Updated: Elon Musk $9.8bn richer in one day, despite Tesla revenue decline

Elon Musk, the former world’s richest man, saw his net worth increase by $9.8 billion in just one day, bringing it to $187.7 billion.

This came despite the revenue of its top electric vehicle manufacturing company decline, Tesla, declining substantially.

This was reported on Thursday by Nairametrics quoting data from Forbes Real-Time Billionaire Index.

Tesla reported disappointing results, missing estimates on both the top and bottom lines. Revenue experienced a 9% year-over-year decline, the most significant drop since 2012.

Auto sales also fell by 13% compared to the same period in 2023. Additionally, free cash flow turned negative.

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For example, revenue decreased from $23.33 billion a year earlier and from $25.17 billion in the fourth quarter. Net income plummeted by 55% to $1.13 billion, or 34 cents a share, from $2.51 billion, or 73 cents a share, in the previous year.

Despite these challenges, Tesla shares surged by 13% in extended trading on Tuesday after the earnings report. Some of the optimism stemmed from Tesla’s announcement of plans to commence production of new affordable electric vehicle models in “early 2025, if not late this year.”

As Musk owns 13% of Tesla, significant fluctuations in share price on the trading markets can result in substantial increases or losses in his net worth.

Elon Musk is $9.8 billion richer in 1 day, despite Tesla’s revenue decline

UK University offers £37k scholarships, flight allowances to Nigerians, others

The University of East Anglia, located in Norwich, UK, has announced scholarships worth £33,150 (N44.3 million) and transportation cost of £4000 (N5.3 million) to Nigerians seeking masters programmes.

Iranian rapper sentenced to death for supporting anti-hijab protests

An Iranian court has sentenced a dissident rapper to death for supporting protests sparked by the death of Mahsa Amini in 2022.

According to the reformist Shargh newspaper the artist’s lawyer Amir Raisian on Wednesday said, “Branch 1 of Isfahan Revolutionary Court… sentenced Toomaj Salehi to death on the charge of corruption on Earth.”

Iranian Government had said it had proof that the U.S. and other Western countries were behind the protests that were held across the country over the death of Amini.

Mahsa Amini, 22, a Kurdish woman, was arrested in September 2022 for not wearing her hijab properly. She died three days after her arrest, sparking violent protests in the country.

Salehi, 33, was arrested in October 2022 after publicly backing the wave of demonstrations which erupted a month earlier, triggered by Amini’s death in custody.

Months of unrest following Amini’s death in September 2022 saw hundreds of people killed including dozens of security personnel. Thousands of people were arrested.

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The Revolutionary Court had accused Salehi of “assistance in sedition, assembly and collusion, propaganda against the system and calling for riots,” Raisian said.

The nation’s Supreme Court had reviewed the case and issued a ruling to the lower court to “remove the flaws in the sentence,” Raisian said.

However, the court had “in an unprecedented move, emphasised its independence and did not implement the Supreme Court’s ruling,” according to Raisian.

Raisian said that he and Salehi “will certainly appeal against the sentence.”

“The fact is that the verdict of the court has clear legal conflicts,” the lawyer was quoted as saying. “The contradiction with the ruling of the Supreme Court is considered the most important and at the same time the strangest part of this ruling.”

Nine men have been executed in protest-related cases involving killing and other violence against security forces.

Iranian rapper sentenced to death for supporting anti-hijab protests