Mikhail Prokhorov

Early Life

Mikhail Dmitrievich Prokhorov was born on May 3, 1965, in Moscow, Russia, to a well-educated family. His father worked for the Soviet sports committee, and his mother was a materials engineer. Prokhorov graduated from the Moscow Finance Institute in 1989 with a degree in international economic relations.

Rise to Success

Prokhorov's business career began in the early 1990s when he partnered with Vladimir Potanin to run Interros, a holding company. Together, they acquired Norilsk Nickel in 1995, one of Russia's largest nickel and palladium mining and smelting companies, at a fraction of its estimated market value. Prokhorov served as Chairman of the Board of Norilsk Nickel from 1996 to 2007. During his tenure, he converted the company's gold-mining interests into Polyus Gold, Russia's largest gold producer. In 2007, Prokhorov exited Interros and launched the private investment fund ONEXIM Group.

Key Business Strategies

Through ONEXIM Group, Prokhorov made significant Investments in various sectors, including nanotechnology, media, and real estate development. He also acquired a 25% stake in Norilsk Nickel from United Company RUSAL. Additionally, Prokhorov acquired a 50% stake in Renaissance Capital, a major Russian investment bank. In 2010, he became the first non-North American owner of an NBA team when he acquired an 80% stake in the Brooklyn Nets. He sold his stake in 2019 for approximately $3.5 Billion

Philanthropy

In March 2004, Prokhorov founded the Cultural Initiatives Foundation (part of the Mikhail Prokhorov Foundation). The foundation is headed by his sister, Irina.