Dangote Loses N141bn In 24 Hours

Dangote Loses N141bn In 24 Hours

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Africa’s richest man, Aliko Dangote, on
Monday, lost N141 billion following
intense pressure of global markets as a
result of ripples from the Chinese
economic crisis.
He joins a long list of billionaires
whose fortunes have tumbled over
the past few days.
According to Bloomberg Billionaires
Index, Dangote lost $708.6 million
(N140 billion) as Chinese stocks sank
lower after a rout on August 24 that
the official state news agency,
Xinhua, dubbed ‘Black Monday.’
Dangote gained $79.2m (N15.6bn)
gain fromThursday to Friday last
week, only to lose the same amount
about nine times over.

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The 58-year-old was just one of 197
billionaires who lost billions of
dollars in 24 hours, with only three
of the world’s top 200 billionaires
making gain on ‘Black Monday.’
Wang Jianlin, Asia’s richest man,
and Bill Gates, the world’s richest
man, lost $3.6 billion and $3.2
billion respectively as the worst-hit
billionaires on Monday.
Mark Zuckerberg, Facebook founder,
lost $1.7 billion, placing him behind
Warren Buffet, world number three
billion, who lost $2 billion.
The only three gainers were
Alwaleed al-Saud, a Saudi business
magnate; Tadashi Yanai, founder of
Japanese Fast Retailing; and Petr
Kellner, a Czech businessman. They
gained $169 million, $105.5 million
and and 87.3 million respectively.

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