The current second richest individual saw his wealth valuation rising by $25.1 billion over impressive gains seen in Tesla, the world’s most valuable car company.
Investors are currently increasing their buying pressure on Tesla as they weigh reports that the electric vehicle industry is expected to grow into a $5 trillion market over the next decade, thereby giving the world’s most valuable car company room for more upside.
The most recent price action reveals the red hot share price gained almost 20%, nearly wiping out five straight days of selling.
Sales data released by the ChinesePassenger Car Association also helped buoy Tesla’s share price.
Tesla sold 18,318 Model 3s and Model Ys made at its Shanghai vehicle plant in China, according to CPCA data. (Of that, 13,688 were Model 3s.) Those robust sales came despite a Chinese New Year holiday from February 11th to February 17th that disrupted the business ecosystem in the world’s biggest car market.
The 49-year-old self-made billionaire, Elon Musk currently has a wealth valuation of $174 billion.
Elon Musk’s current wealth could easily buy 101 million troy ounces of gold or 2.60 billion barrels of crude oil (about 8% of Africa’s leading oil producer’s oil reserve).
He currently leads the most valuable car company, Tesla, and also owns SpaceX, which counts the US NASA as its leading customer.
Musk owns about 20% of Tesla, according to a February 2020 regulatory filing. Part of his holdings is used as collateral for personal obligations
The car company is currently worth about $646.5 billion after its share price closed at $673.58 owing to a 19.64% surge in its share price.
Though stock market pundits have begun to accept increasing competition for the fast-rising electric car company amid new entrants gaining some clouts, a significant number of investors have seen a recent drop in the stock’s price as a buying opportunity.
For the long term, Stock experts generally anticipate that a Democratic-controlled U.S Government is bullish for Tesla, on the bias that there would be more pro-renewable investments, at least for the next few years.
There are only 15 black billionaires in the world, here are the top 10
Three of the top ten richest black men in the world are Nigerians who made a huge percentage of their money from the Nigerian market.
Have you ever wondered how many black people in the world have a net worth of 1 billion dollars and above? Well, there are just 15. Black people make up less than 1% of all billionaires in the world according to Visual Capitalist.
According to the latest Forbes list of the world’s billionaires, there are 2,755 billionaires in the world and there are just 15 blacks amongst them. Here is a quick list of who they are and what they do.
Michael Jordan ( $1.6bn )
Michael Jordan is an NBA all-star great who made his fortune by landing lucrative deals with Nike for the world-famous Jordan Sneakers. He also has a couple of other investments but the Nike deal is the elephant in the room.
Kanye West ($1.8bn)
The controversial musician and fashion mogul made the headlines recently for his richest black man in history claim. His biggest business move was a lucrative apparel deal with Adidas which propelled his net worth to $1.8bn. His net worth is expected to grow in the coming years with another lucrative GAP deal in the bag.
Alexander Karp ($2bn)
African American IT Billionaire is the co-founder and CEO of data-mining firm Palantir Technologies, which received early backing from CIA investment arm, In-Q-Tel. His company works for top government bodies which include the CIA and the FBI. He identifies as a White American but his mother is African American making him a mixed race.
Oprah Winfrey ($2.6bn )
Oprah Winfrey is the only woman on the list. She made her fortune hosting a 25-year-old hit show which she successfully turned into a media empire. She also launched her own cable channel where she owns 25.5%. Oprah Winfrey’s strongest asset is her brand which she has built and honed over the years.
Patrice Mosepe ( $3.1bn )
Patrice Motsepe is the richest black man in South Africa and the CEO of African Rainbow Minerals. He was the first black man to become a billionaire on the Forbes list. He bought low-priced mining shaft and made them profitable. He is also a sports investor owning one of South Africa’s top Football Clubs, Mamelodi Sundowns FC.
David Stewart ( $3.7bn )
The IT mogul’s company World Wide Technology is worth over $12bn with big clients like Verizon, Citi bank and the Government. The company provides digital strategy, innovative technology and supply chain solutions to large public and private organizations around the globe.
Abdulsamad Rabiu ($4.8bn)
The Nigerian business Mogul owns a staggering 98.5% of BUA Cement. He is also the Chairman of BUA Group, a Nigerian conglomerate with large investments in cement production, real estate and sugar refining. He seems to be keeping close tabs on Aliko Dangote and recently had a brief squabble with him.
Robert F. Smith ( $5.2bn )
Robert F. Smith is the founder of one of the best performing private equity firms in the world. He founded Vista Equity Partners in 2000 which has over $50bn in assets. The company has perfected the art of investing in software companies that go on to do well. Robert F. Smith however has a little dent in Tax evasion cases with the US Government.
Mike Adenuga ( $6.2bn )
The second richest man in Nigeria is also the second richest black man in the world. The telecommunication and oil mogul is the arrowhead behind two of Nigeria’s foremost Companies Globacom and Conoil. Globacom has 55 million subscribers while Conoil operates 6 oil wells.
Aliko Dangote ( $11.5bn )
The richest black man in Nigeria, Africa and the world makes the majority of his fortune from his cement brand which is the largest in Africa. Alhaji Dangote owns an 85% stake in his publicly-traded company.
He is also into Salt and Sugar manufacturing and is currently building the largest crude oil refinery in Africa.
What you should know
- There are 15 black billionaires in the world and we just highlighted the top 10.
- Out of the 2,755 billionaires in the world, only 15 are black.
- The first, second and the fourth richest men are all Nigerians and they made a huge percentage of their money from the Nigerian market.
TikTok’s parent company, Bytedance now more valuable than Coca Cola and Exxon Mobil
A company founded 9 years ago is currently more valuable than a transgenerational business like Coca Cola and Exxon Mobil.
TikTok’s parent company, ByteDance which was founded in 2012 is now more valuable than the world’s biggest soda brand Coca Cola and energy giants, Exxon Mobil.
ByteDance was founded by Zhang Yiming in 2012 and he went on to launch TikTok, a video sharing application in 2016. Tiktok immediately became a hit on the internet. In less than two years of its launch, it became the most downloaded app in the world according to Forbes.
With over 500m active monthly users, TikTok quickly gained the attention of big venture capitalist firms who invested more in it.
ByteDance was founded in 2012 and is currently more valuable than a company founded in 1892 (Coca Cola) and (1999) Exxon Mobil.
Difference in valuation
According to Bloomberg, ByteDance is currently trading at a valuation of more than $250 billion in the secondary market. The number is set to go up with some investors pegging the valuation at $350 billion.
What you should know
- The above story paints a clear picture of the power of the internet age. A company founded 9 years ago is currently more valuable than a transgenerational business like Coca Cola and Exxon Mobil.
- According to Investopedia a valuation is the analytical process of determining the current (or projected) worth of an asset or a company. An analyst placing a value on a company looks at the business’ management, the composition of its capital structure, the prospect of future earnings, and the market value of its assets.
Nairametrics | Company Earnings
Access our Live Feed portal for the latest company earnings as they drop.
- NASCON Allied Industries Plc posts profit after tax of N723.2 million in Q1 2021.
- LivingTrust Mortgage Bank grows profit after tax by over 260% to N100.6 million in Q1 2021.
- Stanbic IBTC profit plunges by over 45% to N11.3 billion in Q1 2021.
- Nigerian Breweries Plc grows profit by 39% to N7.7 billion in Q1 2021.
- Trans Nationwide Express Plc profit after tax slumps by over 95% in Q1 2021