Apple Buys Nigerian Born Chinedu Echeruo’s Hopstop.com For $1 Billion
*Looks like Dr. Dre has company in the billionaires club with Apple ’s acquisition of Chinedu Echeruo ’s HopStop.com. African Leadership magazine via AllThingsDigital reports the Nigerian born serial entrepreneur sold the site for $1 billion. Terms surrounding the deal were not disclosed. HopStop.com is known for making mobile applications for iOS and Android that cover over 300 cities. In addition the site helps people get directions or find nearby subway stations and bus stops. A former analyst at investment banks and hedge funds, Echeruo, grew up in Eastern Nigeria. He attended Syracuse University and the Harvard Business School in the United States as well as Kings College, Lagos. Professionally, Echeruo worked several years in the Mergers & Acquisitions and Leveraged Finance groups of J.P Morgan Chase, in addition to AM Investment Partners, a $500 million volatility-driven convertible bond arbitrage hedge fund, before founding HopStop.com in 2005. Du...