Entrepreneur has added $165.5 billion of wealth in past year
He surpassed Amazon’s Bezos, who’s held the spot since 2017
Elon Musk Is the World’s Richest Person
A statement that seemed outlandish one year ago became plausible, then almost inevitable as Tesla Inc.’s share price climbed higher and higher in 2020.
On Thursday it finally happened. The electric-automaker’s shares surged 7.9%, boosting Musk past Amazon.com Inc. founder Jeff Bezos on the Bloomberg Billionaires Index, a ranking of the world’s 500 wealthiest people. Musk is worth $194.8 billion, or $9.5 billion more than Bezos, whose Blue Origin is a rival to Musk’s Space Exploration Technologies Ltd., or SpaceX, in the private space race.
Tesla’s ascent thrusts its brash founder into a role occupied by only a handful of other people in recent decades and underscores the dramatic stock moves that have upended the global wealth rankings of late.
No one has seen a more dramatic shift than Musk. Over the past year the South Africa-born engineer has added more than $165 billion to his fortune in what’s probably the fastest bout of wealth creation in history. Fueling his rise was an unprecedented rally in Tesla’s share price, which surged 743% last year on the back of consistent profits, inclusion in the S&P 500 Index and enthusiasm from Wall Street and retail investors alike. The shares have gained more than 23,900% since its 2010 initial public offering, including a 5-for-1 stock split last year.
The jump in Tesla’s stock price further inflates a valuation light-years apart from other automakers on numerous metrics. Tesla produced just over half-a-million cars last year, a fraction of the output of Ford Motor Co. and General Motors Co.
Its market value of $773.5 billion is bigger than that of Facebook Inc. Larry Ellison’s 2% stake in Tesla alone would be enough to place the Oracle Corp. founder among the world’s 175 richest people (including his Oracle shares he’s ranked 10th).
Musk’s rise is even more astonishing given his dust-ups and gaffes in recent years, typically exacerbated by his spontaneous tweets. In 2018 he agreed to pay a $20 million fine to the Securities and Exchange Commission and step down as chairman of Tesla after tweeting a notion to take the company private at $420 a share, with “funding secured” — something he never did.
On several occasions Musk has bemoaned being “cash poor.” The vast majority of his net worth is tied up in equity of his companies, including Tesla — which pays no dividends — and closely held SpaceX and the Boring Company, a tunneling venture. Yet he’s professed to have little interest in the material trappings of wealth.
He tweeted last year he intended to sell “almost all” his physical possessions and he told German publisher Axel Springer in a December interview that the main purpose of his wealth is to accelerate humanity’s evolution into a spacefaring civilization.
After reports of his new status were published Thursday, Musk tweeted “How strange,” then added “Well, back to work.”
Still, he’s gotten on board with at least one trend among the super-rich. He confirmed last month he’d personally relocated from California to Texas, a state that has gained new popularity among the wealthy for levying zero income tax.
Even with Tesla’s remarkable rise, Bezos would still hold a wide lead over Musk had it not been for his divorce, which saw him transfer a quarter of the family Amazon stake to his ex-wife, MacKenzie Scott, and his philanthropy. He donated shares worth about $680 million in November.
How Nasarawa Speaker Ibrahim Balarabe Abdullahi Returns The Lost Glory In Toto LG
Since returned of democratic rule in 1999 Toto local government has never had it good as it presently taken shape under the present crop of leaderships vowed to bring the needed change to the people of the area.
Toto LG was first created in 1991 under the then military Administrator in Jos, Plateau State before Nasarawa State created out the former Plateau. It shares boundary with the F.C.T in the north, Kogi State to the south and Benue state at the western plank.
The LG is located about 200 kilometers from Lafia, the state capital and comprises of two (2) Development Areas of Umaisha and Gadabuke.
It also has Two (2) State Electoral Constituencies: Toto/Gadabuke and Umaisha/Ugya, in addition 12 electoral wards; which are Toto, Shafan-Kwatto, Shafan-Abakwa, Ugya, Kanyehu, Umaisha, Dausu, Shegye, Katakpha, Garagwa, Buga/Karmo and Gwargwada respectively.
Politically in the past, Toto LG was one of the area in the state that has the highest records of political violence as election in the area greeted by lost of properties and lives.
According to report, the electoral violence in the area has claimed the life of a sitting commissioner in the state late Maimuna Katai making the area to top in the state to loss such personality during election crisis.
The area has produced prominent political office holders both elected and appointed at local, state and national levels.
The recent and to be precised in 2015, the area has produced one of the most prominent political gladiators in the state, the state’s No. 3 citizen, No. One Lawmaker, the Speaker of the State House of Assembly, Ibrahim Balarabe Abdullahi, who is currently serving his second term in office. There is no doubt that the local government has become the cynosure of all eyes.
In the last election of 2019 that produced Gov. Abdullahi A. Sule, going by statistics and percentage, Toto LG was second in the 13 LGAs that has the highest votes that produced the Governor.
The election in the area was adjudged to be most peaceful with high participation a fit attributed to the leadership style of the Speaker who is now the area’s political head.
In this regards, and to consolidate on this fit, the Speaker has made it crystal clear in several fora that for equity, peace, justice and all round representations to manifest and reign supreme in the area, zoning formula MUST be the sine qua non to be adhered to in the choice to chairmanship position.
This idea is with a view to ensuring a most enduring political alliance among the 3 districts of Toto, Umaisha and Gadabuke.
Expectedly, this arrangement has been overwhelmingly accepted by all the major stakeholders in the area, and adjudged as the best developmental approach ever eked out for political progress in the area.
Political analysts generously accepted that this singular political Arithmetic by the Speaker is already changing the political narratives of the people and ushering in enhanced peace, unity, political participation and all round representations.
Some of the stakeholders and elders who already spoke on the matter included Alhaji Suleiman Ubam, a former commissioner in both Plateau and Nasarawa, Alhaji Isa Ibrahim Rubochi, an elder statesman, Alhaji Gambo Yanga, the managing director Dan-Yanga Agro Chemical Nigeria Ltd, Prince Aliyu Sani, the first democratically elected chairman of the area, serving and former House members from the area Hon. Usman Labaran Shafa, Hon. Yusuf Musa Omaki and Hon. Madaki Ada-Goje, as well as Hon. Muhammed Musa Ohinoyi (aka General), who is the longest serving chairman in the area and Mal. Danlami Yanga, a PDP Stalwart in the area who recently joined APC, all described the efforts made by the Speaker as the best political move ever made by any leader and widely accepted by all in the area.
The traditional institutions in the area have also thrown their weights behind the arrangement which will enhance peace that the people has been yarning for over along time.
The people of Toto LG to some extend are now united working for peace and progress of the area, the state and the nation at large as well as enhancing their support for the government of the day under Gov. Abdullahi A. Sule considering the mass defection to the ruling party.
As the Speaker puts it.
“We have no opposition in Toto LG, and we will not allow any body to use politics to divide us, the peace, unity and progress of my people, Toto LG and Nasarawa State remains my top most priority”
Before the just concluded LG APC primaries the Speaker has made it very clear that he has no anointed candidate, thus providing a leveled playing ground for election that ended peacefully and was adjudged as the most peaceful primary election ever held in the history of the people.
Speaker’s political strength in the area is too obvious and glaring giving the people more sense of oneness and direction politically.
No wonder, recently when the speaker is traveling home for Eid el-Kabir celebration the people converged at Dogon Dutse the border town between Toto and Nasarawa LGAs to rolled out their drums to give him a rowdy welcome just as stakeholders and youths passed a vote of confidence on the Speaker for his leadership qualities.
With the APC congresses and the Speaker as the political head in Toto LG the exercise has been overwhelmed by the people with consensus agreed reached peacefully.
The crux of the matter is that Speaker Balarabe Abdullahi political strategy in Toto LG is changing the face of politics thus Bringing enduring peace and high political participation in the area.
Education Development: Nasarawa Assembly passes College of Nursing and Midwifery bill into law.
The Nasarawa State House of Assembly, has passed into law a Bill for a Law for the Establishment of the Nasarawa State College of Nursing and Midwifery, Lafia and for Other Matters Related Thereto.
Rt. Hon Ibrahim Balarabe Abdullahi, the Speaker of the House announced this after Hon Daniel Ogazi, the Deputy Majority Leader moved a motion for the bill to scale third reading during the House proceedings today in Lafia.
Balarabe Abdullahi said that the bill if finally assented to by Gov. Abdullahi Sule would provide a ground for training and continuing education for the existing Nursing and Midwifery manpower.
” The college will train the needed Nursing and Midwifery manpower to the highest standard in the health sector.
” To promote , through teaching, research and other means , the advancement of knowledge and its practical application to the needs of the state.
” To organize from time to time in service vocational courses for serving nurses ,midwives and other relevant medical and health personnel on hospital and patient management, medical, health computer sciences and technology among other benefits,” he said.
He also said that the bill would boost health manpower development in the state if finally assented to by the governor.
The speaker directed the clerk of the House to produce a clean coy of the bill for Gov. Sule’s necessary action.
Earlier, Hon Daniel Ogazi, the Deputy Majority Leader of the House moved a motion for the passage of the bill into third reading.
Hon Luka Iliya Zhekaba, the Deputy Minority Leader of the House seconded the motion.
The House unanimously passed the bill into third reading.
Meanwhile, the House deliberated on report of the House Standing Committee on Works and Transport on a Bill for a Law for the Establishment of the Nasarawa State Infrastructure Maintenance and Haulage Fee and for Other Matters Connected Thereto.
The speaker slated Monday, Aug.9, 2021 for the third reading of the bill after Hon Daniel Ogazi, the Deputy Majority Leader of the House moved a motion for the adoption of the report on the bill which was seconded by Hon Luka Iliya Zhekaba, the Deputy Minority Leader of the House .
Why APC Congress Is Being Delayed In FCT – Hon Zakari Angulu Dobi Revealed
By Sadiq Abubakar, Abuja.
A former house of representatives member, who represented Abuja South federal constituency, Hon Zakari Angulu Dobi, said the conduct of the party’s All Progressives Congress (APC) ward congresses in the territory, was being delayed to enable all the party’s stakeholders to meet in order to unanimously agreed on one position.
Hon Dobi, a founding leader of APC in the FCT, spoke with newsmen shortly after a closed door’s meeting with the chairman of Abaji area council, Alhaji Abdulrahman Ajiya, when he visited him in his office on Monday.
He said until the party’s stakeholders meet to delibrate extensively to ascertain if there are crisis or factions within the party.
” But as it is, our thinking is either to go on with the congresses or wait after the council election, as FCT has a different case compare to other states and the difference is such that we are thinking that we don’t want to go into congresses and create problem for the party,”he said.
He added ” we are also thinking of writing jointly to the national body of the party seeking for a step down of the congresses in FCT, so that after the election, we can now go on with congresses, but that is my personal opinion,” he said.
Global Times Nigeria report that the APC in the FCT was among some states that did not conduct its wards congresses across the six area councils in the territory, which held last Saturday.
News2 years ago
Kwara Gov Seeks Better Care For Fallen Heroes’ Families, Veterans
News1 year ago
Rape: Lady Caught Raping A 4 Year Old Boy In Rivers State
Grassroot1 year ago
Nasarawa: Appoint Isimbabi As Nasarawa SSG, Toto LG Youths Urges Gov Sule, Says Their Huge Electoral Strengths Should Be Consider.
Insecurity1 year ago
Egbira Development Association Nasarawa State Writes Gov Sule Over Banditry In Toto LGA
News2 years ago
Breaking: About 9 Gunmen Invaded Toto Town, Kidnappes Housewife, Husband Whereabout Unknown
News1 year ago
Gov. Bello Appoints New Personal Assistant, Sacks Security Aides
News1 year ago
Gov. Bello To Return All Local Government Administrators As Elected Chairmen
News2 years ago
Unknown Gunmen Attack Kogi Communities, Kill APC Chairman, Chief Imam and 20 Others, Injured Policemen