Elon Musk remains the world’s wealthiest person, with a net worth soaring to $374 billion in the latest ranking on the Bloomberg Billionaire Index.

Despite Tesla’s stock tumbling by 20% since Donald Trump became President, the EV carmaker’s shares have traded at 35% following Musk’s endorsement of Trump.

SpaceX's and xAI’s values soar

According to reports, SpaceX’s valuation almost doubled to $350 billion, while its xAI and social media companies merged in a $133 billion deal, tripling in value in the past year.

Experts have estimated that the billionaire spent about $290 million to support Trump’s return to office, the largest donor.

They disclosed that Musk is reaping from the endorsement with reduced regulatory pressure and increased federal backing as multiple investigations into his firms have either stalled or been dropped.

Reports say Musk’s space exploration company, SpaceX, is now a top choice for Trump’s proposed $175 billion Golden Dome defence project and already holds about $16 billion in federal contracts, including $6 billion from the Pentagon in April.

Elon Musk enjoys government patronage

SpaceX’s satellite company, Starlink, is receiving subtle support from the US State Department as diplomats have reportedly asked foreign governments to rapidly approve the company’s licensing, especially in Africa and Asia.

In the US, the FAA is reportedly testing Starlink for possible nationwide use in aviation safety upgrades.

Despite all, Elon Musk has lost about $58.6 billion year-to-date due to the plunge in Tesla stocks, according to data from the Bloomberg Billionaires Index.

However, the billionaire has remained on top of the index, amassing a whopping $374 billion fortune.

Dangote drops in billionaire ranking

Meanwhile, Nigeria and Africa’s richest man, Aliko Dangote, has dropped seven places down the billionaire ranking with a $27.8 billion net worth.

Dangote dropped to the 70th position from 64th, where he had leapt after the launch of his mega refinery.

The Nigerian billionaire, who lost $7 billion between 2023 and 2024, when the Nigerian government devalued the naira, rebounded with a $28.1 billion in net worth, eclipsing his closest rival in Africa, Johann Rupert.

Dangote has projected that his massive refinery will be an FX spinner for the Nigerian government, estimating $30 billion in forex inflow when it becomes fully functional.

Dangote Refinery slashes petrol prices

The refinery, which has slashed petrol prices in Nigeria six times this year, has contributed to a reduction in petrol imports, reducing the country’s dependence on imported petroleum products.

According to reports, the refinery currently operates at 85% of its 650,000 barrels per day capacity.

Dangote’s drop in the billionaire’s ranking came after he lost $422 million year-to-date, and gained $5.94 million in 24 hours.