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Aliko Dangote Net Worth Surged $1.1B In A Day

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Aliko Dangote - Investors King

Africa’s richest man, Aliko Dangote added $1.1 billion to his net worth on the 9th of November 2021, pushing his current net worth to $20.2 billion. Data from the Bloomberg billionaire index revealed that Dangote’s net worth year-to-date has surged by $2.43 billion or 13.6 percent.

He’s currently ranked 96th on Bloomberg’s billionaire index.

Dangote is the major shareholder of Dangote cement, the biggest cement producing company in sub-Saharan Africa. It was reported that Dangote’s wealth is derived from his 86 percent equity stake in Dangote Cement.

A breakdown of his net worth revealed that he has $3.5 billion in cash. His cash holding is based on an analysis of dividends, taxes, insider transactions and other expenditures.

Dangote’s other publicly traded assets include stakes of $9.90 billion in Dangote Cement, $362 million in Dangote Sugar, $59.8 in NASCON Nigeria, and $297 thousand in United Bank For Africa.

His private assets span across $100 million in Free zone Land, $200 million in Lagos Real Estate, $575 million on OML 71 and 72, $5.15 billion on fertilizer plant, 302 million in Dangote industries companies and $45 Million in Private plane.

Aliko Dangote’s Biography

The richest man in Africa was born on the 4th of October, 1957 in Kano State, Nigeria. In 1977 he obtained a higher degree education at Al-Azhar University in Cairo where he studied business administration. He further bagged two doctorate degrees from Coventry University and the University of Ibadan.

Following his graduation from Al-Azhar University in Cairo, Dangote obtained a loan from his uncle to start his cement trading business. In 1981 he formed Dangote cement trading company which is now known as Dangote group.

He later diversified his operations to include trading sugar, flour, fish, rice, milk and iron. In 1999, Dangote shifted the company’s focus from trading to manufacturing, believing that it will be more profitable to create a local operation that would meet the consumer needs of Nigeria’s ever-growing population.

Dangote began building salt and sugar refineries, flour mills and a pasta factory in 1999, he expand his operations by buying Benue Cement Co. from the federal government of Nigeria. In 2003, he commissioned the largest cement facility in sub-Saharan Africa, Obajana Cement Plant located in Kogi state.

In 2010, Dangote Cement was listed on the Nigerian Stock Exchange now Nigeria Exchange Group (NXG)

Today, Dangote Group’s main publicly traded businesses are Dangote Cement, Dangote Sugar, and Nascon Allied Industries, which make up about one-third of the market capitalization of the Nigerian Exchange Group.

The oil refinery currently under construction in Nigeria valued at $19 billion isn’t included in the valuation because operations are yet to commence.

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Dangote Net Worth Jumps $1.57 Billion in 2022

Aliko Dangote has made $300 million in the last seven days

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Aliko Dangote - Investors King

The net worth of Alike Dangote, Africa’s richest man and the richest black man alive, rose by $1.57 billion from the year-to-date, according to the latest report from Bloomberg.

Dangote net worth grew by 27.7% from $16.2 billion on May 26, 2021 to $20.7 billion on May 3, 2022. The 65-year-old industrialist and philanthropist owned a 86% stake in Nigeria’s most capitalised public traded company, Dangote Cement Plc.

Dangote also holds stake in Dangote Sugar and invested in other publicly traded companies like Nascon allied Industries and United Bank for Africa.

Checks by Investors King showed despite losing $25 million in the last 24 hours, the billionaire has made $300 million in the last seven days. Still, Dangote’s present net worth does not include his $20.5 billion oil refinery and fertilizer complex. Suggesting that the billionaire could be worth about $50 billion.

Dangote is currently building the world’s largest crude oil refinery, the third-largest fertiliser company in the world and the second-largest producer of urea in Nigeria, Africa’s largest economy.

Ranked 67th richest man in the world, Dangote fertiliser plant has a production capacity of 3 million tonnes per year while his oil refinery could refine about 650,000 barrels of crude oil per day.

Launched on Tuesday, March 22, 2022, the $2.5 billion fertiliser plant is expected to generate over $400 million in foreign exchange annually and help ease some of Nigeria’s chronic forex scarcity.

According to President Muhammadu Buhari, who was present during the launching of the plant, the project will help advance Nigeria’s food self-sufficiency plans and enhance the country’s foreign revenue generation from excess production.

“This fertilizer plant is expected to further advance our administration’s drive toward achieving self-sufficiency in food production in the country,” President Muhammadu Buhari stated.

“The nation also stands to gain extensively in earnings of foreign exchange from the excess production and exports from the plant.”

Dangote is now positioned to dominate Nigeria’s refined petroleum products sector and become the largest foreign exchange earner once his crude oil refinery commences operation in the third quarter of 2022.

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Elon Musk Spends $2.9 Billion on 9.2% Stake in Twitter

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Elon Musk and Twitter

Following his tweets on whether Twitter adheres to its free speech policy well enough and hinting at the possibility of acquiring a social media platform last week, Elon Musk has now acquired a 9.2% stake in Twitter, according to a regulatory filing.

The acquisition was estimated at 73,486,938 shares valued at $2.89 billion, going by Friday’s price close.

“It looks like Elon has his eyes laser set on Twitter,” said Wedbush analyst Dan Ives in a research note, adding that the stake could lead to a “more aggressive ownership role.”

Last Week, Investors King had reported that Elon Musk in a series of tweets and a Twitter poll revealed he was seriously considering acquiring a social media platform.

70.4% of the 2.035 million people that voted said No as shown above while people that voted in support of Twitter were just 29.6%.

Musk, 50, had repeatedly claimed he is a free speech absolutist and refused all calls to block the Russian state from accessing Starlink Internet.

He said “Starlink has been told by some governments (not Ukraine) to block Russian news sources. We will not do so unless at gunpoint.”

Price of Twitter shares rose by 26% in premarket on Monday after Elon Musk’s purchase was made public. Elon Musk is now Twitter’s largest shareholder.

Elon Musk is one of the few billionaires using social media to directly interact with his huge global fanbase.

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Elon Musk Mulls Social Media Acquisition

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Elon Musk

The world’s richest man, Elon Musk is considering acquiring or building his own social media platform to support free speech.

The billionaire, in a series of tweets and a Twitter poll, asked if his over 79 million followers think Twitter rigorously adheres to its free speech policy. He later added that the outcome of the poll will be important, and went on to advise them to vote wisely.

A Twitter user by the name Pranay Pathole @PPathole then asked “Would you consider building a new social media platform, @elonmusk? One that would consist an open-source algorithm, one where free speech and adhering to free speech is given top priority, one where propaganda is very minimal. I think that kind of a platform is needed.”

The billionaire responded that he is ‘giving serious thought to this.” Suggesting he is considering creating his own social media platform to encourage diverse people to express themselves without fear of being silenced.

Elon Musk had refused a request to block the Russian state from accessing Starlink Internet, claiming all news media are partially propaganda. The billionaire added that he is a free speech absolutist, therefore, has no plan to block anyone or nation unless at a gunpoint.

He said “Starlink has been told by some governments (not Ukraine) to block Russian news sources. We will not do so unless at gunpoint.”

The 50 years old billionaire is presently worth $256 billion, down from $270.3 billion on December 31. Meaning, that Musk’s total net worth has dropped by $14.3 billion year-to-date.

 

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