Business, World News

Elon Musk overtakes Mark Zuckerberg on top five social media billionaire list

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Elon Musk has overtaken Facebook founder, Mark Zuckerberg, on the list of the richest social media owners, after his acquisition of the largest share in competing microblogging firm, Twitter.

It was gathered that the top five social media billionaires are worth almost half a trillion dollars, about $465.9 billion to be exact, however, only Musk and Zuckerberg, crossed the $100 billion mark, according to data collated by Ripples Nigeria.

Elon Musk

Zuckerberg started the year on the list of the richest social media owner. However, he fell to the second spot, behind Musk, the wealthiest man on earth, whose networth is $282 billion as of April 7, 2022.

Ripples Nigeria recalls that Musk purchased 9.2% in Twitter, which has a market valuation of $38.45 billion, to add the social media firm to his investment portfolio, which includes automotive business, Tesla, and Space company, SpaceX.

Mark Zuckerberg

Zuckerberg, ranked second, is worth $79.6 billion, drawing his wealth from Facebook, Instagram, WhatsApp, and virtual reality business. The 15th richest man, according to Forbes, is also planning to add digital currency to his portfolio.

Although, Zuckerberg’s firm, now known as Meta Platform (Facebook), is worth $606.86 billion, according to Thursday’s trading, making it the world’s most valuable social network.

Zhang Yiming

The third spot was taken by TikTok founder, Zhang Yiming, who is an Internet entrepreneur from China. The 39-year-old’s total fortune is estimated at $49.5 billion, sitting on the 26th spot.

Yiming’s Bytedance created TikTok in 2015, and it has a market valuation of about $250 billion according to Forbes report in 2021. The billionaire also owns news aggregator, Toutiao.

Ma Huateng

The internet company of Chinese billionaire, Ma Huateng, Tencent Holdings, owns WeChat, China’s largest social media gathering, although the messaging app was created by Allen Zhang.

The 50-year-old businessman is ranked 33rd on Forbes world’s richest, with a networth estimated at $39.7 billion, which he gross from Tencent, carmaker Tesla, streaming service Spotify, and Snapchat.

Pavel Durov

Pavel Durov is the founder of Telegram, and the Russian billionaire is worth $15.1 billion, ranking 130th in the world – thanks to the over 600 million users connecting on the social app.

Durov and Telegram were both based in Russia before he relocated to become a French citizen and based his business in Dubai, following his refusal to share users’ information with Russian secret service.

Lifestyle

Elon Musk, Jeff Bezos, other top five richest persons lose N12.13tn in one day

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The top five richest people in the world lost N12.13 trillion ($29.3 billion) in one day, with Tesla founder, Elon Musk, leading the billionaire pack as the highest loser, but retaining his spot as the wealthiest.

The wealthiest list consist of Musk, Bernard Arnault & family, Jeff Bezos, Bill Gates and Larry Ellison, with the Microsoft founder losing the least according to Forbes Billionaires Index.

Musk, whose wealth is now ranked $264 billion, lost $16.9 billion after trading hours on Thursday, with his fortune declining by 6% after the share value of Tesla depreciated by 6.75%.

The networth of Bernard Arnault dwindled by 2.63%, representing $5.1 billion loss, thanks to the 2.64% dip in the share of his fashion company, LVMH Moet Hennessy Louis Vuitton. Following the fall, Arnaulit’s wealth shrank to $189.9 billion.

Jeff Bezos, who is the third richest person in the world, lost $4 billion after trading yesterday, with his fortune nosediving by 2.09% to settle at $187.1 billion – this followed a 2.42% dip in Amazon’s stock.

Bill Gates’s Microsoft company lost 4.23% of its share price on Thursday, causing the billionaire to lose $1.6 billion of his wealth, representing 1.18% lose of his fortune now estimated at $134.2 billion.

The fifth richest man, Larry Ellison, lost $1.7 billion of his networth which is now around $119.9 billion. The fortune declined by 1.40%, as his software firm, Oracle, losses 0.59% in its share value.

Business

Elon Musk’s Starlink plans to launch in Nigeria, to compete with MTN, Glo, Airtel

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Tesla founder, Elon Musk through SpaceX, is in the process of getting necessary licences to bring Starlink, its satellite-based broadband services to Nigeria; a move that will pit it against network providers like MTN Nigeria, Globacom, Airtel and 9mobile.

Starlink is under SpaceX, an American aerospace manufacturer, which is also owned by Musk.

The company had been in discussion with the Nigerian Communications Commission, NCC virtually for several months.

Having made significant progress in the discussion, the NCC granted SpaceX’s request for a face-to-face discussion to gain better insights on the prospects of its proposal.

Executive Commissioner, Technical Services, NCC, Ubale Maska, said, “As the regulator of a highly dynamic sector in Nigeria, the commission is conscious of the need to ensure that our regulatory actions are anchored on national interest.

“We have listened to your presentation and we will review it vis-à-vis our regulatory direction of ensuring effective and a sustainable telecoms ecosystem where a licensee’s operational model does not dampen healthy competition among other licensees.”

The SpaceX’s team was led by SpaceX’s Starlink Market Access Director for Africa, Ryan Goodnight.

The NCC said it was interested in making necessary regulatory efforts to increase broadband penetration in the country as contained in the Nigerian National Broadband Plan, 2020-2025.

The agency is empowered by Section 70 (2) of the Nigerian Communications Act (NCA), 2003 to regulate the provision and use of all satellite communications services and networks, in whole or in part within Nigeria or on a ship or aircraft registered in Nigeria.

Starlink is an Internet service launched by SpaceX to provide high-speed, low-latency broadband connectivity especially in areas of the globe where Internet is expensive, unreliable, or entirely unavailable.

Starlink satellites are 60 times closer to earth than traditional satellites, hence they are suited to areas where ground infrastructure might be a challenge to ensure that they can deliver high-speed broadband Internet to areas where the infrastructure is missing.

Business

Elon Musk pledges USD100m to best carbon capture inventor

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Tesla and SpaceX chief, Elon Musk, has announced intention to donate $100 million as reward to anyone with the best carbon capture technology.

Elon Musk, who recently overtook Amazon founder Jeff Bezos to become the world’s richest person, made the announcement via his Twitter handle @elonmusk, promising to share more details in the coming week.

He tweeted: “Am donating $100M towards a prize for best carbon capture technology.”

Scientists explain that Carbon capture “is the process of trapping waste carbon dioxide either directly from the air, or just before it gets emitted from factories and power plants.”

With the new pledge from Elon Musk, the world looks away from natural Carbon capture mechanism such as “tree planting” to more sophisticated methods that the multimillion dollar challenge might birth forth.

This USD100 million reward development comes as part of world leaders’ measures and investment to reduce the increasing global carbon dioxide emissions which have soared over the last 100 years, and led to unprecedented global warming and climate change.

Business, World News

Elon Musk is now the richest person in the world, passing Jeff Bezos.

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Elon Musk just became the richest person in the world, with a net worth of more than $185 billion.Thursday’s increase in Tesla’s share price pushed Musk past Jeff Bezos, who had been the richest person since 2017 and is currently worth about $184 billion.Musk’s wealth surge over the past year marks the fastest rise to the top of the rich list in history — and marks a dramatic financial turnaround for the famed entrepreneur.

Elon Musk, CEO of Tesla, stands on the construction site of the Tesla Gigafactory in Grünheide near Berlin, September 3, 2020.

Elon Musk just became the richest person in the world, with a net worth of more than $185 billion.

Thursday’s increase in Tesla’s share price pushed Musk past Jeff Bezos, who had been the richest person since 2017 and is currently worth about $184 billion. Musk’s wealth surge over the past year marks the fastest rise to

Musk started 2020 worth about $27 billion, and was barely in the top 50 richest people.

Tesla’s rocketing share price — which has increased more than nine-fold over the past year — along with his generous pay package have added more than $150 billion to his net worth.

Meanwhile, Amazon’s share price has remained more subdued due to the potential for increased regulation from Washington.

Elon Musk passed Warren Buffett in July to become the seventh richest person. In November, Musk raced past Bill Gates to become the second richest person. Musk has gained more wealth over the past 12 months than Bill Gates’ entire net worth of $132 billion.

Tesla’s shares were recently trading at about $790, up more than 4% in trading Thursday. The company’s market value has grown to $737.6 billion.

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