Elon Musk’s Wealth Surges, Makes $11 Billion in Two Days, Dangote Suffers Loss

Elon Musk’s Wealth Surges, Makes $11 Billion in Two Days, Dangote Suffers Loss

  • Elon Musk Musk’s wealth surged while he stood trial over his infamous 2018 tweet about Tesla
  • The billionaire earned about $10.6 billion in two days as Tesla stock surged
  • He is the first man in history to lose $200 billion from his vast wealth in 2022

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Tesla CEO, Elon Musk’s wealth surged by almost $11 billion since he started facing a civil suit over his tweet.

Bloomberg Billionaire Index reports that the SpaceX CEO’s net worth surged by $10.6 billion to stand at $145.2 billion since he began testifying in court on Friday, January 20, 2023.

Elon Musk, Tesla, Dangote
Tesla CEO, Elon Musk and Aliko Dangote, Dangote Group President Credit: PIUS UTOMI
Source: Getty Images

Musk tweet lands him in court

The latest gain is the largest two-day gain by Musk since November 2022.

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He is being sued by Tesla shareholders after he tweeted he had gotten funding to take the electric car company private at $420 per share in 2018.

However, the deal never took place and investors are suing him for billions of dollars in damages.

Musk defended the tweet in court, saying it was just a joke because he thought he secured funding from Saudi Arabia’s Investment Fund, blaming the Saudi Arabian investor later for backing out of the deal.

According to him, he counted on selling SpaceX shares to take Tesla private when he posted the nefarious tweet.

Musk sets world record

The Twitter CEO’s wealth surge makes up for his loss of $13 billion so far in 2023. He became the first and only person in history to lose $200 billion from their net worth.

Much of the billionaire’s wealth is tied up in Tesla. The car company had a rough 2022 and fell by almost 70 per cent as investors questioned his commitment to the company after he acquired Twitter for $44 billion in October last year.

His wealth has now dipped about $195 billion from about $215 billion, according to Bloomberg.

Musk is currently ranked second on the billionaire index with French luxury merchant, Bernard Arnault ranked the richest man in the world.

There is a $45 billion gap between Musk and Arnault, which analysts believe Musk may close in a few weeks if Tesla continues on its winning trajectory.

Dangote loses

Meanwhile, Nigerian industrialist and Africa’s richest man, Aliko Dangote has slipped from his 80th position in the billionaire’s ranking.

Dangote slipped into 83rd position after losing $66 million in two days.

The Nigerian billionaire has gained $295 million from year-to-date with a net worth of $19 billion.

How Elon Musk made history as first person ever to lose $200 billion in 12 months

Legit.ng reports that Tesla Chief Executive Officer, Elon Musk became the first and only person to both make and lose $200 billion in recorded human history.

He is currently trailing behind French luxury merchant, Bernard Arnault with a personal fortune of $137 billion, according to Bloomberg Billionaire Index.

Many believe that Musk, who recently acquired Twitter for $44 billion, is distracted by the microblogging site.

Source: Legit.ng

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