Elon Musk makes Aliko Dangote’s networth in one day, as Nigerian billionaire loses N105.33bn

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Aliko Dangote fertilizer plant
Aliko Dangote

Elon Musk, the company’s CEO, gained money from the surge in demand for Tesla shares on Tuesday, while Aliko Dangote, a Nigerian cement and sugar businessman, lost some of his wealth.

Value of the automaker appreciated by 9.4 percent at the end of trading hours in the United States. According to estimates from Forbes Billionaire, the growth gave Musk N6.10 trillion ($14.5 billion) in a single day, increasing his net worth to $228.4 billion.

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The closing price of a Tesla share was $711.11 as opposed to $650.28 the day before.

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Dangote wasn’t so lucky, as he lost N105.33 billion ($251 million) on the same day, leading to a -1.78 percent drop in the wealth of the richest man in Africa. Currently, he is worth $13.9 billion.

The increase in Tesla shares follows Musk’s remarks about supply being insufficient despite demand, which the billionaire claimed is being addressed by increasing the production of electric vehicles. Additionally, he had played down the impact of competition on the firm’s revenue share.

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Demand exceeding supply, as stated, indicates an impending increase in Tesla’s earnings, which increased the capital market’s confidence in the company’s potential for future growth.

Although Musk claimed that the company was experiencing supply issues in an interview with Bloomberg on Tuesday at the Qatar Economic Forum, the fact that demand for the vehicles produced at its plants is increasing was more exciting, causing investors to hold onto their stake.

Prospective investors are also purchasing Tesla’s stock in order to participate in the growth and benefit from higher earnings, which could result in a dividend payout increase in the second quarter or into Q3.

Following a sell-off among shareholders in response to the United States’ soaring inflation rate and rising loan interest rates, Tesla’s share price is down 40.73 percent so far this year.

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