Elon Musk’s Wealth Jumps In 2021, More Than Top Five Billionaires Combined

Elon Musk, now worth $201 billion, has made more gains in 2021 than Jeff Bezos, Bill Gates, Bernard Arnault, Mark Zuckerberg, and Warren Buffet combined.

This takes to account that Jeff Bezos is down by $6.86 billion, Bill Gates’s wealth has grown by only about $712 million, and Bernard Arnault – a french-born billionaire’s wealth is down by $2.25 billion in 2021.
Facebook’s Founder, Mark Zuckerberg has lost about $10 billion in value this year alone, as investors have reduced their stake in Facebook on privacy concerns and Warren Buffet printed a wealth gain of $1.25 billion.

Elon Musk, who a few weeks ago, surpassed Jeff Bezos to become the world’s richest person, is now the first person in modern history to ever surpass a wealth valuation of over $200 billion.

Elon Musk is now the richest Person in the world, passing Jeff Bezos

Elon Musk just became the richest person in the world, with a net worth of more than $185 billion.

Thursday’s increase in Tesla’s share price pushed Musk past Jeff Bezos, who had been the richest person since 2017 and is currently worth about $184 billion. Musk’s wealth surge over the past year marks the fastest rise to the top of the rich list in history — and marks a dramatic financial turnaround for the famed entrepreneur who just 18 months ago was in the headlines for Tesla’s rapid cash burn and his personal leverage against Tesla’s stock.

Musk started 2020 worth about $27 billion, and was barely in the top 50 richest people.

Tesla’s rocketing share price — which has increased more than nine-fold over the past year — along with his generous pay package have added more than $150 billion to his net worth.

Meanwhile, Amazon’s share price has remained more subdued due to the potential for increased regulation from Washington.

Elon Musk passed Warren Buffett in July to become the seventh richest person. In November, Musk raced past Bill Gates to become the second richest person. Musk has gained more wealth over the past 12 months than Bill Gates’ entire net worth of $132 billion.

Tesla’s shares were recently trading at about $790, up more than 4% in trading Thursday. The company’s market value has grown to $737.6 billion.

FG Hikes Electricity Tariff Again

The Nigerian Electricity Regulatory Commission, NERC, has approved over 50 per cent hike in electricity tariff payable by customers of the 11 Distribution Companies, DisCos.

This is coming just two months after it finally implemented a much opposed hike in November 2020.

According to a revised Multi Year Tariff Order (MYTO) signed by the new Chairman of NERC, Engr. Sanusi Garba, on December 30, 2020, and sighted Tuesday, the new tariff increase took effect on January 1, 2021, and supersedes the previous Order NERC/2028/2020.

In the new Order NERC/225/2020, the commission said it considered the 14.9% inflation rate rise in November 2020, foreign exchange of N379.4/$1 as of December 29, 2020, available generation capacity, US inflation rate of 1.22% and the Capital Expenditure (CAPEX) of the power firms to raise the tariff.

The revised Service Based Tariff (SBT) also saw increase in the rates payable by all classes of electricity users unlike the one of November 2020, that exempted low power getters.

This is effective till June 2021 while a Cost Reflective Tariff (CRT) expected to raise the new cost higher will be activated from June to December 2021, the NERC Order revealed.

In December, 2020, NERC notified that it had begun a review for another tariff, which has been completed and had taken effect from January 1, 2021.

NERC had raised tariff for the DisCos in September but that drew outrages from customers and the organised labour, prompting the federal government to suspend it while parties dialogued.

By November 1, 2020, the suspended tariff was implemented after some discounts were given for customers who get 12 hours and above power supply daily.

However, those with less than 12 hour supply did not get a tariff hike, according to the NERC order of November 2020.

 

Nigeria spends N1.99tn on debt servicing in nine months

Nigeria spent almost N2tn on debt servicing payments from January to September 2020, the latest data obtained from the Debt Management Office have shown.

The DMO had on Thursday disclosed that the nation’s total public debt stock rose by N1.21tn in the third quarter of last year to N32.22tn amid revenue shortfalls.

The debt stock is made up of the domestic and external debt stocks of the Federal Government of Nigeria, the 36 state governments and the Federal Capital Territory, the DMO said.

“The FGN, state governments and the FCT all recorded increases in their debt stock due to borrowings to enable them to respond appropriately to the COVID-19 pandemic and to meet revenue shortfalls,” the debt office said.

DMO’s data collated by our correspondent showed that the cost of servicing the nation’s debt from January to September 2020 stood at N1.99tn.

A total of N1.53tn was spent on domestic debt service while $1.27bn or N467.44bn was spent on external debt service payments.

Domestic debt service gulped N609.13bn in the first quarter of 2020; N312.81bn in the second quarter, and N604.19bn in the third quarter.

External debt service payments stood at $472.57m (N170.60bn) in Q1; $287.04m (N103.62bn) in Q2, and $507.15m (N193.22bn) in Q3.

The Central Bank of Nigeria’s official exchange rate of $1 to N361 was used in converting the external debt service payments to naira in Q1 and Q2 while N381/$1 was used in Q3, according to the DMO.

The CBN had recently expressed concern over the rising cost of debt service being incurred by the Federal Government.

The CBN, in its half-year 2020 economic report, said the trajectory of Federal Government’s debt further constrained fiscal policy during the period, as interest payment obligations amounted to N1.15tn in the first half of 2020.

“This suggested that despite the subsisting revenue challenge, which was exacerbated by COVID-19, the larger proportion of FGN revenue was devoted to debt service,” it said.


The apex bank said at 19.2 per cent, the debt-to-GDP ratio indicated a solvency position of the government.

“However, the rising cost of debt service underscores a precarious liquidity position that could impair the government’s fiscal space, as well as its growth objectives,” it added.

The International Monetary Fund said in December that Nigeria needed significant revenue mobilisation — including through tax policy and administration improvements — to create space for higher social spending and reduce fiscal risks and debt vulnerabilities.

With high poverty rates and only a gradual recovery in prospect, revenue mobilisation will need to rely initially on progressive and efficiency-enhancing measures, with higher VAT and excise rates awaiting until stronger economic recovery takes root, it added.

 

Nigeria spends N1.99tn on debt servicing on nine months

Nigeria spent almost N2tn on debt servicing payments from January to September 2020, the latest data obtained from the Debt Management Office have shown.

The DMO had on Thursday disclosed that the nation’s total public debt stock rose by N1.21tn in the third quarter of last year to N32.22tn amid revenue shortfalls.

The debt stock is made up of the domestic and external debt stocks of the Federal Government of Nigeria, the 36 state governments and the Federal Capital Territory, the DMO said.

“The FGN, state governments and the FCT all recorded increases in their debt stock due to borrowings to enable them to respond appropriately to the COVID-19 pandemic and to meet revenue shortfalls,” the debt office said.

DMO’s data collated by our correspondent showed that the cost of servicing the nation’s debt from January to September 2020 stood at N1.99tn.

A total of N1.53tn was spent on domestic debt service while $1.27bn or N467.44bn was spent on external debt service payments.

Domestic debt service gulped N609.13bn in the first quarter of 2020; N312.81bn in the second quarter, and N604.19bn in the third quarter.

External debt service payments stood at $472.57m (N170.60bn) in Q1; $287.04m (N103.62bn) in Q2, and $507.15m (N193.22bn) in Q3.

The Central Bank of Nigeria’s official exchange rate of $1 to N361 was used in converting the external debt service payments to naira in Q1 and Q2 while N381/$1 was used in Q3, according to the DMO.

The CBN had recently expressed concern over the rising cost of debt service being incurred by the Federal Government.

The CBN, in its half-year 2020 economic report, said the trajectory of Federal Government’s debt further constrained fiscal policy during the period, as interest payment obligations amounted to N1.15tn in the first half of 2020.

“This suggested that despite the subsisting revenue challenge, which was exacerbated by COVID-19, the larger proportion of FGN revenue was devoted to debt service,” it said.


The apex bank said at 19.2 per cent, the debt-to-GDP ratio indicated a solvency position of the government.

“However, the rising cost of debt service underscores a precarious liquidity position that could impair the government’s fiscal space, as well as its growth objectives,” it added.

The International Monetary Fund said in December that Nigeria needed significant revenue mobilisation — including through tax policy and administration improvements — to create space for higher social spending and reduce fiscal risks and debt vulnerabilities.

With high poverty rates and only a gradual recovery in prospect, revenue mobilisation will need to rely initially on progressive and efficiency-enhancing measures, with higher VAT and excise rates awaiting until stronger economic recovery takes root, it added.

 

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