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Elon Musk, Mark Zuckerberg Top 2024 World’s Richest Billionaires Ranking

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Elon Musk, Mark Zuckerberg and Jensen Huang are leading the group of billionaires in 2024, according to the latest Bloomberg Billionaires Index.

The world’s 500 richest people became considerably richer in 2024, with a combined $10 trillion net worth, according to the report.

The Bloomberg Billionaires Index is a daily ranking of the world’s richest people.

The tech billionaires collectively saw their wealth increase by an impressive $903 billion.

US technology stocks played a key role in turbocharging the trio’s wealth, as well as the fortunes of Larry Ellison, Jeff Bezos, Michael Dell and Google co-founders Larry Page and Sergey Brin.

The eight tech entrepreneurs alone gained more than $600 billion this year, 43% of the $1.5 trillion increase among the 500 richest people tracked by the Bloomberg Billionaires Index.

Musk’s close relationship with the incoming president helped increase the value of his companies, including Tesla Inc., SpaceX and xAI. The development report boosted his fortune to an unprecedented $442.1 billion, up $213 billion from the beginning of the year.

Trump’s election win, Bloomberg said it added to the gains as the S&P 500 hit a then all-time high on Nov. 6 in its best post-Election Day performance in history. The billionaires represented on the index gained a combined $505 billion in the five weeks following the election, 34% of the yearly total.

Trump’s victory also sparked a historic rally for digital assets, pushing Bitcoin above $100,000 for the first time. That especially boosted crypto billionaires, Binance Holdings’ Changpeng Zhao, known as CZ, saw his wealth surge 60% to $55 billion. The net worth of Coinbase Global Inc. co-founder Brian Armstrong rose more than 50% to $11.1 billion.

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The $237 billion gap between Musk and Bezos on Dec. 17 was the largest ever recorded between the first- and second-ranked names on Bloomberg’s wealth index.

“Across the board, the world’s wealthiest benefited from a stock market that defied expectations in 2024. The S&P 500 Index gained 24% through Monday, powered by the small group of stocks dubbed the “Magnificent Seven,” including Musk’s Tesla, Zuckerberg’s Meta Platforms Inc. and Huang’s Nvidia Corp., which accounted for more than half of the stock benchmark’s performance.”

The total value of the fortunes tracked by the Bloomberg Billionaires Index was $9.8 trillion at Monday’s close, down slightly from a Dec. 11 peak of $10.1 trillion following a post-Christmas selloff.

Here are some of this year’s biggest losers and winners as ranked by the BBI:

Losers
French luxury billionaires: The fortunes of Bernard Arnault, Francoise Bettencourt Meyers and Francois Pinault, whose wealth comes from holdings in the luxury goods sector, took big losses in 2024. After years of pandemic-fueled gains, when luxury shopping supplanted spending on dining and entertainment, slowing sales — especially in the key Chinese market — cost the three billionaires a total of $71 billion.

Colin Huang: Huang had the biggest wealth decline among Chinese billionaires. The e-commerce mogul behind Temu briefly became China’s richest person in August, but ended the year down $18 billion after a lackluster earnings report sent his company’s shares plummeting 29% in a single day.

Ricardo Salinas: The chairman of Grupo Elektra SAB, a Mexican retail and banking conglomerate, lost more than half of his net worth in a single day after his company’s stock tanked following Salinas’ claims that he was scammed by a former financial adviser. Salinas announced he would be taking the company private last week.

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Carlos Slim: Slim, who has major stakes in Latin American businesses across the telecom, banking, construction and energy sectors, saw his net worth decline by $26 billion in 2024. His wealth was hurt by exchange rates — the peso fell about 20% after years of relative strength — and flagging markets after leftist candidate Claudia Sheinbaum’s June victory in Mexico’s presidential election.

Pham Nhat Vuong: The Vietnamese mogul, who has holdings in property development, retail and health care, saw shares in his electric vehicle company Vinfast Auto Ltd. fall about 70% early in the year after losses widened and the market soured on its aggressive expansion plans. The stock has since recovered some ground, but the decline cost Vuong nearly half of his fortune.

Winners
Donald Trump: The president-elect’s fortune soared to record highs this year, boosted by the performance of his majority stake in Trump Media & Technology Group Corp. Despite reporting a $19.2 million loss last quarter, DJT, as the social-media company is known, gained 95% this year, to a current market value of over $7 billion.

Jensen Huang: Nvidia CEO Huang has been one of the biggest individual winners of the AI boom so far, adding $76 billion to his net worth this year. Nvidia’s stock nearly tripled in 2024, and it became the world’s most valuable company for the first time in June.

Mark Zuckerberg: Despite a blockbuster $841 million antitrust fine from the EU and early-year hesitation from investors about the company’s multibillion-dollar AI push, the Meta CEO added $81 billion to his net worth this year as Meta stock gained nearly 70%.

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Chinese billionaires: Chinese billionaires, including Tencent Holdings Ltd. CEO Pony Ma, Xiaomi Corp. Chairman Lei Jun and Cambricon Technologies Corp. co-founder Chen Tianshi, added 14% to their fortunes in 2024. Their gains reversed three straight years of losses spurred by an ongoing property crisis and government clampdowns on powerful tech firms.
Billionaires under age 60: The younger billionaires on the list grew their wealth more than twice as much as their older counterparts this year. Billionaires under 60 make up 27% of the index.

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MTN Suffers Cybersecurity Breach, Says ‘Unknown Third Party’ Responsible

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MTN Group says it suffered a cybersecurity incident that led to unauthorised access to the personal data of some customers in selected markets.

In a statement on Thursday, the telecoms giant assured stakeholders that its core infrastructure — including its network, billing systems, and financial services platforms — remains secure and fully operational.

The company said an unknown third party claimed responsibility for accessing parts of its system, but added that there was currently no indication that customers’ accounts or mobile money wallets were compromised.

“At this stage, we do not have any information to suggest that customers’ accounts and wallets have been directly compromised,” MTN said.

MTN said it immediately activated its cybersecurity response procedures, including informing the South African Police Service (SAPS) and the Directorate for Priority Crime Investigation, known as the Hawks.

The group said it had also notified the relevant authorities in the affected countries and would continue to work closely with them and law enforcement to support ongoing investigations.

In line with regulatory obligations, the network provider said it had begun notifying affected customers.

The telecoms company urged users to remain vigilant and observe standard security practices, including setting strong passwords, avoiding suspicious messages, and enabling multifactor authentication where available.

“The privacy of information is our top priority, and MTN remains committed to safeguarding the integrity of our systems and the trust placed in us by our customers and other stakeholders,” it said.

“To mitigate any fraudulent consequences, a fraud alert can be placed on an individual’s credit report at any of the major credit bureaus.

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“Keep MTN, MoMo and banking apps and devices updated.

“Use strong, unique passwords for accounts and change them regularly.

“Be cautious of unexpected messages and do not click on suspicious links.

“Do not disclose information such as passwords, PINs and OTP when asked to do so by phone, text message or email.

“Where multifactor authentication is available, it should be activated.”

MTN added that it would continue to contain and manage the situation “carefully” while keeping stakeholders updated.

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Defections:Atiku Breaks Silence Says Hypocrisy Reigns Supreme

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Former Vice-President Atiku Abubakar has responded to the recent wave of defections from the Peoples Democratic Party (PDP).

In a statement released on X on Friday, the 2023 presidential candidate of the PDP, said it is important to state clearly that “freedom of association and expression are core democratic rights — not privileges”.

“Let me be unequivocal: freedom of association and expression are not optional in a democracy — they are fundamental rights,” he wrote.

“Alongside these stand the pillars of a just and functional democratic society: the people, the rule of law, credible elections, and accountability. Undermine any of these, and democracy itself begins to crumble.”

On Wednesday, Sheriff Oborevwori, the incumbent governor of Delta, left the PDP for the All Progressives Congress (APC), while Ifeanyi Okowa, his immediate predecessor, is set to join the ruling party soon.

Oborevwori succeeded Okowa as the governor of Delta after winning the 2023 election on the platform of the PDP.

In recent weeks, the PDP has lost several members to the ruling APC, with other governors and key party members also reportedly planning to defect.

Abubakar said any attempt to erode these values is a direct threat to the survival of democracy in Nigeria.

He said that defections and political alignments are part of the country’s evolving democratic culture, and must not be seen as betrayal.

“As someone who believes deeply in democratic ideals, I bear no ill will towards anyone who chooses a different political path,” he said.

“Politics will always involve shifting alliances — we’ve seen them in the past and we’ll see more in the future.”

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Abubakar also addressed criticism that trailed his recent visit to former president Muhammadu Buhari in Kaduna.

Earlier this month, the ex-VP led a delegation, including Nasir el-Rufai, former governor of Kaduna; Aminu Tambuwal, former governor of Sokoto; and Isa Pantami, former minister of communications, to Buhari’s residence.

The former vice-president said his visit was delayed due to his obligations in Adamawa, where he had taken part in Sallah celebrations.

Days after the visit, the move drew widespread criticism, particularly from within the PDP, with many labeling it as unacceptable and a show of anti-party activity.

However, Abubakar dismissed the outrage as hypocritical, citing past instances when opposition leaders consulted former presidents without backlash.

“It is not a sin to visit Buhari,” he said.

“During the 2013 opposition merger talks, key political figures made visits to Obasanjo and Babangida — so why is it now sacrilegious to visit Buhari?”

Abubakar questioned why some PDP leaders are applauded for meeting President Bola Tinubu, yet his own engagements are labelled suspicious.

“When PDP leaders drink tea with Tinubu and cut power-sharing deals, it is called ‘strategy,” he said.

“But when I greet Peter Obi, meet Nasir el-Rufai, or visit Buhari, it becomes a national scandal.”

He also described the reactions as driven by double standards, warning that Nigeria’s politics is becoming riddled with “selective outrage”.

Abubakar said the real issue before Nigerians is not about political parties anymore, but about the failure of the current administration.

“This is no longer APC vs PDP or Labour Party vs APC,” he said.

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“It is Nigerians vs a regime that has plunged the nation into misery.”

He blamed the Tinubu administration for a collapsing economy, surging inflation, growing joblessness and increasing youth agitation.

“Nigerians are not just tired — they are angry,” he said.

Abubakar called for unity against what he described as a government bereft of vision and performance.

He urged Nigerians to reject ethnic, religious or regional distractions, noting that such tactics are meant to divide and confuse the populace.

“The Tinubu government has nothing to show — no policy wins, no achievements,” he said.

“All it has is confusion and division. That’s the only thing incompetence knows how to offer.”

Abubakar warned that mismanagement at the top poses grave danger to all Nigerians, regardless of background or party affiliation.

“An incompetent captain doesn’t just sink his ship; he puts everyone on board at risk,” he added.

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Naira Abuse: Court Orders Remand Of Hip-Hop Artiste ‘Terry Apala’

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A Federal High Court sitting in Lagos on Friday has ordered the remand of hip hop musician, Terry Alexander Ejeh, also known as Terry Apala, for a charge of naira abuse.

Justice Akintayo Aluko ordered his remand in the Ikoyi Correctional Centre, Lagos, till May 5, 2025, when his bail application would be heard and determined.

The Economic and Financial Crimes Commission, EFCC, had arraigned Ejeh before the court on a one-count charge of abuse of the naira by matching on it whilst dancing during a social event at Madison Place, Oniru, Lagos Island.

Counsel to the EFCC, Sulaimon Sulaiman, then asked the court to allow the charge to be read to the defendant so he could take his plea.

The defendant, however, pleaded not guilty to the charge, after which Sulaimon asked for a trial date and the remand of the defendant in the custody of the Nigeria Correctional Centre.

Counsel to the defendant, Felix Nwakbudu, however, informed the court of a pending bail application filed on behalf of his client.

Nwakbudu stated that the prosecution had been served with a copy of the bail summons this morning, and he pleaded with the court to allow him to move the application.

The prosecutor opposed the hearing of the bail application on the grounds that he would need time to study the application and make an appropriate response.

In his ruling, Justice Aluko ordered the remand of the defendant at the Ikoyi Correctional Centre pending the hearing and determination of his bail application.

The judge also ordered an accelerated hearing of the trial, before adjourning the matter till May 5th, for trial.

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The charge against the defendant reads: “That you, TERRY ALEXANDER EJEH, on the 5th day of January 2025 at Madison Place, Oniru, within the jurisdiction of this Honourable court whilst dancing during a social event tampered with Naira currency issued by the Central Bank of Nigeria by matching on it and you thereby committed an offence contrary to and punishable under Section 21(1) of the Central Bank of Nigeria Act 2007.”

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