Business
Elon Musk Becomes First Person Worth $800 Billion
Elon Musk becomes the first person ever worth $800 billion after SpaceX acquires xAI in a $1.25 trillion merger, widening the global wealth gap
Elon Musk has set a new world record, becoming the first person in history to surpass $800 billion in net worth, following the merger of SpaceX and his AI and social media company xAI.
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According to Forbes, Musk’s fortune jumped to $852 billion, an increase of $84 billion, after SpaceX acquired xAI in a deal valuing the combined company at $1.25 trillion.
Before the merger, Musk owned 42% of SpaceX (worth $336 billion) and 49% of xAI (valued at $122 billion).
After the consolidation, he now holds a 43% stake in the $1.25 trillion entity, estimated at $542 billion. SpaceX remains his most valuable asset.
Musk also owns 12% of Tesla, worth $178 billion, alongside $124 billion in stock options, not including a shareholder-approved pay package that could potentially add $1 trillion if Tesla meets its growth targets.
This is Musk’s second major merger in less than a year. Last March, xAI merged with X (formerly Twitter), raising scrutiny over valuations.
The current merger consolidates his AI, space, and social media ventures under SpaceX, which is planning a public IPO later this year.
Musk Widens Lead Over Global Billionaires
With this milestone, Musk has opened an unprecedented gap between himself and other billionaires worldwide. Forbes’ latest ranking of the world’s richest people shows:
- Elon Musk: $852.5B
- Larry Page: $277.9B
- Sergey Brin: $256.3B
- Jeff Bezos: $249.3B
- Mark Zuckerberg: $237B
Nigerian Billionaires’ Standings
Africa’s richest man, Aliko Dangote, now ranks 86th globally with a net worth of $26.3 billion, built mainly on cement and sugar businesses. Other Nigerians on the list include:
- Abdulsamad Rabiu: $10B (Global rank 320)
- Mike Adenuga: $6.4B (Global rank 616)
- Femi Otedola: $1.6B (Global rank 2,296)
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Recently, Femi Otedola sold his controlling stake in Geregu Power Plc in a ₦1.088 trillion ($750 million) transaction, transferring control to MA’AM Energy Ltd, an Abuja-based integrated energy company.
Business
ISAT Group Rebrands, Partners Afro Mobile to Launch High-Speed Broadband Services in Nigeria by Q3 2026
New identity signals bold expansion as landmark investment accelerates affordable, high-speed connectivity for millions of Nigerians.
Nigeria’s digital economy is set for a major boost as ISAT Group unveiled a new corporate identity and announced a strategic alliance with Afro Mobile, ahead of its Q3 2026 commercial launch.
The partnership is underpinned by Afro Mobile’s acquisition of a 40% equity stake in ISAT Group and a US$3 billion financing package structured by Equiline Finance, positioning the alliance among the largest indigenous broadband investment initiatives in Nigeria’s telecommunications sector.
The rebranding marks ISAT Group’s evolution into a next-generation digital connectivity company focused on broadband, satellite communications and enterprise solutions. Together, the partners will expand affordable, high-speed internet access to homes, businesses, government institutions and underserved communities nationwide.
ISAT Group Chief Executive Officer, Dr. Adeyanju Binuyo, described the development as a transformational milestone.
“Our vision extends beyond connectivity. We are building the digital infrastructure that will power businesses, connect communities, stimulate innovation and accelerate Nigeria’s digital economy. This partnership demonstrates our commitment to making world-class broadband accessible to every Nigerian.”
Group Chairman, Mr. Ganiyou AFOLABI Moustapha, said the alliance reflects ISAT Group’s long-term confidence in Nigeria’s future.
“This investment is a strong vote of confidence in Nigeria’s digital economy. Together with Afro Mobile, we are building a resilient indigenous broadband platform that will create jobs, drive innovation and support inclusive national development.”
With operations commencing in Q3 2026, ISAT Group and Afro Mobile are poised to emerge as a leading indigenous broadband provider, delivering next-generation connectivity that will help bridge Nigeria’s digital divide and power the country’s next phase of economic growth.
Business
UBA Foundation Drives Environmental Awareness with Tree Planting in Lagos Schools for WED 2026
UBA Foundation tree planting initiative marks World Environment Day 2026 with sustainability drive across Lagos schools to promote climate action
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