In a day in which tech companies posted significant losses, Elon Musk, the richest man on earth, turned out to be the largest loser.
The shares of Tesla fell by 28.36% to trade at $262.90, significantly reducing the billionaire CEO’s net worth by a stunning $20 billion.
Elon Musk still holds the title of richest man in the world, but his wealth has dramatically decreased from $254 billion to $234 billion.
On the same day, several billionaires suffered significant losses, mostly tech CEOs.
According to data from the Bloomberg Billionaire Index, Mark Zuckerberg, CEO of Meta, lost more about $4 billion, Microsoft founder Bill Gates lost approximately $203 million, and Amazon founder Jeff Bezos lost nearly $5.32 billion.
The combined wealth of Google co-founders Larry Page and Sergey Brin was lost, totaling $5.5 billion.
Aliko Dangote, the richest man in Africa, however, saw a significant increase in his net worth after earning roughly $92.1 million, or about N69 billion, in a single day.
With a net worth of $16.8 billion, Dangote climbed seven spots on the list of billionaires.
Dangote’s riches are primarily the result of Dangote Cement’s spectacular performance, which is his main source of revenue.
According to reports, the business declared the conclusion of its two-day-long first batch of the share buyback program.
The business revealed that it has purchased back 121,404.714 shares, or 0.71% of the firm’s fully repurchased and settled claims.
The shares were bought back for an average price of N399 per, totaling N41.15 billion.