{"id":5897,"date":"2022-06-11T16:54:52","date_gmt":"2022-06-11T16:54:52","guid":{"rendered":"https:\/\/ugandaupdatenews.com\/?p=5897"},"modified":"2022-06-11T16:55:01","modified_gmt":"2022-06-11T16:55:01","slug":"africas-wealthiest-man-billionaire-aliko-dangote-loses-700-million-in-10-days","status":"publish","type":"post","link":"https:\/\/prowebinhost.com\/anzu\/africas-wealthiest-man-billionaire-aliko-dangote-loses-700-million-in-10-days\/","title":{"rendered":"Africa\u2019s wealthiest man, billionaire Aliko Dangote loses $700 million in 10 days"},"content":{"rendered":"\n

Africa\u2019s richest billionaire Aliko Dangote has seen his net worth plummet in the past 10 days due to a massive sell-off of shares in his cement company Dangote Cement Plc, which resulted in a significant drop in the company\u2019s share price on the Nigerian Exchange.<\/p>\n\n\n\n

According to data obtained – the leading industrialist, who ranked as the 61st richest man in the world according to Bloomberg nearly four weeks ago, is now ranked 70th as a result of the impact of the $700-million net-worth loss that he recorded over the past 10 days.<\/p>\n\n\n\n

Dangote, the world\u2019s only Black billionaire worth more than $15 billion, derives nearly half of his $20.3-billion fortune from Dangote Cement, Africa\u2019s leading cement behemoth, which has a production capacity of 51.55 million tonnes per year across 10 countries.<\/p>\n\n\n\n

Since May 30, exactly 10 days ago, Dangote\u2019s net worth has dropped from $21 billion to $20.3 billion at the time of writing this report, as the market value of his stake in his flagship company Dangote Cement has dropped significantly due to the performance of its shares on the local bourse.<\/p>\n\n\n\n

Profit-booking and portfolio-rotation by local investors have forced the company\u2019s share price to fall from an all-time high of N300 ($0.7226) to N277 ($0.667) at the time of writing this report, resulting in a $700-million drop in Dangote\u2019s net worth.<\/p>\n\n\n\n

Despite the multibillion-dollar decline in his net worth, Dangote remains one of the few African billionaires whose wealth has increased by more than $1 billion this year, with a year-to-date net worth gain of $1.17 billion, according to data retrieved from the Bloomberg Billionaires Index<\/a>.<\/p>\n\n\n\n

With a fortune of $20.3 billion, the leading billionaire remains Africa\u2019s richest man, ahead of South Africa\u2019s richest man, Johann Rupert, who is presently worth $9.75 billion.<\/p>\n","protected":false},"excerpt":{"rendered":"

Africa\u2019s richest billionaire Aliko Dangote has seen his net worth plummet in the past 10 days due to a massive<\/p>\n","protected":false},"author":1,"featured_media":5898,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[24,195],"tags":[],"class_list":["post-5897","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-africa-continental-news"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2022\/06\/dangote.jpg","jetpack-related-posts":[{"id":6631,"url":"https:\/\/prowebinhost.com\/anzu\/aliko-dangote-africas-richest-man-attends-ruto-inauguration\/","url_meta":{"origin":5897,"position":0},"title":"Aliko Dangote, Africa’s richest man, attends Ruto inauguration","author":"UgandaUpdate","date":"September 14, 2022","format":false,"excerpt":"Nigerian billionaire\u00a0Aliko Dangote is among the VIPs attending President-elect\u00a0 William Ruto's inauguration ceremony at\u00a0Kasarani International Stadium today. Mr Dangote, who is also Africa's richest man, was spotted on the dais among the dignitaries and top Kenyan politicians who came to spectate the event.\u00a0 The Nigerian tycoon has previously tried to\u2026","rel":"","context":"In "National News"","block_context":{"text":"National News","link":"https:\/\/prowebinhost.com\/anzu\/category\/national-news\/"},"img":{"alt_text":"","src":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2022\/09\/dangote.jpg","width":350,"height":200,"srcset":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2022\/09\/dangote.jpg 1x, https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2022\/09\/dangote.jpg 1.5x"},"classes":[]},{"id":7737,"url":"https:\/\/prowebinhost.com\/anzu\/the-10-richest-people-in-africa-2022\/","url_meta":{"origin":5897,"position":1},"title":"The 10 richest people in Africa 2022","author":"UgandaUpdate","date":"December 20, 2022","format":false,"excerpt":"Aliko Dangote. $13.9 B. Manufacturing. Johann Rupert & family. $11 B. Fashion & Retail. Nicky Oppenheimer & family. $8.7 B. Metals & Mining. Nassef Sawiris. $8.6 B. Construction & Engineering. Abdulsamad Rabiu. $7 B. Diversified. Mike Adenuga. $6.7 B. Diversified. Issad Rebrab & family. $5.1 B. Food & Beverage. Naguib\u2026","rel":"","context":"In "Africa Continental News"","block_context":{"text":"Africa Continental News","link":"https:\/\/prowebinhost.com\/anzu\/category\/africa-continental-news\/"},"img":{"alt_text":"","src":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2022\/12\/974x548.jpg","width":350,"height":200,"srcset":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2022\/12\/974x548.jpg 1x, https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2022\/12\/974x548.jpg 1.5x, https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2022\/12\/974x548.jpg 2x"},"classes":[]},{"id":7531,"url":"https:\/\/prowebinhost.com\/anzu\/15-richest-women-in-the-world-ranked-by-net-worth\/","url_meta":{"origin":5897,"position":2},"title":"15 Richest Women in the World, Ranked by Net Worth","author":"UgandaUpdate","date":"December 5, 2022","format":false,"excerpt":"Ever wondered who the wealthiest woman in the world is? We often read about Bill Gates, Elon Musk, and others in the\u00a0billionaire\u00a0boys club. But what about the other half of humanity that keeps the world going? Let's find out about the richest women in the world. Women have come a\u2026","rel":"","context":"In "Wealth"","block_context":{"text":"Wealth","link":"https:\/\/prowebinhost.com\/anzu\/category\/wealth\/"},"img":{"alt_text":"","src":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2022\/12\/AA14FXOk.jpg","width":350,"height":200,"srcset":"https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2022\/12\/AA14FXOk.jpg 1x, https:\/\/prowebinhost.com\/anzu\/wp-content\/uploads\/2022\/12\/AA14FXOk.jpg 1.5x"},"classes":[]},{"id":7652,"url":"https:\/\/prowebinhost.com\/anzu\/who-is-bernard-arnault-the-wolf-in-cashmere-who-now-passes-elon-musk-as-worlds-richest-person\/","url_meta":{"origin":5897,"position":3},"title":"Who is Bernard Arnault? 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