Africa's richest man Aliko Dangote loses $900m in just 24 hours

Africa's richest man Aliko Dangote loses $900m in just 24 hours

- The new year started with uncertainty as Africa's richest man reportedly lost $900 million

- Dangote, as at December 13, 2020, was worth to $17.8 billion, which further rose in the early weeks of 2021

- The loss, according to a report, has made Dangote drop in the list of billionaires across the world

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It does not seem to be a bright new year yet as Aliko Dangote, Africa's richest man, reportedly lost a total of $900 million within 24 hours, according to a report by Bloomberg.

Converted, it means that the president of the Dangote group lost billions as his company was rated the biggest loser loser at the end of trading on the Nigerian Stock Exchange.

With the loss, Dangote's wealth reportedly fell from $18.4 billion to $17.5 billion on Friday, January 8 as published by the Bloomberg Billionaires Index.

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Africa's richest man Aliko Dangote losses $900m in just 24 hours
Dangote lost $900 million at the end of trading activities at the Nigerian Stock Exchange Source: LinkedIn
Source: Getty Images

However, despite the loss, Dangote still maintained a place among the 500 billionaires across the world and is now number 114 on the list of the wealthiest people in the world.

He was 106th before the loss. He is now the only Nigerian on the list reported by Bloomberg.

Dangote made some further fortunes towards the end of 2020 with his wealth jumping from $15.5 billion on December 13 to $17.8 billion. When the world entered a new year 2021, he further gained $600 million within the first week. previously reported on the list of world's richest people. After several months, Elon Musk of Tesla has finally become the richest man on the planet, displacing Amazon Boss Jeff Bezos.

What made that possible was a 4.8% share price increase of Tesla Inc on Thursday, January 7, which secured Elon’s first place among the world’s 500 richest people, Bloomberg reports.

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As of 10:15am on the day, the co-owner of the electronic car company was worth $188.5 billion as he made a gain of $1.5 billion over the Amazon chief.

Recall that the businessman was projected to soon become the richest person in the world as he trailed Bezos after his nett worth soared to $184.5 billion.

It was gathered that Tesla's stock price jumped 4.9% on Wednesday, January 6, making it possible for Musk to trail Bezos by $3 billion.

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