Russian tycoon and former presidential candidate Mikhail Prokhorov says he is leaving business to do full-time politics.
Prokhorov, who is believed to be worth about $13 billion, finished third place in Russia’s presidential election in March.
He said Saturday that he is retiring from business altogether to focus on building his own party.
Prokhorov, who owns control of the New Jersey Nets basketball team, told his party meeting that he will put his money in a trust fund and let his partners at the investment vehicle Onexim run the shop, Russian news agencies reported.
Forbes magazine earlier this year ranked Prokhorov as Russia’s seventh richest man.
