Early cryptocurrency believers and investors are now rivaling tech giants in net worth, Changepeng Zhao, the CEO and Founder of Binance, the world’s largest cryptocurrency exchange platform now worth an estimated $96 billion excluding his private cryptocurrency holdings, according to a Bloomberg report released on Sunday.
The world’s most prominent cryptocurrency personality, Zhao is closing in on Mark Zuckerberg, Larry Page and Sergey Brin, three of the world’s leading tech billionaires. At $96 billion, Zhao is richer than Mukesh Ambani, Asia’s richest person and could worth more if private cryptocurrency holdings are factored in.
“Zhao’s fortune could be significantly larger, as the wealth estimate doesn’t take into account his personal crypto holdings, which include Bitcoin and his firm’s own token. The so-called Binance Coin surged roughly 1,300% last year,” the report noted.
Zhao, 44, founded Binance in China before it was banned amid a series of regulatory probes. Presently, the U.S. Department of Justice and Internal Revenue Service are investigating whether Zhao controlled Binance Holdings Ltd., is involved in money laundering and tax evasion.
In 2021, Binance realised about $20 billion in revenue, going by Bloomberg estimates of the company’s trading volume and fees. To put things in perspective, that is triple of what Wall Street experts are projecting that the newly listed Coinbase Global Inc., valued at $50 billion will generate in 2021.
“Coinbase might appear to be the 800-pound gorilla from a U.S. perspective, but Binance is significantly bigger,” said Chris Brendler analyst with DA Davidson & Co.
At a Bloomberg New Economy Forum held in Singapore, Zhao revealed some of the company’s numbers. He said Binance, at some point, has done $170 billion in transactions in 24 hours and on a slow day, does about $40 billion.
The report assumed Zhao’s stake in Binance is about 90 percent. However, Zhao declined to comment and disputed the accuracy of Bloomberg estimates.
Abdulsamad Rabiu Makes N420.5 Billion in a Week After Listing BUA Foods
Billionaire industrialist and philanthropist, Abdulsamadu Isyaku Rabiu has realised N420.5 billion in profit since listing BUA Foods Plc on the Nigerian Exchange Limited (NGX) on Wednesday 5, January 2022.
BUA Foods Plc, an arm of BUA Group of companies, listed 18 billion ordinary shares at N40 a unit. As at the time of listing last week Wednesday, the company’s market capitalisation was N720 billion.
According to the company’s listing memorandum, Abdulsamadu Isyaku Rabiu’s stake in BUA Foods stood at 89.85 percent or 16,172,851,967 shares. Meaning, Mr Rabiu’s shares were worth N646,914,078,680 on January 5, 2022, when the company’s total valuation was N720 billion.
However, exactly a week later on Wednesday, January 12, 2022, the value of a unit share of BUA Foods rose by 65 percent from N40 to N66. This bolstered the market capitalisation of the newly listed company to N1.188 trillion.
While the value of Mr. Rabiu 16,172,851,967 shares or 89.85 percent stake in the company rose from N646,914,078,680 last week to N1,067,408,229,822 on Wednesday 12, January 2022. This represents a gain of N420,494,151,142 or 65 percent in one week.
Forbes estimated Mr. Rabiu to worth $4.5 billion and ranked him as the 574th wealthiest man alive. However, with BUA Foods listing and Mr. Rabiu’s 98 percent stake in BUA Cement with a market capitalisation of N2,319,708,253,110 or $5,616,727,005, using CBN N413 forex exchange rate. Mr. Rabiu’s 98 percent stake in BUA Cement is $5,504,392,465, and using the same CBN rate, his holding in BUA Foods is presently estimated at $2,584,523,559. Meaning, Abdulsamadu Isyaku Rabiu is now worth an estimated $8,088,916,024, making him the second richest man in Nigeria just after Alhaji Aliko Dangote and toppling Mike Adenuga, the founder of Globacom.
The other six shareholders, as of the day of listing, also gained 65 percent each. According to the shareholding structure of BUA Foods, Alhaji Abdulsamadu Isyaku Rabiu (Jnr) held 1,792,096,099 shares or 9.956 percent in the company. CardinalStone Trustees Limited and Kabiru Isyaku Rabiu hold 31,910,000 and 1,101,654 shares or 0.177 percent and 0.006 percent, respectively.
BUA Group Limited, BUA International Limited and BUA Industries Limited owned 971,475 or 0.005 percent, 583,372 or 0.003 percent and 485,433 or 0.003 percent, respectively.
BUA Foods Plc focuses on cultivating, processing, manufacturing, producing, mixing, packing, preserving, extracting, refining, importing, exporting, buying, selling, trading, and dealing in all kinds of foods, consumables, food materials or derivatives as well as raw materials for making all kinds of foods, food products and ingredients for making any kind of foods and consumables.
As at the day of listing, the capacity utilisation of the Company’s business divisions are as follows: Sugar Division 75 percent, Flour Division 84 percent, and Pasta Division 54 percent.
Elon Musk Kickstarts 2022 With $33.8 Billion Gain
The world’s richest man and CEO of Tesla Inc, Elon Musk has already made $33.8 billion this year, according to the latest Bloomberg Billionaire Index.
Musk’s total net worth rose by $33.8 billion to $304 billion on the back of soaring Tesla stock on Monday while Tesla’s total market value jumped by $144 billion.
Elon Musk’s net worth rose with an increase in the value of Tesla stock after the electric-vehicle manufacturer announced that it delivered 308,600 vehicles in the fourth quarter of 2021, beating analysts’ expectations. Tesla produced 305,840 electric vehicles in the fourth quarter, and for the whole of 2021, Tesla delivered 936,172 vehicles, an increase of 87 percent when compared to 2020.
Tesla stock responded positively with price growing by $143 or 14 percent to $1,199.78 a unit to push the company’s market capitalisation to $1.205 trillion.
Presently, Musk holds 177,032,165 Tesla shares, which at the current price is worth $209.478 billion even after selling shares estimated at $16 billion to offset his taxes.
Tesla is now the fifth-most valuable U.S company behind $1.729 trillion Amazon.com Inc and ahead of $943.17 billion Facebook, Meta Platforms Inc.
Emmanuel Rosner of Deutsche Bank and other Tesla bearish analysts have started raising their projections. Rosner adjusted his price target to $1,200 from $1,000, describing Tesla delivery data as impressive.
Ryan Brinkman, lead automotive equity Research analyst at J.P. Morgan, who has been bearish on Tesla stock for years also raised his target by 18 percent to $295 a unit, saying the delivery numbers easily exceeded his projection. Still, his new target is still 75 percent below current levels.
“While our higher price target continues to imply large downside, we continue to believe it is not ungenerous, including that it values Tesla as the world’s most valuable automaker,” edging out Toyota Motor Corp. TM, 8.05 percent, even though Toyota is the world’s largest automaker by unit volume and Tesla ranks 20th.
Africa’s Richest Man, Aliko Dangote Adds $1.54 Billion To His Net Worth In 2021
Data from the Bloomberg billionaires index has revealed that Africa’s richest man, Aliko Dangote added $1.54 billion to his net worth in 2021.
As of December 27, 2021, Aliko Dangote is worth $19.3 billion and ranked 99th on the Bloomberg billionaires index. The Nigerian billionaire’s net worth rose from $17.8 billion recorded on January 1, 2021 to as high as $20.3 billion as of November 9, 2021 before moderating to $19.3 billion on December 27, 2021.
On the 28th of April, Aliko Dangote’s net worth dropped to $16.0 billion, its lowest in the year 2021.
Aliko Dangote’s net worth hits its highest in the year when he added $1.1 billion to his net worth on the 9th of November 2021, to push his net worth to $20.3 billion. However, he has lost $1 billion between the 9th of November to 26th of December, 2021.
Dangote is currently holding $3.34 billion in cash, 6.4 billion in private assets ($100 million in the free zone, $200 million in Lagos real estate, $575 million in OMl 71 and 72, $45.0 million in private plane, $5.15 billion in Fertilizer Plant, and $302 million in companies) 9.5 billion in Public assets ($9.09 billion in Dangote cement equity, $360 million in Dangote Sugar equity, $55.8 million in NASCON Equity, and $288 thousand in UBA equity)
Africa’s richest person controls Dangote Industries, a closely held conglomerate. The Lagos, Nigeria-based company owns sub-Saharan Africa’s biggest cement producer, Dangote Cement.
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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