In Two Months, Elon Musk Lost three Times the Networth of Dangote, Africa’s Richest Man

In Two Months, Elon Musk Lost three Times the Networth of Dangote, Africa’s Richest Man

  • Elon Musk has seen his wealth plummet in the last two months in 2022 alone after his car company failed to impress investors
  • Musk lost three times the equivalent wealth of Africa's richest man, Aliko Dangote despite soaring prices of Dangote Cement
  • The Tesla car owner has lost about about $35 billion this year alone, while Dangote's wealth stands at $20 billion

Despite Dangote’s wealth as Africa’s richest man, he is nowhere near, Tesla and SpaceX founder, Elon Musk who is far ahead as the world’s richest man.

Elon Musk has lost in the last two months the record amount in dollar equivalent of Aliko Dangote’s net worth three times, due to pressure on Tesla, the most valuable car company in the world.

Elon Musk and Aliko Dangote
Elon Musk and Aliko Dangote
Source: Getty Images

Elon Musk's towering wealth

The electric car manufacturer lost $48.4 billion since the beginning of 2022, Bloomberg's Billionaire Index says.

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Elon Musk’s wealth now stands at $222 billion.

Bloomberg’s index, however, shows that Dangote’s wealth stands at $20 billion, almost trice and more than twice the net worth of world's richest man. Elon Musk.

A Nairametrics report says Elon Musk’s wealth can get him 113 million ounces of gold and 2 billion barrels of crude oil

His car company, Tesla reached an unprecedented high on November 4, 2021, when its owner, Elon Musk’s wealth stood at $340 billion.

According to reports, after he asked his followers on Twitter if he should sell some of his stakes, the stock of the firm went down drastically, shaving off $35 billion from his wealth in one single day. It was an unprecedented loss for him.

A giver and philanthropist

He gave away shares worth $5.7 billion as he completed stocks sales worth more than $16 billion.

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Elon Musk, Jeff Bezos have N7.4 trillion wiped off their assets amid Russia-Ukraine war

His car company, Tesla lost its former $1 trillion market valuation despite producing a record amount of cars last year.

The car company’s fourth-quarter profits came short of impressing investors.

Despite Aliko Dangote’s 11 times record of being Africa’s wealthiest man, according to a Forbes report, Elon Musk has demonstrated that losing almost trice Dangote’s wealth cannot affect his position in the world.

Dangote's status as Africa's richest man under threat has reported that Aliko Dangote, Chairman of Dangote's industries, may lose his title as Africa's richest person by the end of 2022 when Forbes releases its list.

This is because, South African billionaire, Johann Rupert closes in on his wealth level and is expanding so fast, Ripples Nigeria reports.

On Wednesday, 18 February 2022, the South African after trading hours on the floor of the South African Stock Exchange walked home with N58.20 billion ($140 million).


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