Elon Musk Makes $11b Overnight as Dangote Loses N43.4bn in One Day, Remains Among Top 100 Billionaires

• The chief executive officer of Tesla, Elon Musk, made a stunning comeback, earning a whopping $11 billion overnight
• The development was due to a surge in the shares of the electric car company, Tesla
• Conversely, Nigeria’s richest man, Aliko Dangote, lost N43.3 billion on Monday, August 21, 2023

Tesla's chief executive officer, Elon Musk, has overcome weeks of losses that plagued the global tech company's stocks to bounce back with over $11 billion in earnings.

The X (formerly Twitter) owner, whose wealth was declining after closing in on a $200 billion net worth, rebounded as the shares of Tesla witnessed a resurgence.

Tesla shares rebound as other billionaires make huge profits

As of Monday, August 21, 2023, Tesla shares traded at $231.28 per share, a 7.33% recovery from days in the red as traders looked elsewhere for profit.

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N860/$: Over 2000 Nigerians drop off dollar millionaire list, more at risk as naira depreciation continues

Musk is seeking to monetise most features in X, formerly called Twitter, and was thought to be the first man ever to hit the $1 trillion mark in net worth.

The dream of becoming the first man to hit the $1 trillion mark seems a long way off for Musk as global tech stocks continue their volatility.

According to Bloomberg Billionaire Index, other billionaires saw a massive gain in their net worth as of Monday, August 21, 2023.

Dangote records loss as he delays Dangote Refinery take off

Nigeria’s richest man, Aliko Dangote, saw his wealth shrink by N43.4 billion overnight as the shares of his Cement company fell.

Traders on the Nigerian Exchange are mainly looking toward bank stocks as the market fluctuates on the news of the Nigerian President appointing new ministers.

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Dangote, Rabiu make over N300bn in just one week, to move up in global ranking, Adenuga stays 3rd

Africa’s richest man had promised that his 650,000bpd capacity refinery, the Dangote Refinery, would begin operations last month but seems to have been shifted to an unknown date as Nigeria continues to battle a surge in petrol prices.

President Bola Tinubu had directed a halt to petrol price increases.

Dangote recently reclaimed his top spot as Africa’s richest man from South Africa’s Johann Rupert.

The Chairman of the Dangote Group had occupied the position for 12 years until Rupert briefly overthrew him due to the crash in Nigeria’s currency, the naira.

Dangote, Rabiu make over N300bn in just one week, to move up in global ranking, Adenuga stays 3rd

Legit.ng reported that Africa's richest man, Aliko Dangote, and industrialist Abdulsamad Rabiu have experienced a substantial boost in their net worth.

Data from Forbes shows that the two wealthiest men in Nigeria added $500 million(about N384.75 billion) to their net worth within a week( between August 13 to August 20, 2023), propelling them further up the global wealth ranking.

However, the third richest man in Nigeria, Mike Adenuga, net worth was unchanged.

Source: Legit.ng