Nigeria won the hosting right for the establishment of the Africa Energy Bank (AEB) Headquarters in July 2024, after it competed with Ghana, Algeria, South Africa, and Benin Republic.



The Africa Energy Bank (AEB) is set to launch in the first quarter of 2025, with an initial equity investment of $5 billion from member nations and shareholders.



Following the January 28 operationalization deadline, Nigerian Minister of State for Petroleum Resources Heineken Lokpobiri confirmed at a conference today that the bank will begin operations in the country&#8217;s capital Abuja.



&#8220;The building is ready, and we are only putting finishing touches to it, by the end of this quarter, this bank will take off,&#8221; Lokpobiri reportedly said.



The bank, a joint initiative between African Export-Import Bank (AfreximBank) and the African Petroleum Producers Organization (APPO), aims to support Africa&#8217;s energy transition goals and fund oil and gas projects across the continent.



According to Lokpobiri, the AEB is expected to reach an asset base of $120 billion within the next five years.

Investors Pile Into Longer-Dated Nigerian Bonds to Lock in Rates

New Energy Bank In Q1 2025, Targeting Asset Base Of $120 Billion Within The Next Five Years

<h2 class="wp-block-heading" id="h-topline">Topline</h2>



Meta will drop its fact-checking program and replace it with an X-style community notes feature, the social media giant’s CEO Mark Zuckerberg announced Tuesday, saying the move will help restore “free expression” on the company’s platforms as he attacked governments and legacy media by accusing them of pushing for more censorship.



<h2 class="wp-block-heading" id="h-key-facts">Key Facts</h2>



In a&nbsp;<a href="https://www.facebook.com/zuck/videos/1525382954801931" rel="noreferrer noopener" target="_blank">video posted on Facebook</a>, Zuckerberg said the company is going to get back to its “roots” and focus on “simplifying our policies and restoring free expression on our platforms.”



The Meta CEO then specified that the company would “get rid of fact-checkers” and replace them with “community notes similar to X,” starting first in the U.S.



Zuckerberg said the recent U.S. elections felt like “a cultural tipping point towards, once again, prioritizing speech.”



The billionaire added that the debate about “potential harms from online content” had led to Meta developing “complex systems” to moderate content, which led to “too many mistakes” and “too much censorship.”



Zuckerberg claimed that the fact-checkers implemented by Meta “have been too politically biased and have destroyed more trust than they have created.”



<h2 class="wp-block-heading" id="h-what-are-the-changes-being-implemented-by-meta">What Are The Changes Being Implemented By Meta?</h2>



The company’s new Chief Global Affairs Officer, Joel Kaplan, detailed the changes in a&nbsp;<a href="https://about.fb.com/news/2025/01/meta-more-speech-fewer-mistakes/" rel="noreferrer noopener" target="_blank">blog post, saying</a>: “We’ve seen this approach work on X.” Once operational, Meta won’t write any of the community notes or decide “which ones show up.” The feature will “require agreement between people with a range of perspectives to help prevent biased ratings,” the blog noted. Community Notes will be rolled out in phases over the next few months and will appear on Facebook, Instagram and Threads. Meta will also be loosening its moderation policies and removing restrictions on topics like “immigration, gender identity and gender that are the subject of frequent political discourse and debate.” In his announcement, Zuckerberg claimed these restrictions are “out of touch with mainstream discourse,” and said they had been used as a tool to “shut down opinions,” instead of being more inclusive. The company is also rolling back its efforts to reduce the visibility of political content, saying it wants to replace its “blunt approach” with a “more personalized approach so that people who want to see more political content in their feeds can.” This means political content will be ranked and displayed “like any other content in your feed.”



<h2 class="wp-block-heading" id="h-key-background">Key Background</h2>



Meta’s changes come as Zuckerberg has made several public overtures to mend his and his company’s tense relationship with President-elect Donald Trump. Meta suspended Trump from all its platforms after the Jan. 6 Capitol riots and, which Trump said at the time was “an insult” to Americans who voted for him, and added: “They shouldn’t be allowed to get away with this censoring and silencing, and ultimately, we will win.” While his accounts were eventually&nbsp;<a href="https://about.fb.com/news/2023/01/trump-facebook-instagram-account-suspension/" rel="noreferrer noopener" target="_blank">restored</a>&nbsp;in 2023, Trump and his allies continued to attack Meta and Zuckerberg. Last year, Trump said Meta was a bigger threat than the Chinese social media platform TikTok and&nbsp;<a href="https://www.forbes.com/sites/maryroeloffs/2024/03/11/trump-says-tiktok-ban-could-make-facebook-bigger-slams-meta-as-enemy-of-the-people/">called it</a>&nbsp;“an enemy of the people.” In late November, Zuckerberg&nbsp;<a href="https://www.forbes.com/sites/siladityaray/2024/11/28/zuckerberg-meets-with-trump-at-mar-a-lago-in-bid-to-mend-strained-relationship/">met with Trump</a>&nbsp;at his Mar-A-Lago residence in Florida, a move that was seen as a bid by the Meta CEO to mend the strained ties. At the time, Meta said Zuckerberg was “grateful for the invitation to join President Trump for dinner and…meet with members of his team about the incoming administration.” Trump’s pick for deputy chief of staff for policy Stephen Miller told Fox News Zuckerberg informed Trump that “he wants to support the national renewal of America under Trump’s leadership,” and he sees the president-elect as an “agent of change and…prosperity.”



<h2 class="wp-block-heading" id="h-big-number">Big Number</h2>



$1 million. That is the amount Meta has&nbsp;<a href="https://www.forbes.com/sites/siladityaray/2024/12/12/meta-donates-1-million-to-trumps-inaugural-fund-weeks-after-ceo-zuckerberg-met-president-elect/">donated</a>&nbsp;to Trump’s inaugural fund.



<h2 class="wp-block-heading" id="h-further-reading">Further Reading</h2>



<a href="https://www.forbes.com/sites/siladityaray/2024/12/12/meta-donates-1-million-to-trumps-inaugural-fund-weeks-after-ceo-zuckerberg-met-president-elect/">Meta Donates $1 Million To Trump’s Inaugural Fund Weeks After Mark Zuckerberg Met President-Elect</a>&nbsp;(Forbes)



<a href="https://www.forbes.com/sites/siladityaray/2024/11/28/zuckerberg-meets-with-trump-at-mar-a-lago-in-bid-to-mend-strained-relationship/">Zuckerberg Meets With Trump At Mar-A-Lago After Years Of Strained Ties</a>&nbsp;(Forbes)

Key Speakers At The Meta Connect Event

Meta Ditches Fact-Checks For X-Style Community Notes—Zuckerberg Says It Will Restore ‘Free Expression’

The technology scene on the continent is thriving, producing billion-dollar businesses that are transforming the digital landscape.



The word ‘unicorn’, synonymous with an entity that is &nbsp;rare and legendary, is the ideal way to depict startups valued at over $1 billion. Traditionally associated with Silicon Valley in the U.S., unicorns are now emerging across Africa, driven by rapid mobile adoption, a growing demand for financial services and an unstoppable entrepreneurial spirit.



These companies are pioneering solutions that respond directly to the needs of African markets, but are making waves far beyond the continent’s borders, while simultaneously attracting global investors and pushing the boundaries of what’s possible in the digital economy.



From Nigeria’s tech innovators to Egypt’s fintech pioneers, these African unicorns are transforming industries like banking, e-commerce, and digital payments.



Here’s a look at the businesses that are reshaping the way people and companies engage with technology in Africa and beyond:



Moniepoint – Nigeria’s Newest Unicorn



Fintech company, Moniepoint recently crossed the $1 billion mark after securing $110 million in funding, with Google’s Africa Investment Fund as one of its investors. Initially a banking infrastructure provider, Moniepoint now offers a full suite of digital banking services. It’s revolutionizing access to payments, foreign exchange, and credit, all thanks to Africa’s growing mobile connectivity.



Interswitch – A Pioneer in the Tech Scene



Founded in 2002, Nigeria’s Interswitch paved the way for digital payments in Africa and became one of the continent’s earliest unicorns, in 2019, with a reported valuation at $1 billion. Known for its Verve Card, Interswitch provides interbank transaction services, identity verification, and government infrastructure. The company has honed in on its mission to make financial transactions seamless across Africa.



Flutterwave – Simplifying Global and Local Payments



Flutterwave, founded in 2016, became a game-changer in payment solutions for businesses with its last public valuation at around $3 billion. Focused on simplifying international payments, it now empowers African entrepreneurs through tools like its Flutterwave stores and Disha, a platform for content creators. The company’s mission is simple but powerful: to ensure that’s it’s easier to do business with Africa.



OPay – A Fintech Powerhouse



OPay, founded by Opera and Balder Investment, quickly became a popular name in Nigeria and is valued at over $2 billion. After pivoting from ride-hailing to focus solely on fintech, OPay now offers services like airtime top-ups, microloans, and bill payments to over 18 million users. Its agent network is vast, enabling financial services even in remote areas.



Andela – Shaping Africa’s Tech Talent



Andela’s journey began in 2014 with a bold mission: to train Africa’s brightest developers and connect them with global companies. Today, it’s a talent marketplace, with a last reported valuation of around $1.5 billion, that places experienced engineers with top firms worldwide. Andela has moved from solely filling the global tech talent gap to &nbsp;also proving Africa’s potential on the world stage.



Wave – Senegal’s Mobile Money Innovation



Wave Senegal has reshaped the mobile money market in Francophone Africa, challenging telecom giants with its affordable, user-friendly platform. With lower fees and easy-to-use services, the startup, reportedly valued at over $1.7 billion, has seemingly become indispensable, making financial transactions more accessible for millions of users.



MNT-Halan – A Formidable Fintech Business in Egypt



The $1 billion valued MNT-Halan, as reported online, formed from a merger between ride-hailing and microlending platforms, is a leading force in fintech innovation in Egypt. Focused on loans, digital wallets, and B2B e-commerce, MNT-Halan provides vital financial services for individuals and businesses alike, making financial inclusion a reality.



Chipper Cash – Connecting Africa’s Financial Ecosystem



Chipper Cash, valued at around $2.2 billion, is breaking down financial borders with its cross-border payment services. Boasting over five million users, the app enables easy transfers, bill payments, and even crypto trading across Africa.

Untitled design (5)

The African Tech Unicorns Leading The Way Towards An Innovative Future

<abbr>In</abbr> 1882, John D. Rockefeller, the world’s richest man, created the first full-service single-family office in the U.S. to manage and invest his fortune, said to be $1.4 billion ($31 billion in today’s dollars) at his death in 1937. Fast-forward 142 years, and many members of The Forbes 400 have a family office to help them manage their enormous fortunes.



But so do thousands of other American families who don’t belong to the billionaire class. At their core, family offices are a means to invest, preserve and pass on fortunes—not to build them de novo. They’re both a safety net and status symbol. “People are busy, and they want to know: ‘How are we doing? Is there anything to worry about?’ ” says Mark Rogozinski, president of Family Office Services for Chicago-based Cresset Asset Management.



Family offices are taking off for many reasons, including increasing wealth and aggressive marketing to the ordinary rich. Baby Boomers and their elders also have concerns about passing on their accumulated wealth (in aggregate, some $84 trillion) and have a desire to involve younger generations in philanthropy. On the other side, the family office providers have access to new technology that can better monitor investment performance and share financial data, making it easier for them to expand. The final impetus is tax savings—the 2017 tax overhaul, coupled with a tax court ruling that year involving the Lender family (of bagel fame), mean that investment expenses which are no longer deductible on individual tax returns can often be written off at the family office level.



It’s unclear how many single-family offices now operate in the U.S.—estimates range from 3,000 up to 7,000. But all agree that the number is growing. Deloitte conservatively estimates there will be 3,550 single-family offices in North America in 2025, up 61% from 2019. (For comparison,&nbsp;Forbes&nbsp;counted 880 billionaires in the U.S. and Canada in 2024.)



It still requires at least $100 million in investable assets (and preferably $250 million) for a single-family office to make sense, but those with as little as $25 million, or even $10 million, can find a spot with a multifamily operator if they’re ready to pay for estate, tax and charitable planning and access to alternative investments like derivatives and venture capital.



A single-family office costs a minimum of $1 million annually (and usually more), but multi-family offices run from 0.5% to 2% of assets a year (generally, the bigger the portfolio, the lower the percentage). Sometimes there are transaction and performance fees as well. Concierge services, such as managing a client’s homes and security and travel, may cost extra. The fee structure is often negotiable and bespoke, just like the services. Some multifamily offices charge a fixed fee per year, starting at $50,000 and ranging up to $1 million for full service.



More and more people want (and can afford) such white-glove treatment. The Federal Reserve’s 2022 Survey of Consumer Finances found the richest 1% of Americans (that’s 1.3 million households) had a minimum net worth of&nbsp;<a href="https://fred.stlouisfed.org/series/WFRBL99T999309" rel="noreferrer noopener" target="_blank">$11 million</a>, while the top 0.1% (<a href="https://fred.stlouisfed.org/series/WFRBLTP1310" rel="noreferrer noopener" target="_blank">133,000</a>&nbsp;households) had a net worth of at least&nbsp;<a href="https://fred.stlouisfed.org/series/WFRBLTP1311" rel="noreferrer noopener" target="_blank">$46 million</a>.



The original multifamily offices were born when a single rich family invited in a handful of others to defray costs. Cresset, founded seven years ago in Chicago by two private-equity veterans to manage their own families’ wealth, is one of a new breed of registered investment advisors expanding aggressively into the multifamily business. After merging in June with The Connable Office, a 130-year-old multifamily office, it’s up to $60 billion in assets under management.



One new multifamily player, New York City’s Beatrice Advisors, is the first owned by a Black woman. It was launched in June by Christina Lewis with assets from her own family and those of her rich friends. Her father, Forbes 400 member Reginald Lewis—a Baltimore-born, Harvard-trained deal lawyer—died in 1993 at 50 from an inoperable brain tumor. Christina was just 12 then, and describes her family as being “underadvised” at his death. Beatrice is investing heavily in technology, creating digital dashboards for its clients that display a family’s whole net worth, including their investment portfolio, business assets and even intellectual property. The aim, Lewis says, is “transitioning our knowledge to the client over time, so that the client is in the driver’s seat.”



In contrast to the Lewises, the Lipitz family has had decades to work out its wealth transition. Gene Lipitz, now 58, got into the family office game in 1997. His dad, Roger C. Lipitz, now 82, had sold the company he built—Meridian Healthcare, a chain of 45 nursing homes—for $205 million in 1993. Father and son began collaborating on investments informally, but Roger became increasingly involved in civic and charitable work and suggested they formalize that partnership, with the younger Lipitz taking the investing lead. Gene first hired a multifamily office in 1997 but was dissatisfied. Ultimately, in 1999, after selling his own tax- and risk-management company to Citicorp, Gene decided to create his own office; it now manages investments for three generations with three full-time employees, outsourcing such functions as accounting. The office’s mission statement is revised regularly. Failing to do that, Gene says, is “a great way to lose buy-in from the next generation.”



Even for people with decades of business experience, starting a single-family office can be daunting, beginning with the challenge of hiring qualified staff. That work, too, is often outsourced. Kay Shah, a director in the Family Office Division at StevenDouglas, a national boutique search firm, spends her days recruiting financial pros to serve in family offices, which typically have five to 15 employees, she says.



New cloud-based platforms help professional managers track portfolio holdings and performance across asset classes, but family offices controlled by older generations still tend to lag technologically. Josh Kanter, an attorney and wealth advisor in Salt Lake City, concluded, based on his own experience, that family offices need to become more tech-centric. After his father, famed tax lawyer and trust engineer Burton Kanter (an advisor to the billionaire Pritzker family), died in 2001, Josh took over managing the family’s office. He found keeping all generations up to date on practical details difficult. For example, he says, the family will pay for tuition and health care, but only if certain guidelines are followed. The problem was that there was no single place to find that sort of information, other than sorting through the more than 275,000 files in the family Dropbox or calling him directly to ask.



His solution was to start his own software company, Leafplanner. It acts as an overlay to existing financial software like Addepar, which tracks multiasset portfolio performance, or Arch, which organizes tax documents. Leafplanner can guide family members through the process of getting answers to specific questions on everything from investment decisions to charitable giving. It can be customized for an unlimited number of users, controlling access to what information each can see. Since launching in 2022, Leafplanner has installed the software for 145 other families, Kanter says. As for his own family, he says, they no longer have to ask, “What happens if Josh is the next one to get hit by a bus?”

Group of business people, bank managers, bankers having meeting, discussion on global planning and financial research. Help, advisory, financial services, support and investment strategy concept

Why You No Longer Need To Be A Billionaire To Have Your Own Family Office

Cannes Lions International Festival Of Creativity 2024 – Day Three

The Top 10 Richest People In The World (September 2024)

<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



A Swiss court sentenced four members of the billionaire Hinduja family to up to four-and-a-half years in prison on Friday, after they were found guilty of exploiting household staff at their Lake Geneva home, including&nbsp;<a href="https://www.forbes.com/sites/maryroeloffs/2024/06/17/billionaire-hinduja-family-accused-of-confiscating-staff-passports-forcing-18-hour-work-days/">forcing them to work 18-hour</a>&nbsp;days for low pay, according to&nbsp;<a href="https://www.theguardian.com/world/article/2024/jun/21/british-billionaire-hindujas-sentenced-to-jail-in-swiss-exploitation-case" rel="noreferrer noopener" target="_blank">multiple</a>&nbsp;<a href="https://www.bbc.com/news/articles/c3ggl6pe52eo" rel="noreferrer noopener" target="_blank">reports</a>—though members of the family were acquitted on human trafficking charges.



<h2 class="wp-block-heading" id="h-key-facts">KEY FACTS</h2>



Prakash Hinduja and his wife Kamal were sentenced to four and a half years in prison, while their son Ajay and his wife Namrata received four-year sentences after they were each found guilty of exploitation and illegal employment.



Workers at the Hinduja family’s Lake Geneva home alleged they were paid $8 for an entire 18-hour shift, an amount less than one-tenth required under Swiss law.



The family members faced criminal charges of human trafficking for allegations they illegally brought the household staff in and out of Switzerland after confiscating their passports and prevented them from leaving the Swiss property.



Human trafficking charges against the Hinduja family were dropped after the court&nbsp;<a href="https://apnews.com/article/hinduja-switzerland-geneva-human-trafficking-exploitation-india-b0a40f9872ea096c4722754c1267490b" rel="noreferrer noopener" target="_blank">reportedly</a>&nbsp;ruled the staff partially understood what was happening to them.



Attorneys representing the four family members said they would appeal the court’s decision, according to the&nbsp;<a href="https://www.bbc.com/news/articles/c3ggl6pe52eo" rel="noreferrer noopener" target="_blank">BBC</a>,



<h2 class="wp-block-heading" id="h-forbes-valuation">FORBES VALUATION</h2>



The Hinduja family has an&nbsp;<a href="https://www.forbes.com/profile/hinduja/">estimated net worth</a>&nbsp;of $20 billion as of October, and was ranked 7th on Forbes’ list of&nbsp;<a href="https://www.forbes.com/lists/india-billionaires/">India’s Richest</a>&nbsp;last year. The family controls the Hinduja group, a multinational conglomerate founded in 1914 with interests in shipping, banking and media. Most of the family’s fortune is generated from the group’s investments across sectors like oil, healthcare and real estate, after several decades of trading goods in India. Prakash and Kamal live in Monaco, and the family owns real estate in London—including the Raffles London hotel—and Mumbai.



<h2 class="wp-block-heading" id="h-key-background">KEY BACKGROUND</h2>



Some of the household staff filed civil suits against the Hinduja family, alleging they were exploited while working at the Lake Geneva home. The workers settled with the family earlier this week, though the terms of the agreement were not disclosed. Swiss prosecutor Yves Bertossa <a href="https://www.bloomberg.com/news/articles/2024-06-17/hindujas-spent-more-on-pet-dog-than-they-paid-a-servant-swiss-prosecutor-says" target="_blank" rel="noreferrer noopener">reportedly</a> alleged the family spent more money on their family dog than they did on the workers, whose contracts didn’t specify working hours or days off. The Hinduja family denied the claims, while family attorney Romain Jordan said the Swiss prosecutors had a “fantasized” version of events, according to <a href="https://www.bloomberg.com/news/articles/2024-03-07/hinduja-family-human-trafficking-case-puts-unwelcome-spotlight-on-geneva-elite" target="_blank" rel="noreferrer noopener">Bloomberg</a>.

Opening Day Of The World Economic Forum (WEF) 2017

Billionaire Hinduja Family Members Get 4.5 Years In Swiss Prison For Exploiting House Staff

Billionaire Elon Musk Receives Axel Springer Award

The Top 10 Richest People In The World (January 2024)

Nigeria&#8217;s top seven most profitable publicly-listed companies, including five banks, Dangote Cement, and MTN Nigeria, reported a total profit before tax of ₦1.89 trillion ($2.43 billion) in H1 2023. Bank profits surged due to gains from foreign exchange transactions. UBA led with ₦404 billion ($520 million), a 371% YoY increase. This trend diverges from the global norm, prompting calls for inclusive growth measures to address economic disparities and job losses, particularly in manufacturing.



Five banks, a cement manufacturer (Dangote Cement Plc), and a telecommunications company (MTN Nigeria Communications Plc) are among Nigeria’s seven most profitable publicly-listed companies in the first half of the year, collectively reporting a combined profit before tax of ₦1.89 trillion ($2.43 billion).



The five banks are United Bank for Africa Plc (UBA), Zenith Bank Plc, Guaranty Trust Holding Company (GTCO), FBN Holdings Plc, and Access Holdings Plc. Analysts attribute their profitability primarily to revaluation gains from foreign exchange (FX) swaps and forwards with the Central Bank of Nigeria (CBN).



UBA recorded the highest profit before tax, amounting to ₦404 billion ($520 million), reflecting a 371% increase compared to the ₦85.75 billion ($110.38 million) in H1 2022.



The dominance of banks in the list of most profitable companies in Nigeria contrasts with the global trend, where technology and oil companies typically lead in profitability.



President Bola Tinubu&#8217;s declaration on May 29 to unify exchange rates prompted the Central Bank of Nigeria&#8217;s (CBN) announcement on June 14 of a free-floating system. This transition enabled deposit money banks (DMBs) and foreign exchange market dealers to freely trade forex at market-determined rates, leading to a 40% depreciation of the currency against the dollar in June. Consequently, the official exchange rate increased from ₦463.38/$ to ₦776.8/$ today.



Analysts make a call to action for the government to implement measures that promote inclusive growth, address economic disparities, and ensure the prosperity of all sectors.



Economist Kelvin Emmanuel shedding light on the implications emphasizes to FORBES AFRICA about the stark imbalance in the nation&#8217;s economic landscape.



The profits amassed by these influential banks, according to Emmanuel, underscore a concerning reality – the fragility of Nigeria&#8217;s economic structure. He argues that this financial success primarily tied to FX transactions reveals a system that is skewed, with the banking sector thriving while other crucial segments, particularly manufacturing, face challenges. Job losses in Nigeria’s manufacturing sector has spiked to a three-year high.



Emmanuel asserts that the government must address key issues to rectify this economic disparity. He advocates for a strategic approach to &#8220;decouple inflation as a tool for adjusting the Monetary Policy Rate (MPR).&#8221; According to Emmanuel, this shift is crucial to making credit more affordable for the real sector, enabling increased production capacity.



Furthermore, Emmanuel urges policymakers to focus on stabilizing the FX markets. A stabilized FX environment is deemed essential for providing businesses, especially those in manufacturing, with easy access to raw materials and machinery. This, in turn, is crucial for boosting production and narrowing the gap between the flourishing banking sector and struggling manufacturing companies.



&#8220;It doesn’t speak well about an economy if the banks are doing better than manufacturing companies,&#8221; states Emmanuel, underscoring the need for a comprehensive economic strategy that fosters balanced growth across various sectors.



Moses Adeolubodun, an investor, expresses concern about heavy reliance on FX gains for profit, emphasizing the necessity of diversification for a more sustainable economic foundation.



Adeolubodun tells FORBES AFRICA, &#8220;Banks must guard against overreliance on short-term gains and focus on long-term strategies for sustained growth.&#8221;



He underscores the importance of a diversified economic landscape to mitigate risks linked to dependency on a specific sector.



&#8220;There is a need for policymakers to carefully monitor the impact of monetary policies on the economy and consider measures to ensure stability and resilience.&#8221;



He highlights the importance of a well-balanced and transparent foreign exchange policy to foster investor confidence and economic sustainability.

Banking in Nigeria

Five Banks Among Nigeria’s Top Seven Profitable Companies In First Half, Reporting $2.43 Billion In Collective Profit

<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



Elon Musk, <a href="https://www.forbes.com/profile/elon-musk/?sh=5b8ba5487999">the world’s richest man</a>, grew his net worth by $10.5 billion Wednesday, a 4.2% increase, on the back of an approximately 6% jump in Tesla’s stock, which comprises a vast majority of his wealth—putting his total riches at $260.4 billion.



<h2 class="wp-block-heading">KEY FACTS</h2>



Tesla’s 5.9% increase brought the share price to about $261 for the stock when markets closed Wednesday afternoon.



This comes despite a&nbsp;<a href="https://ir.tesla.com/press-release/tesla-vehicle-production-deliveries-and-date-financial-results-webcast-third-quarter-2023" target="_blank" rel="noreferrer noopener">report</a>&nbsp;released Monday that showed a 7% decline in vehicle deliveries during the third quarter, something the company blamed on factories being temporarily shut down for upgrades.



Still, investors bet on a fourth-quarter rebound with the launch of a revamped Model 3 car in China and the expected launch of the Cybertruck, according to&nbsp;<a href="https://www.investors.com/news/tesla-stock-flashes-buy-signal-leads-sp-500-bulls-shrug-off-bad-news/" target="_blank" rel="noreferrer noopener">Investor’s Business Daily</a>.



<h2 class="wp-block-heading">KEY BACKGROUND</h2>



Musk first&nbsp;<a href="https://www.forbes.com/sites/forbeswealthteam/article/elon-musk/?sh=27503b4726af">jumped</a>&nbsp;into the top spot on&nbsp;Forbes’&nbsp;Billionaires List in September 2021. “I’m sending a giant statue of the digit ‘2’ to Jeffrey B., along with a silver medal,” he told&nbsp;Forbes&nbsp;after&nbsp;<a href="https://www.forbes.com/profile/jeff-bezos/?sh=4ffe328c1b23">overtaking Amazon’s Jeff Bezos</a>—who, with a $149.8 billion estimated net worth, is now No. 3—for the spot. Recently, he and French fashion mogul&nbsp;<a href="https://www.forbes.com/profile/bernard-arnault/?list=rtb/&amp;sh=25a8e88f66fa">Bernard Arnault</a>&nbsp;have been flipping back and forth between the No. 1 and No. 2 spots, though Musk has maintained his spot as No. 1 in recent weeks. Around $170.6 billion of his $260.4 billion net worth comes in the form of Tesla stock. Other significant assets include his 42% stake in SpaceX, which amounts to $60.2 billion, and his acquisition of Twitter in October 2022, which is now worth $8.9 billion (he purchased the social media platform for $44 billion).&nbsp;Forbes&nbsp;estimates he has $5.2 billion in cash and other liquid assets.



<h2 class="wp-block-heading">TANGENT</h2>



Musk has given away a meager fraction of his wealth to charitable causes,&nbsp;Forbes&nbsp;has found.&nbsp;Forbes&nbsp;<a href="https://www.forbes.com/sites/forbeswealthteam/article/elon-musk/?sh=27503b4726af">estimates</a>&nbsp;Musk, who signed the Giving Pledge in 2012, has donated $281 million over his lifetime to charitable causes, which is less than 1% of his net worth as of September 2023. Though, he’s not alone among America’s richest in his lack of philanthropy. Oracle cofounder Larry Ellison, Nvidia cofounder Jensen Huang and 124 others on&nbsp;Forbes’&nbsp;400 list have all given away&nbsp;<a href="https://www.forbes.com/sites/phoebeliu/2023/10/03/the-forbes-philanthropy-score-2023-how-charitable-are-the-richest-americans/?sh=51f3f084eccc">less than 1%</a>&nbsp;of their wealth. Of the 400 richest Americans, only a handful have given away&nbsp;<a href="https://www.forbes.com/sites/phoebeliu/2023/10/03/the-forbes-philanthropy-score-2023-how-charitable-are-the-richest-americans/?sh=51f3f084eccc">more than 20%</a>&nbsp;of their wealth: John Arnold, Edythe Broad, Warren Buffett, Bill Gates, Melinda French Gates, Amos Hostetter Jr., Pierre Omidyar, MacKenzie Scott, Lynn Schusterman, Jeff Skoll and George Soros.



<h2 class="wp-block-heading">FURTHER READING</h2>



<a href="https://www.forbes.com/sites/forbeswealthteam/article/elon-musk/?sh=27503b4726af">Elon Musk’s Road To Riches: Behind The Billions</a> (Forbes)



<a href="https://www.forbes.com/sites/maryroeloffs/2023/10/03/grimes-reportedly-sues-elon-musk-over-parental-rights-to-child/?sh=3131bc3421ed">Grimes Reportedly Sues Elon Musk Over Parental Rights To Child</a>&nbsp;(Forbes)



<a href="https://www.forbes.com/sites/willskipworth/2023/09/12/musk-bio-bombshells-secret-child-techno-mechanicus-and-rocky-romantic-relationships-among-these-explosive-revelations/?sh=4322672b17b4">Musk Bio Bombshells: Secret Child Techno Mechanicus And Rocky Romantic Relationships Among These Explosive Revelations</a>&nbsp;(Forbes)



<a href="https://www.forbes.com/sites/willskipworth/2023/10/02/elon-musk-sued-for-falsely-linking-man-to-neo-nazi-group-and-federal-agency/?sh=3cc354ea7956">Elon Musk Sued For Falsely Linking Man To Neo-Nazi Group—And Federal Agency</a>&nbsp;(Forbes)



<a href="https://www.forbes.com/sites/willskipworth/2023/09/18/elon-musk-says-he-might-put-xtwitter-behind-a-paywall/?sh=639508407209">Elon Musk Says He Might Put X/Twitter Behind A Paywall</a>&nbsp;(Forbes)

Tag: Billion Dollar

FORBES AFRICA SOCIAL MEDIA