Mikhail Prokhorov

Quick Facts

Full Name	Mikhail Prokhorov
Occupation	Entrepreneur
Date Of Birth	May 3, 1965(1965-05-03)
Age	59
Birthplace	Moscow
Country	Russia
Horoscope	Taurus

Mikhail Prokhorov Biography

Mikhail Prokhorov is one of the most popular and richest Entrepreneur who was born on May 3, 1965 in Moscow, Russia. Mikhail Dmitrievitch Prokhorov, Russian: Mikhail Dmitrievich Prokhorov, IPA:[mjIxa’il ‘dmjitrjIvjItc] ; born on 3 May 1965), is a Russian billionaire and political activist. He was also the former owner of Brooklyn Nets. After graduating at the Moscow Finance Institute, Prokhorov worked in the financial industry and then went on to become one the most prominent industrialists in Russia, holding major stakes in multi-national corporations in the precious metals field. He was the founder of Norilsk Nickel and the company became the largest producer of palladium and nickel in the world. He was the former Chairman of Polyus Gold in Russia, the largest producer of gold, and the former President at Onexim Group. To enter politics, he resigned from both of these positions in June 2011.

Prokhorov, then 27, teamed up with Potanin in 1992 to create Interros, a holding firm that they used to purchase Norilsk Nickel, Russia’s largest palladium and nickel mining and smelting company. Prokhorov and Potanin, who were then deputy prime ministers and oversaw privatization, were able to acquire shares from workers at Norilsk Nickel for just a fraction their market value and take control of the company. Prokhorov had a share of the company worth US$7.5 million when he left in 2007.

When cash privatization eventually replaced the failing voucher privatization phase, the government came up with a scheme to leverage the privatization process and quickly raise money for its cash-strapped operations. Under the “loans for shares” program, the administration sold off majority stakes in some of its prized companies in the energy, telecommunications, and metallurgical sectors in exchange for loans taken from the new private sector banks owned by rich businessmen. According to the terms of the loan, the lender could stake equity ownership in the company if the government failed to repay the loans by September 1996. Auctions conducted under the “loans for shares” program were executed in such a way that only the few businessmen who owned these banks were allowed to partake in auctions. Following these bogus auctions, the majority stakes in some of the biggest Russian companies were acquired by a small number of major banks at abysmally low prices. These businessmen also bankrolled Yeltsin’s 1996 presidential election victory, exerting their influence over the then president.

After selling off most of Norilsk’s non-mining assets, Prokhorov moved to modernize a highly complex mining operation which required icebreakers to transport metal over the frozen Arctic region. Prokhorov invested in an innovative Finnish freighter that did not require icebreakers. Norilsk Nickel is headquartered in Moscow. Environmental and labor conditions are harsh, and pollution remains a problem; Prokhorov has invested heavily in pollution control. However, despite these efforts, the mining areas continue to suffer from a high level of pollution. He converted Norilsk’s gold-mining interests into the US$8.5 billion corporation Polyus Gold, Russia’s largest gold producer. In 2003, he oversaw the acquisition of Stillwater Mining, his first international venture. He resigned as Norilsk CEO in February 2007 and declared his intention to separate his assets from those of long-time partner Vladimir Potanin. The two engaged in protracted negotiations to separate the conglomerate Interros, which the duo co-owned since the 1990s, into separate holdings.

Prokhorov’s first significant financial success was at MFK. It became a depository institution of the government. The bank bought Soviet assets worth US$300-US$400 million. From 1992 to 1993, Prokhorov was the Chairman of the Board. Prokhorov was elected Chairman of the Board of Potanin’s Onexim Bank in

1993. This bank, which became the paying agent of Finance Ministry bonds and the servicing bank for the City of Moscow, became the chairman of the Board in 1993. Onexim was designated the paying agent and depository for Russian Treasury obligations in 1994. In 1995, Onexim was authorized to be the bank for the federal agency that deals with bankrupt enterprises.

Mikhail Prokhorov Net Worth

Mikhail Prokhorov is one of the richest Entrepreneur from Russia. According to our analysis, Wikipedia, Forbes & Business Insider, Mikhail Prokhorov 's net worth $5 Million. (Last Update: December 11, 2023)

Prokhorov graduated in 1989 from the Moscow Finance Institute. He held a position in management at the International Bank for Economic Cooperation from 1989 to 1992. He was soon appointed to the MFK (International Finance Company), and then the United Export-Import Bank, (Uneximbank), together with Alexander Khloponin (a college friend) and Vladimir Potanin (his business partner).

The Russian government required loans in order to function in the 1990s. Potanin and Prokhorov were partners. Onexim’s bank conducted auctions for government funds, where the winning bidders were granted the right to lend the Russian government money. Onexim and its affiliates won the Norilsk Nickel auction and other auctions. The Russian government obtained the loans by securing blocks of shares in the newly privatized state companies. Onexim was granted ownership of the collateral, which were the shares in the newly privatized state enterprises, since the government did not repay the loans.

In April 1996, Prokhorov was appointed to the Board of Directors of Norilsk Nickel (which then still belonged to the state). In November 1995, Onexim Bank won 38% of Norilsk Nickel in a loans-for-shares auction for US$170.1 million, US$100,000 (or less than 1%) higher than the bid starting price. At the time, Norilsk produced 25% of the world’s nickel output.

Height, Weight & Body Measurements

Mikhail Prokhorov height 6 ft 8 in Mikhail weight Not Known & body measurements will update soon.

Who is Mikhail Prokhorov Dating?

According to our records, Mikhail Prokhorov is possibily single & has not been previously engaged. As of December 1, 2023, Mikhail Prokhorov’s is not dating anyone.

Relationships Record : We have no records of past relationships for Mikhail Prokhorov. You may help us to build the dating records for Mikhail Prokhorov!

In May 2007, following the decision to exit Interros, Prokhorov launched the private investment fund ONEXIM Group, with assets valued at US$17 billion at the time. As the separation from Interros proceeded, and as other industries caught Prokhorov’s attention, the group rapidly changed its investment profile. In April 2008, Prokhorov sold his 25% plus two shares stake in Norilsk Nickel to United Company RUSAL, another mining conglomerate controlled by his fellow billionaire Oleg Deripaska, in exchange for some 14% of Rusal stock, about US$5 billion in cash, and additional payment obligations of US$2 billion. The deal has been singled out as a major success for Prokhorov as only three months later, following a dip in oil prices, a disastrous stock market crash halved the value of most Russian companies, including Norilsk. He emerged as one of the very few businessmen to have cashed out in time. However, his wealth has also been affected, as the value of his remaining interests in various companies (including Rusal and Open Investments) declined sharply, and as the remaining payment from Rusal had to be postponed but has since been fully paid.

Facts & Trivia

Mikhail Ranked on the list of most popular Entrepreneur. Also ranked in the elit list of famous people born in Russia. Mikhail Prokhorov celebrates birthday on May 3 of every year.

In September 2008, ONEXIM Group acquired 50% of Renaissance Capital, a major Russian investment bank which has reportedly encountered liquidity problems. ONEXIM purchased a small bank, renaming it IFC (for the bank which Prokhorov had run in the early 1990s). One of ONEXIM Group’s divisions focuses on the development of nanotechnology investing in high-technology projects such as white LEDs. One of the key areas of development is the production of materials with ultra–tiny structures used in energy generation and medicine. As part of that focus, ONEXIM purchased Optogan in 2008.

How did Mikhail Prokhorov make his money?

Mikhail Prokhorov, in full Mikhail Dmitrievich Prokhorov, (born May 3, 1965, Moscow, Russia, U.S.S.R.) , Russian businessman who made his fortune in the wake of the Soviet Union’s collapse by buying shares in formerly state-run corporations.

Is Brooklyn Nets owner Russian?

Mikhail Dmitrievich Prokhorov (Russian: Михаил Дмитриевич Прохоров, IPA: [mʲɪxɐˈil ˈdmʲitrʲɪjɪvʲɪtɕ ˈproxərəf]; born 3 May 1965) is a Russian-Israeli oligarch, billionaire, politician, and former owner of the Brooklyn Nets.

Where does Mikhail Prokhorov live?

Mikhail Prokhorov – Four Seasons 57 E 57th St.

Who was the previous owner of the Brooklyn Nets?

Prokhorov sold full ownership of the Nets to Tsai in September 2019 for $2.35 billion, the most ever paid for a sports team. Prokhorov sold the Barclays Center to Tsai for an additional $1 billion. Insiders say the NBA was relieved.

Is Jay-Z still part owner of the Brooklyn Nets?

Jay Z will no longer maintain minority ownership in the Brooklyn Nets after selling his small stake in the team to new head coach Jason Kidd, the New York Post reports.