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Elon Musk Makes Aliko Dangote's Total Networth in 8 Hours, as Nigerian Billionaire Loses N105.33bn
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Elon Musk Makes Aliko Dangote's Total Networth in 8 Hours, as Nigerian Billionaire Loses N105.33bn

by  Dave Ibemere 2 min read
  • Elon Musk continues to show he is the king of billionaires as he made the total networth of Aliko Dangote in a few hours
  • The surge in Musk's wealth comes as his electric company Tesla announced a higher gain after trading on Tuesday
  • Dangote remains Africa's richest man but his lost N105.33 billion means he has dropped by 5 places in billionaire list

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The world's richest man, Elon Musk recorded a huge surge in wealth making as much as the total estimated wealth of Aliko Dangote.

On Tuesday, June 21 2022, data from the Forbes billionaire watch list shows that Elon Musk in the 8 trading hours in the United States made N6.10 trillion ($14.5 billion).

The amount is more than the total Dangote's total wealth of $13.9 billion who sits as the 65 richest men in the world.

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Elon Musk, Dangote
The four richest persons in the world Credit: Forbes
Source: Facebook

In the last two days, Africa's richest man has not been that so lucky with wealth dropping by almost a billion.

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The trend continued on Tuesday for Dangote as he lost N105.33 billion ($251 million) leading to a -1.78% drop in the wealth of the richest man in Africa.

Source of Dangote's wealth

According to Bloomberg, the majority of Dangote's fortune is derived from his 86% stake in publicly-traded Dangote Cement. which had a revenue of N1.38 trillion ($3.4 billion) in 2021.

Dangote also has interests in sugar, salt, oil, fertilizer and packaged food. He also has D publicly traded assets in United Bank for Africa.

His stakes in the publicly traded companies are held directly and through Dangote Industries, which also owns closely held businesses operating in food manufacturing, fertilizer, oil and other industries.

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Dangote Cement leads list of the 10 biggest companies

Legit.ng had earlier reported that Dangote Cement and MTN Nigeria are the two biggest publicly listed companies in Nigeria as of October 2021.

The two firms are among the five biggest companies in the exclusive club of over N1 trillion market capitalisation.

Using data from Nigeria Exchange the report showed how much each of the top firms is worth and their share price for anyone looking to invest.

Source: Legit.ng

Authors:
Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.

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