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- Elon Musk’s wealthiness has surged contempt the driblet successful the electrical car company’s stock prices by 20%
- Tesla’s stock terms has been trading astatine 35% of its worth since Elon Musk threw his value down the re-election of Donald Trump arsenic President
- However, Musk’s different companies, SpaceX, Starlink, and xAI, person continued to summation traction, with SpaceX’s worth hitting astir $350 cardinal successful value.
Legit.ng’s Pascal Oparada has reported connected tech, energy, stocks, concern and the economy for implicit a decade.
Elon Musk remains the world’s wealthiest person, with a nett worthy soaring to $374 cardinal successful the latest ranking connected the Bloomberg Billionaire Index.
Despite Tesla’s banal tumbling by 20% since Donald Trump became President, the EV carmaker’s shares person traded astatine 35% pursuing Musk’s endorsement of Trump.
Source: Getty Images
SpaceX's and xAI’s values soar
According to reports, SpaceX’s valuation astir doubled to $350 billion, portion its xAI and societal media companies merged successful a $133 cardinal deal, tripling successful worth successful the past year.
Experts person estimated that the billionaire spent astir $290 cardinal to enactment Trump’s instrumentality to office, the largest donor.
They disclosed that Musk is reaping from the endorsement with reduced regulatory unit and accrued national backing arsenic aggregate investigations into his firms person either stalled oregon been dropped.
Reports accidental Musk’s abstraction exploration company, SpaceX, is present a apical prime for Trump’s projected $175 cardinal Golden Dome defence task and already holds astir $16 cardinal successful national contracts, including $6 cardinal from the Pentagon successful April.
Elon Musk enjoys authorities patronage
SpaceX’s outer company, Starlink, is receiving subtle enactment from the US State Department arsenic diplomats person reportedly asked overseas governments to rapidly o.k. the company’s licensing, particularly successful Africa and Asia.
In the US, the FAA is reportedly investigating Starlink for imaginable nationwide usage successful aviation information upgrades.
Despite all, Elon Musk has mislaid astir $58.6 cardinal year-to-date owed to the plunge successful Tesla stocks, according to information from the Bloomberg Billionaires Index.
However, the billionaire has remained connected apical of the index, amassing a whopping $374 cardinal fortune.
Dangote drops successful billionaire ranking
Meanwhile, Nigeria and Africa’s richest man, Aliko Dangote, has dropped 7 places down the billionaire ranking with a $27.8 cardinal nett worth.
Dangote dropped to the 70th presumption from 64th, wherever helium had leapt aft the motorboat of his mega refinery.
The Nigerian billionaire, who mislaid $7 cardinal betwixt 2023 and 2024, erstwhile the Nigerian authorities devalued the naira, rebounded with a $28.1 cardinal successful nett worth, eclipsing his closest rival successful Africa, Johann Rupert.
Source: Getty Images
Dangote has projected that his monolithic refinery volition beryllium an FX spinner for the Nigerian government, estimating $30 cardinal successful forex inflow erstwhile it becomes afloat functional.
Dangote Refinery slashes petrol prices
The refinery, which has slashed petrol prices successful Nigeria six times this year, has contributed to a simplification successful petrol imports, reducing the country’s dependence connected imported petroleum products.
According to reports, the refinery presently operates astatine 85% of its 650,000 barrels per time capacity.
Dangote’s driblet successful the billionaire’s ranking came aft helium mislaid $422 cardinal year-to-date, and gained $5.94 cardinal successful 24 hours.
Dangote Refinery begins caller product
Legit.ng earlier reported that Dangote Refinery has announced a partnership with Vinmar Group, a planetary petrochemical distributor, to export Dangote polypropylene into the planetary market.
Dangote’s $2bn works successful Lagos, with a accumulation capableness of 830 mt, began producing polypropylene successful March 2025, packaging 25kg bags for the Nigerian market.
Dangote Group’s enforcement director, commercial, Fatima Aliko Dangote, disclosed that the determination shows the company’s thrust to marque Dangote polypropylene a world-class company.
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Source: Legit.ng
