Dangote Crashes on Billionaire Ranking But Earns N72.2 Billion in 8 Hours as Dangote Cement Share Price Drops
- Aliko Dangote has lost almost $1 billion, leading to him crashing on the billionaire ranking
- He is currently ranked as the 78th wealthiest man in the world from the 72nd position he occupied two weeks ago
- His current net worth is pegged at $20.8 billion from $21.2 billion he occupied a few weeks ago
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Africa’s richest man, Aliko Dangote, has crashed six places on Bloomberg Billionaire Index released on Tuesday, June 13, 2023.
The Chairman of Dangote Group is now ranked as the 78 wealthiest man in the world from the 72nd position he occupied two weeks ago.
Source: Getty Images
Dangote Cement drops in share price
The sluggish performance of the Nigerian stock exchange affected Dangote’s fortunes.
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Dangote Cement lost about N7 from its share price to trade at N283 from N290 the previous day, negatively impacting Dangote’s income.
Dangote Cement witnessed low investor sentiment as they set sight mostly on banking stocks which lifted the performance of the Nigerian Stock Exchange.
Despite retaining his position as Africa’s richest man, a position he has held for over a decade, Dangote has lost close to $1 billion in the last 14 days.
He is currently worth about $20.9 billion from $21.2 billion.
Dangote promises to employ 100,000 Nigerians in his refinery
Dangote, whose refinery was commissioned in May, promised to employ about 100,000 Nigerians in the refinery.
Africa’s richest man disclosed this at the commissioning of the refinery, which was hailed as the biggest in Africa and the world’s largest single-train refinery.
He stated that the refinery would generate over $21 billion in revenue and save Nigeria the much-needed foreign exchange which would have been used for fuel imports.
The statement suggests that the refinery will sell refined products to Nigeria in the local currency, contrary to speculations that it plans to sell the products to the country in dollars.
Elon Musk surpasses $200 billion in net worth for the second time, Dangote gains
Legit.ng reported that Tesla CEO Elon Musk had hit $200 billion in net worth for the second time, the equivalent of what he lost last year, which earned him a place in the Guinness Book of World Records as the first man in history to lose $200 billion.
Musk ousted LVMH merchant Bernard Arnault to clinch the position as the wealthiest man in the world, following the stellar performance of his electric car company, Tesla.
Tesla shares rose 3.61% on Tuesday, June 6, 2023, to trade at $229, gaining almost $8.
Source: Legit.ng
