC Investment, Rebel Fund, GFR Fund, Kaleo, HoaQ, and others.

Speaking on the funds raised, CEO and Co-founder Femi Aluko said,

“We’re thrilled about this round as it brings us closer to our vision of becoming Africa’s number one super app. This funding will supercharge our growth plans, enabling us to expand into more cities, reduce delivery times, scale our grocery footprint, and attract the best talent to drive innovation and customer satisfaction.”

Lead investor Novastar Ventures described Chowdeck as “building the future of logistics for African cities” with a sustainability-first approach and strong execution”.

The new funding will fuel Chowdeck’s rollout of quick commerce and ultra-fast delivery supported by a network of stores and hubs. The company plans to open 40 dark stores by year-end and 500 by 2026, launching two to three stores weekly.

Founded in October 2021 by Femi Aluko, Olumide Ojo, and Lanre Yusuf, Chowdeck connects consumers with restaurants, grocery stores, and pharmacies, offering fast delivery of food, groceries, and essentials in Nigeria and Ghana.

Operating in 11 cities, including Lagos, Abuja, and Accra, the food delivery startup serves over 1.5 million customers with a network of 20,000+ riders, averaging 30-minute delivery times. It partners with brands like KFC, Burger King, and local vendors, providing diverse cuisines such as African, Asian, and healthy options.

The YC-backed company has reportedly remained profitable since inception, with an average order delivery time of 30 minutes, and more than half of orders are in dense areas. Chowdeck’s remarkable growth is evident, especially in a competitive market where, at its launch, major players like Jumia Food and Bolt Food already had a strong foothold with thousands of customers.

Interestingly, by the end of 2023, Jumia Food and Bolt Food had exited the Nigerian market citing various business reasons, leaving Glovo as Chowdeck’s main competition. Both exits are reported to have partly contributed to Chowdeck’s significant user growth.

In 2023, Chowdeck’s annual gross merchandise value (GMV) across these verticals stood at over N7 billion ($5.8 million). That October, it hit a milestone, crossing the N1 billion ($830,000) mark for the first time. By March 2024, it had doubled that figure, reaching N2.4 billion ($2 million). Lagos generates 80% of Chowdeck’s volumes, while the remaining 20% comes from other cities: Abuja, Port Harcourt, Ibadan, Benin City, Ilorin, Abeokuta, and Asaba.

Recall that last three months, the food delivery startup expanded to Ghana marking its first expansion outside of Nigeria, which signified a pivotal step towards a larger regional vision. Recently, the company announced a significant milestone of hitting 1,000 daily orders in Ghana, in just three months. For context, this same milestone took 11 months in Nigeria to achieve. This rapid growth is a testament to the strength of the team, the clarity of their vision, and the market they have been building for.

CEO Aluko stresses that Chowdeck’s appeal lies in its convenience. While not necessarily the most cost-effective option, he added that Chowdeck targets customers who prioritize time and are willing to pay for fast deliveries.

The startup’s delivery system relies on factors such as geotagging, offering diverse vehicle options from bicycles to motorbikes, and enforcing strict regulations on vendors and riders. (For example, vendors must accept orders within a five-minute window; failure to do so leads to order cancellation and decreased priority for the vendor.)

Similarly, Chowdeck employs automated processes to streamline customer-rider connections, utilizing in-house data for daily demand forecasting and required supply assessment.

With the recent funds raised to fuel expansion, Chowdeck isn’t just delivering food to customers, they are building an infrastructure that supports vendors, empowers riders, and delivers convenience to users.

FIRS Says 1,000 Companies Onboard New e-Invoicing Platform as Nigeria Steps Up Digital Tax Reform

By
Samuel Nwite
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0
FIRS signpost

The Federal Inland Revenue Service (FIRS) says more than 1,000 companies — representing 20% of the over 5,000 large firms eligible — have already begun integrating with its newly launched electronic invoicing (e-Invoicing) platform, in what officials describe as a major leap toward modernizing Nigeria’s tax administration and curbing revenue leakages.

The platform, which officially went live on August 1, is designed to streamline tax compliance, enhance transparency, and close loopholes that have long enabled tax evasion in the country’s business ecosystem. Officials say it also aligns Nigeria with global best practices in digital revenue collection.

FIRS Executive Chairman Dr. Zacch Adedeji disclosed the figures in Abuja on Sunday through his Special Adviser on Media, Dare Adekanmbi, noting that the roll-out follows a successful pilot phase launched in November 2024. The first phase targets large taxpayers — companies with an annual turnover of N5 billion and above — before the platform is extended to medium and emerging businesses.

“In less than two weeks of the initiative going live, no fewer than 1,000 companies, representing 20% of over 5,000 eligible firms, have so far embraced the solution and commenced integration with the FIRS MBS platform,” Adedeji stated.

MTN Ushers in New Digital Tax Era

Telecoms giant MTN Nigeria became the first taxpayer to send live electronic invoices to FIRS, marking the official launch of the e-Invoicing regime. Other corporate heavyweights, including Huawei Nigeria and IHS Nigeria, have completed test transmissions and are expected to go live soon.

To smooth integration, FIRS has partnered with the National Information Technology Development Agency (NITDA) to bring in service providers who will serve as System Integrators and Access Point Providers. These partners will help taxpayers transition to the digital platform, ensuring invoices are transmitted securely and in compliance with FIRS requirements.

Deadline Extension for Large Corporations

While some companies attempted to meet the initial August 1 compliance deadline, operational bottlenecks slowed progress. In response, FIRS has approved a three-month extension, moving the final onboarding deadline to November 1, 2025.

“In the spirit of encouraging voluntary compliance, the FIRS management has graciously approved a three-month extension of the deadline,” Adedeji said, adding that the agency will continue to hold webinars, workshops, and town hall meetings to guide companies through the transition.

Why This Move Matters for Nigeria’s Revenue Drive

The e-Invoicing solution, part of the broader Nigeria Revenue Services Reform Act, functions as an Electronic Fiscal System (EFS) that provides real-time visibility into commercial transactions, verifying the authenticity, accuracy, and completeness of invoices.

The platform supports the government’s goal of establishing a unified “single source of truth” for tax reporting and public revenue, a critical step for a country struggling with one of the lowest tax-to-GDP ratios in Africa, estimated at about 10%. Economists say such reforms are vital for reducing Nigeria’s dependence on borrowing and oil revenues, especially as debt servicing costs continue to eat into public finances.

According to fiscal analysts, adopting an e-Invoicing model could significantly reduce revenue losses from under-declaration and fraud in corporate reporting. Countries such as Brazil and South Korea have implemented similar systems and recorded substantial improvements in tax collection efficiency.

Adedeji praised the cooperation of taxpayers, consultants, and service providers in embracing what he described as “a transformative shift in Nigeria’s fiscal landscape.”

Once the integration of large taxpayers is complete, FIRS plans to extend the platform to medium-sized enterprises and then smaller businesses, effectively covering the entire formal economy. Officials believe the system could also help identify previously untaxed activity, thereby expanding the country’s tax base.

How Immigration and Diaspora Shape Digital Game Communities

By
TI Partners
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0

Online play has become a practical way for immigrant and diaspora groups to maintain customs that might otherwise fade. From Filipino families to Nigerian diaspora communities, familiar games serve to maintain family traditions and keep community connections active. In many Chinese households abroad, playing games like Mahjong online also serves a purpose more important than strengthening memory or improving strategic thinking – it connects relatives across continents as they match tiles, explain rule variations, and discuss family news in real time, in the language of their ancestors.

In many ways, and in many communities, this exchange during play becomes a subtle master teacher. It passes on the language, the etiquette, and the style of the game and the country to the next generation.

Preserving Cultural Games in the Digital Era

Throughout the centuries, people moved across countries and continents. They moved their games with and within them, as a link to what home feels and looks like. When mahjong, carrom, or Ludo King move too, into the online space, they kept their original rules, phrases, and playing styles, which are still applied in every match. This continuity matters because it turns the game into a place where traditions are practiced rather than remembered.

This cultural preservation through traditional games gets a new perspective when numbers are involved. Namely, research shows an amazing rise of bilingualism in the US, with the percentage of bilinguals growing from 10.68% in 1980 to 20.55% in 2018 – about 63?million people – and likely over 23% today. This high and growing number of people actively using two languages means more players can join these games without translation, keeping participation authentic and making the experience closer to how it is played in the country of origin.

Online Gatherings that Sustain Diaspora Ties

Diaspora gaming groups often operate like private clubs with consistent membership and agreed?upon schedules. These arrangements create stability in relationships that would otherwise rely on sporadic calls or occasional visits. The shared commitment to show up for a match builds accountability, which strengthens trust among players.

Korean, Turkish, and Caribbean communities have long used such groups to keep ties active across distances. The familiarity of the game setting makes it easier to raise personal matters, discuss plans, or resolve misunderstandings. Over time, this consistency turns the group into a dependable network that functions both inside and outside the game.

Adapting Customs for Online Play

When a traditional game gets moved into a digital format, the process often implies the need to change how the game is played, but without losing what defines it. To meet this need and keep playing, communities adjust match length, for example, so players in different time zones can finish a session together. In some cases, gestures once made in person are replaced with text or emoji that carry the same meaning.

Cultural events and holidays can also influence online adaptations. For example, mahjong tournaments held during Lunar New Year may include traditional scoring rules, background music from festival celebrations, and visual elements drawn from the holiday’s colour palette. These choices keep the event culturally distinct even when participants are separated by oceans.

Integrating Heritage into Global Gaming Scenes

Skills developed in traditional games do not stay confined to cultural circles. Players who learned tactical planning, negotiation, and quick calculation through heritage games often carry those abilities into matches and competitions in the outside gaming world.

A 2024 review on the impact of traditional games reports that these games strengthen strategic thinking, problem-solving, and cooperation, as well as cultural identity. In wider online gaming scenes, diaspora players draw on these abilities in competitive esports teams, large?scale strategy games, and cross?community tournaments where coordination, planning, and fair play are essential. This serves as another example of how traditional patterns can prove useful in how a modern person lives. And thinks.

Conclusion

The migration of traditional games into digital spaces has done more than keep familiar pastimes alive – it has created a living record of how culture travels and adapts. In the process, diaspora communities have gained a tool that holds value well beyond leisure: a way to keep languages current, ensure customs remain relevant, and present their heritage in places where it might not otherwise be seen.

These games now exist in a shared environment where a relative in another country, a long?time friend, or even a newcomer with no prior knowledge can participate under the same rules. That openness means traditions are not only preserved within their original communities but also added to the wider cultural mix, where they stand to influence how people interact and play in the future.

The Digital Evolution of Sports Betting: How Football Analytics and Fintech Are Reshaping the Fan Experience

By
TI Partners
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0

Sports betting has entered a new era, with technology driving rapid change in how fans place wagers, track results, and enjoy the game. Advanced analytics are transforming football into a numbers-rich sport where fans can engage at a deeper level. Combined with fintech solutions that allow instant deposits, withdrawals, and cash-out features, the betting journey has become faster, more transparent, and far more interactive.
Traditional betting models that relied on fixed odds and limited market options have given way to dynamic, real-time platforms that adjust continuously based on live data feeds and algorithmic predictions. Today’s punters turn to data-driven football betting tips to make smarter, more confident decisions.

Football Analytics: More Than Just Stats

The use of analytics in football has evolved significantly, moving beyond basic stats like possession and shots. Modern tools offer insights into player positioning, expected goals (xG), and fatigue levels. This wealth of data benefits broadcasters, bookmakers, and fans alike, allowing bettors to make more informed predictions instead of relying on guesswork.
Bookmakers adjust odds in real time based on analytical insights, creating a dynamic betting environment where strategy is crucial. Advanced platforms utilise machine learning to predict injuries, highlight tactical weaknesses, and forecast momentum shifts.
Additionally, video analysis combined with statistical modelling has led to new betting markets, allowing wagers on specific player actions based on historical behaviours. Factors such as weather, pitch quality, and team dynamics are now incorporated into real-time prediction models, democratizing access to sports intelligence for fans and analysts alike.

Fintech Driving Fan Convenience

Fintech is revolutionising how fans engage with betting platforms through digital wallets, instant bank transfers, and mobile payment apps, allowing quick funding and cashing out. Enhanced security measures like biometric verification and AI fraud detection ensure safe transactions. This integration enables fans to place bets mid-match and manage their bankrolls more effectively, with speed and convenience becoming as important as the odds.
Blockchain technology is introducing transparency in betting, using smart contracts for automatic payouts based on verified results, which addresses fairness concerns. Cryptocurrency offers privacy and faster international transactions, appealing to global football fans. Additionally, micro-betting allows small-stake wagers on minute-by-minute events, keeping fans engaged throughout matches.

The Rise of Social Betting and Community Features

Modern betting platforms increasingly incorporate social elements that transform solitary wagering into community experiences. Fans can now follow successful tipsters, share betting slips with friends, and participate in group challenges that combine social interaction with competitive prediction.
Live streaming integration means bettors can watch matches directly through betting apps while monitoring their wagers and accessing real-time analytics simultaneously. This seamless experience eliminates the need to switch between multiple platforms and creates a more immersive entertainment experience.

Regulatory Evolution and Responsible Gaming

As the industry evolves, regulatory frameworks are adapting to address new technological capabilities while protecting consumers. AI-powered responsible gaming tools can now identify problematic betting patterns and intervene automatically, setting limits or suggesting breaks based on individual behaviour analysis.
Key regulatory developments include:

  • Enhanced identity verification processes using biometric technology and blockchain-based identity management
  • Real-time monitoring systems that track betting patterns across multiple platforms to identify potential problem gambling

Future Innovations on the Horizon

Emerging technologies promise to further revolutionise the sports betting landscape. Virtual and augmented reality experiences could allow fans to feel present at matches while placing immersive bets on unfolding action. Artificial intelligence continues to evolve, with natural language processing enabling conversational betting interfaces where fans can place complex wagers using simple voice commands.
The integration of Internet of Things (IoT) sensors in stadiums and on players could provide even more granular data streams, potentially enabling betting markets on previously unmeasurable aspects of the game. Imagine wagering on a player’s heart rate during penalty kicks or the exact speed of a goalkeeper’s dive.
Advanced analytics developments include:

  • Predictive modelling that incorporates social media sentiment analysis to gauge team morale and fan support impact
  • Computer vision technology that can identify tactical formations and predict strategic changes before they occur

Conclusion

As football continues to embrace technology, the combination of analytics and fintech will only deepen the fan connection. Whether it’s tracking a favourite team’s form or placing an in-play wager, the future of sports betting is smarter, faster, and more engaging than ever.
The industry stands at the intersection of entertainment, technology, and finance, creating unprecedented opportunities for fan engagement while presenting new challenges for regulation and responsible gaming. Success in this evolving landscape will depend on balancing innovation with consumer protection, ensuring that technological advancement enhances rather than compromises the integrity of both sport and betting.
This digital transformation represents just the beginning of a broader evolution in sports entertainment, where the boundaries between viewing, analysing, and participating continue to blur, creating richer, more interactive experiences for football fans worldwide.

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