Biography: Russian Billionaire Mikhail Prokhorov

Mikhail Prokhorov has recently landed in the headline news because of his 80% purchase of New Jersey Nets. He has gigantic goals for the team including the desire to make the team the first global team in the NBA. Mikhail Prokhorov plans to attain these by grabbing the NBA championship within five years, and earning a spot in the NBA play-offs within this year alone. This may sound like a shot at the moon for most, but this Russian Billionaire considers nothing to be impossible.

Family background

Mikhail Dmitrievitch Prokhorov is the full name of this self made Russian billionaire and entrepreneur. His love for sports affiliated activities is influenced by his father who was the former Head of International Relations Department of Soviet State Sports Committee. While his scientific endeavors are credited to his mother who was part of Moscow's Chemical Materials Institute. His sister, Irina, is a prominent publisher who is also the head of the Cultural Initiatives Foundation, a foundation fully supported by Mikhail Prokhorov.

Professional Affiliations: Past and Present

Mikhail Prokhorov graduated magna cum laude at Moscow Finance Institute in the year 1989. Immediately after graduation he became the Head of Management Board Department, International Bank for Economic Cooperation where he stayed in office until 1992. Soon he became the Chairman of the Board of "International Finance Company", a joint-stock commercial bank, for a year.

After serving several companies, in the year 1993 at a young age of 28, he, together with Vladimir Potanin engineered the acquisition of Norilsk Nickel by Onexim Bank where he is Chairman of the Board. This move transformed the dying conglomerate into one of the largest and most profitable natural resource corporations in the world. He is the main man behind the conversion of Norilsk Nickel's gold-mining interest into Polygus Gold, Russia's largest gold producer.

In the year 2007, he decided to exit Interros, and launched Onexim Group with a working asset of $17 billion. This was a wise move because soon after, the stock market experienced a disastrous crash which affected most Russian Companies including Norilsk.

Mikhail Prokhorov's company now focuses on nanotechnology which includes hydrogen fuel cells and other high-technology projects. Mikhail Prokhorov's expertise and success in the field of nanotechnology has earned him a spot at the Government Council of Nanotechnology in Russia under the time of Mikhail Fradkov.

He recently managed to enter the US market with several investments in Atlantic Yards development projects which amounts to $200 million and acquisition 80% of New Jersey Nets' stocks.

Social and Environmental Philanthropist

The Cultural Initiative Foundation or Mikhail Prokhorov Foundation started in the year 2004. It is headed by his sister, Irina. The foundation encourages and supports cultural awareness. Mikhail Prokhorov believes that this is the most important resource in social and economic development. It consists of resolution of social problems through culture stimulating activities which will help men better understand social issues. In as much as it cannot be evaluated in economic terms, the positive effect it produces are worth the investment. It is currently operating in Greater Norilsk and Krasnoyarsk Region.

Mikhail Prokhorov shares in the environmental endeavor of producing alternative technologies which can address current environmental challenges. He is a person that holds the belief that we have limited resources, and tries to give his share to the world, by producing an era of renewed environmental responsibility, through the companies which he leads and manages.

More internet resources for Mikhail Prokhorov

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