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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.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Billionaire Watch

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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It Is Official, UK Sanctions Abramovich, Freezes Assets

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Roman Abramovich

In response to Russia’s invasion of Ukraine, the United Kingdom has seized all assets of Chelsea FC owner, Roman Abramovich.

This is part of the sanctions imposed on him and six other oligarchs by the country. Apart from freezing his assets, the UK government also imposed on him, a prohibition on transactions with UK individuals and businesses, as well as a travel ban.

He was sanctioned over links with Russia’s president, Vladimir Putin. The updated UK sanctions list said Mr. Abramovich has had a “close relationship for decades” with Putin, which the football club owner had previously denied.

Following the sanctions, Abramovich’s earlier planned sale of his football club Chelsea has now been put on hold. The UK government has also granted Chelsea a special license to allow fixtures to be fulfilled, staff to be paid and existing ticket holders to attend matches.

However, all the club’s teams are banned from offering new contracts to players or staff, conducting any official transfer business, including women’s team, selling new tickets to any game for any of their teams – including women and junior sides, as well as selling merchandise to fans.

Former Chelsea manager, Antonio Conte, while reacting to this news, told Mirror.uk: “Honestly I have just listened to this situation. This morning we had a training session. Honestly, it’s a pity, also because I was a coach in this club, in Chelsea, I enjoyed two seasons. Also, I won two titles, I worked in this club. It’s a pity to listen to this situation, it’s not simple for the players, it’s not simple for Thomas Tuchel, for the fans, for the whole environment, Chelsea environment.

“Honestly, I hope that in general, that this situation between Russia and Ukraine is going to finish, and to find a peace, because it’s too much important”.

Investors King had earlier reported that Abramovich was banned from living in Britain. In a report by The Sun UK, senior security sources revealed that Abramovich, who owns a £125million mansion near Kensington is unlikely to ever be allowed to live in Britain again, as immigration officials have been instructed on this.

He was also alleged to have business connections to Russian President Vladimir Putin, even though he denied the allegation.

According to Forbes, Abramovich’s net worth was US$12.9 billion in 2019, making him the second-richest person in Israel, the eleventh-richest in Russia and the richest person in Portugal (accounting for his citizenship in each).

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