Friday, April 26, 2024

Dangote Losses $2B In 4 Days

Dangote Losses $2B In 4 Days

🟡 Rose To N15.6B On Monday
🟡 Fell To $13.7B On Friday
🟡 Lost Nearly $2B Within A Week
🟡  Fell From 132nd To 139th Richest Person In The World


By Charles Segun Adegbite

         Africa's richest man, Alhaji Aliko Dangote slumped late Thursday, and got relegated from his 119th rank to 139th richest person in the world, after losing nearly $2Billion of his net worth within this week.

Dangote, the CEO of Dangote Group,  whose net worth according to Forbes Real Time Billionaires ranking on Monday, 22 April, was $15.6Billion and was ranked the 119th richest, lost $806Million at the stock on Monday night. .

His net worth on Tuesday consequently reduced to $14.2Billion and he was relegated from his 119th richest rank in the world to 132nd richest.

He however regained some of his losses at the stock late Tuesday, rising to $15.2Billion on Wednesday, which was still lower than his  Monday's $15.6Billion net worth.

Late Wednesday saw his wealth slumped  as he lost $819Million again, which was an equivalent of 5.39% of his net worth, making Thursday morning a bad day.

This led to huge decline from the $15.2Billion on Tuesday to $14.4Billion net worth on Wednesday. He however still retained his 132th rank among the richest people in the world.

While he has not recovered from the huge loss, things got worse again as Forbes reported Friday that he lost $752Million at the Thursday stock; an equivalent of 5:21% of his net worth.

With this huge loss, the third time in a week, his net worth reduced drastically to $13.7Billion. This is lower than $13.9B, his January net worth.

He consequently fell from the 132 to 139 among the wealthiest people on Earth.

Successful People Magazine research shows that when he lost that $806million on Tuesday and his net worth dropped to $14.2B, he fell to the exact financial status he  was in June last year during which he lost his rank as the richest African in 2023 to the second richest rank in the second half of the year.

Of course, that was his first time of being relegated from the first rank to Africa’s Second richest, after 12 Years of being No. 1 in the continent.

This business magnate experienced huge loss again in that 2023, which reduced his net worth from that $14.2Billion in June to $13.9Billion as of January 22, 2024, through which he thereby became 144th richest in the world.

In spite of that, he bounced back to his former rank as the richest man in Africa this year, because the then richest man also lost fortunes and fell behind him.

However, his net worth which was $13.9Billion on January 22, 2024, increased with some fluctuations to $15.6Billion as of Monday April 22, before he experienced the current great decline this week, which relegated him financially to the present worth.

Dangote is however still far ahead of Johann Ruppert, the second richest person in Africa who, after gaining $159million on Friday at the stock market, was having $10.5B as his net worth, and ranked 207th richest in the world, far below Dangote's 139th rank.

Successful People Magazine analysis of Dangote's wealth history also shows that between 2018 and 2020, this outstanding business mogul had experienced situation worse than this and he came out stronger.


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