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Billionaire Watch
This is how our favourite billionaires spend their weekend
We take you through a quick overview of how some of Nigeria’s wealthiest individuals spend their weekend.
Ever wondered what a typical weekend is like for a billionaire? After a busy week filled with board meetings and taking important decisions, one would think that these moneybags reserve the weekend exclusively for the purpose of unwinding. Interestingly, this is not always the case. Using this past weekend as basis, we now take you through a quick overview of how some of Nigeria’s wealthiest individuals spend their weekend.
Africa’s wealthiest man, Aliko Dangote, was in New York discussing with Bill Gates at the United Nations 74th General Assembly on ways to leverage partnerships towards the actualisation of the Universal Development Goals, SDGs. In the course of the discussion, Dangote disclosed that one of his companies – Dangote Sugar Refineries Plc – is the first African company to introduce vitamins fortifications into sugar for the sake of children’s nutrition. This was made possible by partnerships with the likes of UNICEF and the Standard Organisation of Nigeria.
[READ MORE: Nigerian billionaire Dangote shows off dancing skills]
Another billionaire that had an eventful weekend was Femi Otedola, Aliko Dangote’s good friend. According to information he shared on Instagram, the man was all over the place, literally. He went from Lagos to Monaco and then called at Paris before heading to Manhattan, New York where he had a nice Sunday.
Earlier on, the former Forte Oil Chairman had attended an event organised by The Africa Center. The event hosted various global business leaders such as Aliko Dangote and Bill Gates, as well as entertainers and thought leaders.
[READ ALSO: Femi Otedola is having a Gelato experience with his billionaire friends]
Otedola also revealed over the weekend that he is writing a book on business lessons. Apparently, the book is in its finishing stages and from the picture he shared, two prominent Nigerian journalists are helping out with finishing touches. Now, be rest assured that Nairametrics will be among the first people to lay hands on this book, read it up, and then discuss it on here.
Billionaire Watch
Top 5 billionaires lost $8 billion in a day
The top 5 billionaires, as a group did not do well at the last trading session of the week amid an era showing the U.S dollar rebounded.
The top 5 billionaires on planet earth had an unimpressive showing at the most recent trading session.
The top 5 billionaires most recent daily loss stood at $7.754 billion
Elon Musk
The world’s richest person printed the highest wealth loss for the day as Elon’s wealth dropped by $4.28 billion. His wealth is now estimated to be worth $197 billion.
Tesla suffered significant losses at Friday’s trading session, on recent reports revealing its Model 3 is now only the fourth-best selling pure electric vehicle (EV) in Europe.
READ: Elon Musk’s wealth jumps in 2021, more than top 5 billionaires combined
Investors got alarmed that Tesla got outpaced by Renault and Volkswagen in an important car market like Europe.
- Elon Musk, who a few weeks ago, surpassed Jeff Bezos to become the world’s richest person, is now the first person in modern history to ever surpass a wealth valuation of over $200 billion.
- However, for the long term, Stock experts anticipate that a Democratic-controlled U.S Senate is bullish for Tesla, on the bias that there would be more pro-renewable investments, at least for the next few years.
Jeff Bezos
Jeff Bezos, the current CEO, and founder of Amazon is presently valued at about $182 billion, printing a wealth drop of $1.26 billion for the day.
- Investors went short on the trillion-dollar valued company at its most recent trading session, taking into consideration that the tech company had become too powerful, particularly when Amazon dropped Parler, a social network that gained President Trump’s die-hard supporters after Twitter suspended his account.
READ: 5 habits of Nigeria’s business billionaires you should emulate
Bill Gates
In the third position is another popular tech genius, Bill Gates, the founder of the most valuable software company, Microsoft.
For many years, Gates had been the world’s richest man. He now has a wealth fortune of $132 billion, as recent data revealed it dropped by $814 million for the day.
READ: World richest man, Jeff Bezos holds 5% of his wealth in cash
Bernard Arnault
Europe’s top entrepreneur and French celebrated fashion icon, Bernard Arnault, is fourth on the list with a fortune now estimated to be around $109 billion, with its most recent drop by $3.55 billion.
- He is the only billionaire on the top 5 that isn’t from the tech ecosystem.
- Most of his wealth comes from his controlling stake of LVMH, controlled through his holding known as Christian Dior.
READ: Billionaires worth over $100 billion made $270 billion in 2020
Mark Zuckerberg
Facebook’s founder, Mark Zuckerberg is fifth on the list, with a fortune estimated to now be valued at $95 billion, on the account, he was the only billionaire in the top 5 list that had a wealth gain for the day.
- His most recent wealth daily gain stood at $2.15 billion amid an era of reports revealing global investors are weighing significantly on Facebook amid antitrust and privacy concerns.
READ: Facebook founder, Mark Zuckerberg, worth $104 billion keeps $2.3 billion in cash
Bottom line
The top 5 billionaires, as a group, infamously did not do well at the last trading session of the week amid an era showing the U.S dollar rebounded strongly.
Growing concerns that the leading global technology brands have grown too powerful has led some investors to trim their bullish bets cumulatively on the top 5 billionaires’ businesses.
Billionaire Watch
Elon Musk’s wealth jumps in 2021, more than top 5 billionaires combined
Elon Musk has made more gains in 2021 than Jeff Bezos, Bill Gates, Bernard Arnault, Mark Zuckerberg, and Warren Buffet combined.
Stock holdings of Tesla recorded impressive gains on the NASDAQ and it is looking good for Tesla Founder and Chief Executive Officer, Elon Musk, whose fortune has gained $31.6 billion in 2021 alone.
What you should know
Elon Musk, now worth $201 billion, has made more gains in 2021 than Jeff Bezos, Bill Gates, Bernard Arnault, Mark Zuckerberg, and Warren Buffet combined.
READ: Nigeria’s GDP growth to rebound between 1.7% and 2.0% in 2021 – United Capital report
- This takes to account that Jeff Bezos is down by $6.86 billion, Bill Gates’s wealth has grown by only about $712 million, and Bernard Arnault – a french-born billionaire’s wealth is down by $2.25 billion in 2021.
- Facebook’s Founder, Mark Zuckerberg has lost about $10 billion in value this year alone, as investors have reduced their stake in Facebook on privacy concerns and Warren Buffet printed a wealth gain of $1.25 billion.
- Elon Musk, who a few weeks ago, surpassed Jeff Bezos to become the world’s richest person, is now the first person in modern history to ever surpass a wealth valuation of over $200 billion.
READ: Why You Should Not Invest Like Warren Buffet
Specifically, the world’s celebrated engineer and philanthropist had led the revolution of electric cars which is showing great potential to replace fossil-based combustion engine-driven vehicles.
- Electric-car maker, Tesla Inc’s share settled at $845 after the close of its most recent trading session.
- Now worth $801 billion, Tesla has increased the concentration of heavyweight companies within the S&P 500.
READ: Tips that will help you win in business – Amazon Founder
Today, Tesla builds not only all-electric vehicles, but also infinitely scalable clean energy generation and storage products. Tesla believes that the faster the world stops relying on fossil fuels and moves towards a zero-emission future, the better.
Musk’s wealth gain is largely attributed to Tesla, the electric car automaker, which has gained about 700% in 2020 and has become by far the world’s most valuable automaker in the world, despite producing far less than Volkswagen, Toyota, or General Motors.
READ: Tesla’s market value bigger than any African country
What to expect
Stock experts anticipate that a Democratic-controlled U.S Senate is bullish for Tesla, on the bias that there would be more pro-renewable investments, at least for the next few years.
Tesla has gained more than 23,900% since its 2010 initial public offering, including a 5-for-1 stock split in 2020.
Billionaire Watch
Aliko Dangote’s net worth falls by $840 million
The net worth of Africa’s richest man declined by $840 million as the share price of his flagship company, Dangote Cement Plc drops.
Aliko Dangote, Africa’s richest man and the founder of Africa’s manufacturing conglomerate, Dangote Group Plc, saw his net worth fall by $840 million to $17.5billion between January 7 and 8.
This is according to the information obtained by Nairametrics from Bloomberg’s billionaire tracker.
READ: Facebook founder, Mark Zuckerberg, worth $104 billion keeps $2.3 billion in cash
The decline in Dangote’s net worth can be attributed to decline in the share price of his flagship company, Dangote Cement Plc (DCP), as the market capitalization of the company lost N339 billion on the Nigerian Stock Exchange (NSE), following the completion of the first tranche of the Cement behemoth’s share buyback programme.
READ: World richest man, Jeff Bezos holds 5% of his wealth in cash
It is important to know that majority of Dangote’s fortune is derived from his 86% stake in the publicly-traded Dangote Cement, as the billionaire holds the shares of the company directly and through his conglomerate, Dangote Industries.
READ: Elon Musk posts best annual wealth gain ever, makes $140 billion in 2020
What you should know
- Nairametrics reported on Friday, 8th January 2021, that the Shares of Dangote Cement Plc lost N339 billion, following the completion of the first tranche of the Cement behemoth’s share buyback programme.
- The report revealed that the market capitalization of the company, in just a week, declined from N4,173,220,263,484.50 at the open of trade on Monday 4th of January to N3,834,114,166,125.00 at the close of trade today the 8th of January 2021.
- This development comes a week after the company successfully completed the first tranche under the Share Buy-Back Programme, as the company bought back 40,200,000 DCP shares in the open market between 30th and 31st December. The unit bought represents 0.24% of the entire current issued shares of 17,040,507,404 ordinary shares.
