Elon Musk, the creator and CEO of Tesla and SpaceX, has seen a massive increase in wealth, surpassing Aliko Dangote, the wealthiest man in Africa, in terms of total estimated wealth. Musk made a staggering $14.5 billion in just 8 trading hours in the United States on Tuesday, June 21, 2022, according to statistics from the Forbes billionaire watch list.
The sum exceeds Dangote’s estimated total wealth, who is currently ranked as the 65th wealthiest person in the world with a net worth of $13.9 billion. The recent increase in the value of Tesla stocks, which have been performing remarkably well on the stock market, can be credited to Musk’s surge in wealth.
In the meantime, Dangote’s fortune has been declining over the past few days. The wealthiest person in Africa dropped almost a billion dollars in the last two days, with a $251 million decline on June 21, 2022 alone. This caused the Nigerian businessman’s fortune to decline by -1.78%.
Bloomberg claims that Dangote’s 86% ownership of publicly traded Dangote Cement, which generated income of N1.38 trillion ($3.4 billion) in 2021, is the main source of his wealth. Dangote also has holdings in packaged foods, fertilizer, oil, sugar, and salt. He also owns stock in United Bank for Africa that is traded openly. He holds direct and indirect ownership interests in the publicly traded companies through Dangote Industries, which also controls privately held companies.