Stakes held by Aliko Dangote – the founder of Africa’s most diversified manufacturing conglomerate, Dangote Industries Limited – in Dangote Sugar Refinery Plc (DSR) has added about N90 billion to his wealth in a year.
The billionaire whose wealth peaked at $18.4 billion this year, is the single majority shareholder of his integrated sugar business, considering his direct and indirect stakes in Dangote Sugar, which amount to total holdings of 8,775,541,295 issued shares of the company.
His stakes in DSR represent a total of 72.3% issued ordinary shares of Dangote Sugar Refinery.
In just a year, Dangote’s 8.78 billion shares in his integrated sugar business have gained N67.6 billion in market value, driven by the N7.65 per share increase (77.66%) in the share price of Dangote Sugar – leading to a market value gain of N67.1 billion in his stakes.
As the shares of his sugar enterprise surged from N9.85 on March 16, 2020, to N17.50 at the close of the stock market this afternoon – 16th of March 2o21.
During this period, he received a dividend payment of N1.10 per share on the 9th of July 2020, as a final dividend paid by his sugar business for the year ended 31st December 2019 – with the total dividend received by the Billionaire in excess of N9.6 billion.
In like manner this year, Africa’s richest billionaire is on course to earn a whopping N13.2 billion from the stakes in his integrated sugar business.
In case you missed it
- Recall that the Board of Directors of Dangote Sugar Refinery Plc proposed a final dividend of N1.5 per share to its shareholders for the financial year 2020.
In line with this, the total wealth gained by Aliko Dangote from his stakes in Dangote Sugar is N89.9 billion (approx. N90 billion).
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.
Squarespace founder is the latest billionaire, set to make $3bn from listing his company
The latest valuation of Squarespace sets Casalena up for a fresh $3billion, making him the latest billionaire in the market.
What is Squarespace?
Squarespace is a platform that helps small businesses and individuals build customized websites and online stores for e-commerce. It is also a hosting company which is based in New York City, United States. It provides software as a service for website building and hosting, and allows users to use pre-built website templates and drag-and-drop elements to create and modify webpages.
Who founded Squarespace?
Squarespace was founded by 38-year-old Anthony Casalena seventeen years ago. The platform was founded in his dorm room at the University of Maryland. For many years, he was the only one running the platform. He launched the platform with a $30,000 seed fund and grants from his university and the platform reached a $1m valuation in 2006.
Squarespace latest valuation and growth
Last month, Squarespace raised a whopping $300m from investors who valued the company at $10bn. The successful outing prompted the decision by the Founder to go public.
The company has grown tremendously since its inception in 2003. The number of subscribers increased nearly 23% in 2020, to 3.7 million users. The company also made a revenue of $620 million which was a 28% increase from the previous year according to Forbes.
Squarespace employees have grown from just the Founder to 1200 employees across the United States and Ireland.
Anthony Casalena’s new net worth
Following the latest valuation of his company at $10bn, Anthony Casalena is set to become a billionaire. According to Forbes Squarespace’s SEC filings revealed that he has a 33% stake in the company.
The latest valuation of his company sets him up for a fresh $3bn making him the latest billionaire in the market.
What you should know
Squarespace is listing its company in the market using direct listing. A direct listing is a process by which a company can go public by selling existing shares instead of offering new ones.
Nairametrics | Company Earnings
Access our Live Feed portal for the latest company earnings as they drop.
- Sovereign Trust Insurance Plc notifies stakeholders of 26th Annual General Meeting.
- Dangote Cement Plc to hold AGM on May 26th
- Linkage Assurance Plc proposes N500million as final dividend for 2020, and a bonus issue on its existing shares.
- VFD Group set to raise additional capital of N9.01 billion through rights issue and private placement.
- GT Bank records a 9% dip in profit to N45.55 billion in Q1 2021.