(Image source: RIA Novosti/Alexei Kudenko)

BY NICOLE THOMPSON

ANCHOR LAUREN GORES

Is this the next Russian president?

That’s Russian billionaire and New Jersey Nets owner Mikhail Prokhorov, and he announced Monday he’ll challenge Vladimir Putin for Russia’s presidency. MSNBC reports...

“The colorful Prokhorov, Russia's third-richest man with a net worth estimated at $18 billion, said he was emboldened by the sudden vulnerability of Putin, who has been the target of growing demonstrations throughout the nation... Prokhorov will need two million signatures to get on the ballot.”

Prokhorov’s announcement comes in the midst of Russia’s largest protests in years following allegations that the ruling party rigged recent elections. Euronews has the latest on the protests.

“After thousands of Russians took to the streets to demand a rerun of last week’s parliamentary elections, the president has now ordered an investigation into allegations of voting fraud. Dmitry Medvedev announced the inquiry on Facebook. But the site immediately received thousands of comments showing voters clearly felt that was an inadequate response."

So is Prokhorov the answer to Russia’s unrest? He’s dipped into the political pool before, and it didn’t exactly work out, when he headed the nation’s Right Cause party for four months before he was ousted. But does he have what it takes this time around? A BBC reporter says he’s tall, charming, a great communicator, but he’s also an oligarch, part of an elite class of businessmen.

“For many ordinary Russians the oligarchs are the people who stole their raw materials, and in the case of Mikhail Prokhorov that includes vast amounts of gold as well as nickel. So although he is undoubtedly a charismatic man, and a very good organiser, he may not be able to generate sufficient support from the grassroots.”

And the Washington Post writes, this could be a dangerous move for Prokhorov personally.

“The last billionaire who challenged Putin has been in jail since 2003, but Mikhail Prokhorov said he was not afraid to share the fate of Mikhail Khodorkovsky, the former oil tycoon who was accused of tax evasion and had his company seized after he crossed swords with Putin.”

But a former United Russia lawmaker tell Businessweek, it may all just be part of the political game.

“The initiative may be a ploy to benefit Putin by legitimizing the March vote through the appearance of genuine competition.”

When Prokhorov finishes filing paperwork later this week, he will join five others challenging Putin for Russia’s presidency in the nation’s March 2012 elections.

Transcript by Newsy.