Elon Musk’s Wealth Hits All-Time High as Dangote, Other African Billionaires Drop in Ranking
- Elon Musk’s wealth has surged to an all-time high of $316 billion after the US presidential election, with Trump as the winner
- Available data showed that Musk added $43.9 billion in three days to bring his wealth to his current position
- The data showed that Aliko Dangote, Africa’s richest person, saw his wealth decline by $35.8 million
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Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
The world’s wealthiest person, Elon Musk, has seen his wealth skyrocket to an all-time high after Donald Trump emerged as the US President-elect.
On Friday, November 8, 2024, Musk gained $17.4 billion, taking his wealth to $314 billion as the billionaire continues his giveaway to voters after the US presidential election.
Source: Getty Images
Elon Musk makes the most significant gains in 3 days
Data from the Bloomberg Billionaire Index shows that Tesla CEO Elon Musk has gained over $80 billion this year, surpassing Amazon founder Jeff Bezos and Facebook founder and Meta CEO Mark Zuckerberg.
Coming a few days after launching the much-anticipated Tesla robot, Optimus, Elon Musk has been ranked as the world’s wealthiest individual in modern history with a staggering $314 billion fortune.
However, the US election reportedly affected some African billionaires, including Nigeria and Africa’s richest man, Aliko Dangote.
The Bloomberg data shows that the world’s 10 wealthiest individuals gained about $64 billion on Wednesday, November 6, 2024, the biggest daily increase in the Index’s history.
Elon Musk registered the biggest gains, adding $26.5 billion in a single day.
Fears over African economy after Trump’s victory
Experts say the massive gains were due to the open congratulatory messages from tech moguls such as Bezos, Zuckerberg, and Apple CEO Tim Cook.
Economists have speculated about Trump’s position on African development primarily because of his stance on immigration, trade, and other issues.
They say the African Growth and Opportunity Act, which has allowed African countries to export their produce to the US tax-free since 2000, may be threatened.
Mixed fortunes for African billionaires
The Index showed some African billionaires in the 500-person list’s ranking as of November 7, 2024. While some gained after the US election, others lost.
The data shows that Aliko Dangote, the continent’s richest person, saw his wealth decline by $35.8 million, while South Africa’s Johann Rupert also experienced a decrease in net worth to $36.7 million.
Dangote also dropped in ranking from 64th to 66th, with $27.7 billion in net worth.
Egyptian billionaire Nassef Sawiris also dropped by $186 million.
Meanwhile, South African billionaires Nicky Oppenheimer and Natie Kirsh gained $125 million and $9.25 billion, respectively.
Elon Musk's wealth surges
Legit.ng previously reported that the world’s wealthiest man and Tesla CEO, Elon Musk, has seen his wealth surge by over $6 billion on the night Donald Trump reclaimed America's presidency.
The South African-born billionaire saw his wealth rise to $264 billion, placing him above his closest rivals, Jeff Bezos, with $221 billion and Meta CEO Mark Zuckerberg, with $203 billion.
Musk's wealth has surged significantly this year, rising by $34.8 billion amid a rise in Tesla shares.
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Source: Legit.ng
