The world’s richest man, Elon Musk recorded a huge surge in wealth making as much as the total estimated wealth of Aliko Dangote.
On Tuesday, June 21 2022, data from the Forbes billionaire watch list shows that Elon Musk in the 8 trading hours in the United States made N6.10 trillion ($14.5 billion).
The amount is more than the total Dangote’s total wealth of $13.9 billion who sits as the 65 richest men in the world.
Elon Musk, Dangote
In the last two days, Africa’s richest man has not been that so lucky with wealth dropping by almost a billion.
The trend continued on Tuesday for Dangote as he lost N105.33 billion ($251 million) leading to a -1.78% drop in the wealth of the richest man in Africa.
Source of Dangote’s wealth
According to Bloomberg, the majority of Dangote’s fortune is derived from his 86% stake in publicly-traded Dangote Cement, which had a revenue of N1.38 trillion ($3.4 billion) in 2021.
Dangote also has interests in sugar, salt, oil, fertilizer and packaged food. He also has publicly traded assets in United Bank for Africa.
His stakes in the publicly traded companies are held directly and through Dangote Industries, which also owns closely held businesses operating in food manufacturing, fertilizer, oil and other industries.