I’m switching sides, joining Shuttleworth Fan Club
Billionaire Mark Shuttleworth (right) made his fortune during the dawning of the Internet. He'd started a website security business called Thawte which captured market share by giving away its product for free. Thawte benefitted from a US ban on internet technology exports. When the ban was lifted, market leader Verisign bought out Shuttleworth's 30-person business. It paid him in shares which the Capetonian offloaded at the very peak of the Internet bubble in January 2000, transforming what was essentially a $30m business into a $575m payday.
When I first interviewed him, the 20-something Shuttleworth was fully aware of how lucky he'd been and was determined to reinvest his windfall into building a Silicon Valley in the Cape. The money managers changed his young mind, eventually convincing him to emigrate to the UK. That prompted me to question his change of heart in an OpEd which generated a spirited response from the Shuttleworth Fan Club.
Last night Shuttleworth hit the headlines again. This time I'm among his staunchest supporters. On paper, South Africa's greatest strength is its status as a Constitutional Democracy. Unfortunately, nations are part of the real, not paper world. Too often those aggrieved simply don't have the financial resources to challenge actions – usually by politicians – that are unconstitutional. Shuttleworth had both the cash and the tenacity to revert to the Constitution and take on and beat the SA Reserve Bank. And he has promised to inject the R250m plus interest he has won into a trust to fund other constitution-based legal challenges. Mark Shuttleworth has matured into a real man. His parents must be proud.