Forbes List: Dangote Loses as Elon Musk Makes Total Worth of 2 of Nigeria’s Richest Men in 6 Hours
- Elon Musk's net worth has increased astronomically in the last 24 hours more than the total worth of 2 of Nigeria's richest men
- The surge in Musk's wealth comes as his electric company, Tesla, recorded an impressive performance
- Aliko Dangote remains Africa's richest man, but he lost $643 million of his wealth in the last 24 hours
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The world's richest man, Elon Musk, has recorded a significant surge in wealth, amassing an amount equal to the combined estimated wealth of Mike Adenuga and Abdulsamad Rabiu, two of Nigeria's wealthiest men.
Source: Getty Images
According to data from the Forbes Billionaire Index, Elon Musk it made $12 billion in 6 hours and 30 minutes of trading on the NASDAQ exchange in the United States on Tuesday, July 2, 2024.
Using the closing dollar exchange rate of N1509.45 means Musk made N18.11 trillion in just hours.
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Elon Musk's new-found wealth
Musk's wealth skyrocketed thanks to Tesla's strong performance, bolstered by his approximately 12% stake in the company.
On Tuesday, Tesla's shares nearly reached $229, significantly boosting Musk's net worth to $240.2 billion. His stake in Tesla saw substantial value appreciation during this surge.
In addition to co-founding Tesla, Musk founded five other companies, including SpaceX and the tunneling startup The Boring Company, solidifying his prominent role in the tech industry.
Recently, he got the support from Tesla shareholders for a record-breaking pay package worth $56 billion.
Nigerian billionaires wealth
It was, however, not a good Tuesday for Nigerian billionaires as their wealth dropped, according to Forbes.
Aliko Dangote, who retains his position as the wealthiest man in Africa, suffered the biggest loss among Nigerian billionaires, losing $643 million of his wealth on Tuesday.
His new net worth of $12.9 billion ranks him as the 152nd richest man in the world, a drop from his previous day's ranking of 143rd.
Similarly, Mike Adenuga, the second richest man in Nigeria, saw his net worth stand at $6.7 billion, having lost $6 million on Tuesday. Abdulsamad Rabiu occupies the third position with a net worth of $5.1 billion. On Tuesday, his wealth dropped by 9%, or $504 million.
Combined, the total net worth of Adenuga and Abdulsamad stands at $11.8 billion.
Femi Otedola, the last Nigerian on the Forbes list, recorded a $124 million drop in net worth, now worth $1.4 billion.
Richest women on Nigeria's stock exchange
In related news, Legit.ng reported that seven Nigerian women are among the investors who have seen their fortunes rise thanks to NGX's positive performance
They are the wealthiest women on the NGX owing to the valuation of their shareholdings in various companies.
These women include Awelu Elumelu, Abolanle Matel Okoh, Ifeoma Esiri, Adaora Umeoji, Olufunmilola Ayebae, Joy Teluwo, and Nneka Onyeali-Ikpe.
Proofreading by James Ojo Adakole, journalist and copy editor at Legit.ng.
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Source: Legit.ng
