So he can still own it as a white man so long as he allows 30% to be owned by someone black, Cape Malay, Indian, San, KhoiKhoi or 'coloured', or indeed many people fitting any of those.

Not because he "isn't black".

Lots of countries have rules about local ownership; eg in Thailand businesses and properties have to be 51% owned by a Thai person. Of course the difference here is that for centuries the rules were increasingly enforced to treat certain races as foreigners, to the point of quite literally trying to declare parts of itself independent ie foreign. This creates a weird scenario after the fall of apartheid that is definitely uncomfortable to read but how do you undo centuries of this with carrot instead of stick when it's people like Musk and Peter Thiel?