Billionaires, Elon Musk, Aliko Dangote Lost Over N6.25 trillion In One Day

The world richest man, Elon Musk, and the wealthiest person in Africa, Aliko Dangote, lost a combined N6.25 trillion ($14.91 billion) on Friday, but the businessmen retained their various positions on the billionaire ranking after trading hours.

Musk lost the largest chunk of the N6.25 trillion, accounting for over N6 trillion ($14.9 billion). This loss reduced his networth by -6.36%, according to data obtained from Forbes Billionaire Index.

The loss suffered by Musk was fuelled by the fall in Tesla share, which depreciated by -8.66% in the capital market, due to another sell off by shareholders who don’t see growth prospects for their investment.

Recall that Musk was announced as the first billionaire to worth $300 billion in October 2021, following a significant surge in demand for Tesla shares. His wealth has been dwindling since he attained that height.

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Meanwhile, Dangote lost N4.61 billion in his estimated fortune,  now put at $14.2 billion. Just late last month, the African billionaire’s wealth was placed at $15 billion.

His fortune has largely been stagnant due to lack of growth in Dangote Cement share recently, while investors have been selling off their shares amid the billionaire’s need to raise funds to finance his oil refinery project.

READ ALSO: Africa’s Richest Man, Dangote To Borrow Additional $1.1 Billion To Complete Refinery By 2023

According to credit rating firm, Fitch Ratings, in May, Dangote might result into selling part of his shares in his cement business to finance the $750 million capital deficit needed to complete construction of the oil refinery, as investors might not be willing to disburse more fund to him for the project.

Such report does not excite investors in the capital market, as Dangote selling part of his stake, could cause the value of Dangote Cement share to depreciate, which will result into their investment dwindling, hence, the lack of growth in the share recently.

Fakoyejo Olalekan

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