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Elon Musk Surpasses $1.3 Trillion Net Worth as SpaceX Stock Soars After IPO

Nigerian analysts warn rapid gains may be unsustainable as SpaceX crosses $3 trillion valuation, holding major bitcoin reserves

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Nigerian analysts warn rapid gains may be unsustainable as SpaceX crosses $3 trillion valuation, holding major bitcoin reserves

Elon Musk’s personal fortune climbed to an unprecedented $1.3 trillion on Monday after shares of SpaceX surged nearly 20 percent in its second full day of trading on the Nasdaq, following the company’s record-setting initial public offering (IPO). The rally, which briefly pushed SpaceX’s market capitalisation beyond $3 trillion, has further widened Musk’s lead as the world’s richest individual.

SpaceX, trading under the ticker SPCX, debuted at $135 per share and quickly attracted overwhelming investor demand — orders for shares reportedly topped $350 billion, almost four times the available stock. By Monday’s close, SpaceX shares reached $229.40, with the company raising about $75 billion from the IPO, marking the largest ever recorded globally.

The sharp increase in value delivered a one-day gain of roughly $165 billion to Musk’s net worth, more than the entire fortune of Microsoft co-founder Bill Gates. The billionaire entrepreneur remains SpaceX’s largest shareholder, and much of his wealth is now directly tied to the company’s performance in commercial satellite launches, satellite internet via Starlink, and large-scale government contracts for space missions.

Market observers in Nigeria have noted that while such a surge signals strong global investor appetite for high-growth technology firms, some analysts caution that maintaining this pace could prove difficult over time. “The scale of capital moving into technology stocks like SpaceX might pull investment away from cryptocurrencies and emerging markets,” said one Lagos-based investment strategist.

Beyond its core aerospace activities, SpaceX is also drawing attention for its sizeable cryptocurrency holdings. The company owns about 18,712 bitcoin — among the largest corporate portfolios globally — while Tesla, another Musk-led firm, reportedly holds 11,509 BTC. This exposure has led some asset managers to speculate that SpaceX could soon become the most valuable listed company with direct bitcoin holdings.

Major institutional investors including ARK Invest have already acquired millions of SpaceX shares across their exchange-traded funds. ARK CEO Cathie Wood described Starlink and reusable rocket technology as key drivers for long-term growth. As global interest in technology IPOs intensifies — with companies like OpenAI and Anthropic also coming to market — attention remains on how such developments will impact capital flows across sectors including fintech and digital assets.

With Musk’s net worth now estimated at ₦2 quadrillion when converted at current parallel market rates (₦1,600/$), his fortune stands at two-thirds that of the next nine richest people combined. Analysts say Nigerian investors should monitor global tech sector trends closely as they may affect local capital markets and fintech innovation.

Source: https://www.pulse.ng/story/elon-musks-net-worth-surges-to-dollar13-trillion-as-spacex-stock-rally-continues-2026061610050221291

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Nigeria News (Standard)

NSA Ribadu Says Nigeria’s Porous Borders Fuel Terrorism, Outlines New Security Measures

National Security Adviser highlights ongoing efforts to secure border regions, links weak surveillance to rising insurgency threats

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National Security Adviser highlights ongoing efforts to secure border regions, links weak surveillance to rising insurgency threats

Nigeria’s National Security Adviser, Nuhu Ribadu, has identified the country’s porous borders as a major factor fuelling terrorism and insecurity nationwide. Ribadu made this statement in Abuja on Tuesday, stressing that uncontrolled entry points have enabled armed groups and criminal elements to operate with ease across several regions.

Ribadu explained that the federal government is implementing fresh strategies to curb illegal cross-border movements and address the rising threat of terrorism. According to him, security agencies are working together to enhance surveillance and patrols in border communities, especially in northern states most affected by insurgency. The NSA noted that new technologies for monitoring and data collection are being deployed as part of a broader border management programme.

Border security has remained a significant challenge for Nigeria due to its expansive land boundaries stretching over thousands of kilometres with neighbouring countries such as Niger, Chad, Cameroon, and Benin Republic. The unchecked flow of arms, drugs and fighters has compounded insecurity in border areas, contributing to attacks on civilians and displacement of residents.

“The open nature of our borders is a key enabler for terrorists,” Ribadu said while addressing stakeholders on Tuesday. He assured that President Bola Tinubu’s administration is prioritising improved coordination among security agencies and investing in intelligence gathering to stem the tide of cross-border crimes. Ribadu added that the government is engaging with regional partners to strengthen joint patrols and information sharing.

Security experts have consistently called for more robust border controls to complement military operations against armed groups. While welcoming government’s renewed focus, some analysts argue that community engagement and economic support for border communities are also crucial in reducing local collaboration with criminal elements.

The federal government is expected to roll out further details on its new border security framework in the coming weeks as part of ongoing efforts to tackle insurgency, banditry and other transnational crimes.

Source: https://www.premiumtimesng.com/news/top-news/888108-nigerias-porous-borders-fueling-terrorism-how-were-tackling-it-ribadu.html

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Nigeria News (Standard)

Nigeria Eyes Broader 5G Rollout as Global Subscriptions Hit 3.1 Billion

Telecoms sector in Africa expected to expand adoption, with Nigerian operators citing economic benefits and digital inclusion

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Telecoms sector in Africa expected to expand adoption, with Nigerian operators citing economic benefits and digital inclusion

Global subscriptions to fifth-generation (5G) mobile networks have reached 3.1 billion, with Nigeria and other African countries intensifying efforts towards broader adoption of the technology. This milestone was highlighted in a recent industry report released on Tuesday, which showed significant growth in mobile broadband worldwide.

According to the findings, while North America, Europe and parts of Asia remain the largest markets for 5G services, Africa is now focusing on bridging the gap through improved infrastructure and regulatory support. In Nigeria, major telecom operators are increasing investments in network upgrades, aiming to boost connectivity in urban centres like Lagos and Abuja, as well as underserved rural areas.

The report emphasised that wider 5G deployment could deliver major economic benefits across Nigeria and the continent, especially in key sectors such as fintech, e-commerce and health. “Broader access to high-speed internet will strengthen digital inclusion and help drive innovation in Nigeria’s economy,” the document noted. However, it also pointed out challenges including limited spectrum availability and high deployment costs facing African operators.

Industry stakeholders say government support is crucial for accelerating 5G adoption. A senior executive at one of Nigeria’s largest telecom firms said: “We are ready to scale up our infrastructure if the right policies are in place.” The executive added that public-private partnerships could help address funding gaps and speed up rollout across all states.

With global figures showing sustained growth in mobile broadband usage, experts predict that Africa’s share of the 5G market will continue rising over the next five years. Nigerian regulators are expected to announce new guidelines soon to facilitate further investments by telecoms companies.

Source: https://www.premiumtimesng.com/news/top-news/888110-5g-subscriptions-hit-3-1bn-globally-as-africa-eyes-broader-adoption-report.html

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Nigeria News (Standard)

DJ Cuppy Rejects Nigerian Suitors, Cites Pressure of Being Otedola’s Daughter

Popular DJ says Lagos relationships come with suspicion as billionaire father’s status affects genuine connections

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Popular DJ says Lagos relationships come with suspicion as billionaire father’s status affects genuine connections

Popular Nigerian disc jockey and media personality, Florence Otedola, known as DJ Cuppy, has said she is no longer interested in marrying a Nigerian man due to her experiences dating as the daughter of billionaire businessman Femi Otedola. The statement was made in Lagos during a resurfaced interview that has drawn fresh attention to her relationship history and challenges faced by high-profile women in Nigeria.

According to DJ Cuppy, her last relationship with a Nigerian partner revealed that the individual seemed more interested in meeting her father than building a genuine romantic bond. “I can never marry a Nigerian. The last Nigerian I dated was already asking me when he could meet my dad. I don’t even think they actually like me,” she said, reflecting on the impact of her family background on her personal life.

Cuppy explained that being Otedola’s daughter makes it difficult to identify those who are truly interested in her as a person rather than for what her name represents. She noted, “I want someone to love me and be happy. I’m constantly under my dad’s shadow; I want to be with someone who doesn’t care about my dad.” The DJ further stated that her father does not have any preference regarding the nationality of her future spouse, only wishing for her happiness and eventual marriage.

The interview has also revived discussions around Cuppy’s past high-profile relationships, notably with British boxer Ryan Taylor. Their engagement in 2022 ended in 2023, with public exchanges highlighting the strain caused by fame and wealth. Taylor had previously alleged on a podcast that Cuppy discouraged him from hiring Nigerian staff and felt uncomfortable around Nigerian fans—a claim that resurfaced after her recent comments but was not directly addressed by Cuppy at the time.

Before Taylor, Cuppy had dated Davido’s manager Asa Asika and footballer Victor Anichebe. She has since said she now prefers partners outside celebrity circles—people with regular jobs who are less likely to be influenced by the spotlight attached to her surname. As at now, DJ Cuppy continues to focus on her career while expressing support for her sister Temi Otedola’s relationship with musician Mr Eazi.

Source: https://www.pulse.ng/story/dj-cuppy-no-nigerian-marriage-past-relationships-2026061612435088387

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