Historic milestone prompts fresh look at how John Jacob Astor and John D. Rockefeller set early wealth records

Elon Musk has become the first person in human history to attain a net worth above $1 trillion, following the public listing of SpaceX on the US stock market. The development, confirmed by Forbes estimates on Saturday, places the Tesla and SpaceX chief executive far ahead of any previous record-holder for personal wealth globally.

The milestone was reached after SpaceX’s debut on Wall Street under the ticker SPCX saw investor demand drive the company’s valuation above $2 trillion. This surge added hundreds of billions of dollars to Musk’s existing fortune, which is also tied to his holdings in Tesla and recent ventures in artificial intelligence through xAI.

Financial analysts say the achievement marks a new era for global entrepreneurship, given that much of Musk’s wealth is rooted in forward-looking technology sectors rather than traditional industries. “Musk’s leap to trillionaire status shows just how fast innovation can translate into real value in today’s markets,” Lagos-based investment analyst Chinedu Okoro said by phone on Saturday.

To put this feat in context, historians point out that John Jacob Astor was widely regarded as the world’s first millionaire after making his fortune in fur trading and New York real estate during the early 1800s. By the time of his death in 1848, Astor had amassed more than $20 million—a vast sum at a time when most workers earned only a few hundred dollars each year.

Similarly, oil magnate John D. Rockefeller became the world’s first billionaire in 1916 through his Standard Oil empire. His fortune, exceeding $1 billion at the time, would be worth tens of billions today when adjusted for inflation. Some economic historians maintain that Rockefeller remains one of the richest individuals ever relative to the size of the global economy during his lifetime.

While neither Astor nor Rockefeller operated within Nigeria or Africa, their legacies are closely studied by Nigerian business leaders for lessons on long-term wealth creation and strategic investment. Experts say Musk’s success may inspire more Nigerian entrepreneurs to focus on technology sectors such as fintech, space technology, and artificial intelligence.

With global attention fixed on Musk’s latest achievement, observers expect continued debate over how future-forward innovation could reshape patterns of wealth both internationally and within Nigeria.

Source: https://www.pulse.ng/story/elon-musk-world-first-trillionaire-first-millionaire-billionaire-2026061513022215270

Plan garners strong support from parents as officials consider stricter age checks and curfews for young users

The United Kingdom government has announced plans to ban children under the age of 16 from accessing major social media platforms such as TikTok, Instagram, Snapchat, Facebook, X and YouTube. The move, unveiled on Saturday in London, follows a nationwide consultation that received over 116,000 responses and is aimed at addressing growing concerns over child safety online.

According to officials, the proposed policy will require all user-to-user social media platforms to block access for users below 16 years through tougher age verification systems. Features considered particularly risky for young people—including livestreaming and communication with strangers—will also be targeted. Some gaming platforms that allow these functions are expected to be affected by the restrictions. Messaging services like WhatsApp and Signal will remain exempt for now.

This development comes as many Nigerian parents and educators closely monitor global tech regulations amid rising debates on the impact of social media on youth well-being. UK Prime Minister Keir Starmer described the policy as a “line in the sand” designed to give children their childhood back and reduce exposure to harmful online content. The government is also considering further measures such as overnight curfews and scrolling limits for those under 18, with more details expected next month.

Announcing the decision, Starmer said he had listened to families worried about the effects of unrestricted social media use. “I’ve heard first hand from families crying out for change and we will do right by them,” he stated. “That’s why we’re going further than any country in the world by banning social media for under-16s and putting wider protections in place to give kids their childhood back.”

A government survey revealed that nine out of ten parents support the ban, citing mental health and privacy concerns for children. Around two-thirds of young people who participated agreed that children younger than 16 should not have access to certain platforms. Dame Rachel de Souza, Children’s Commissioner for England, welcomed the move but stressed that its effectiveness would depend on robust enforcement against tech companies.

To ensure compliance, UK communications regulator Ofcom has been tasked with conducting a rapid review into effective age verification methods. Technology Secretary Liz Kendall has also requested a detailed assessment of Ofcom’s enforcement powers and strategies to make sure companies adhere to new rules.

The proposal signals a significant shift in how governments globally are responding to Big Tech’s influence over young users. For Nigerian stakeholders watching from afar, the UK’s approach could provide lessons or models if similar debates arise locally about protecting minors from online risks.

Source: https://www.pulse.ng/story/uk-to-ban-tiktok-instagram-snapchat-and-other-social-media-platforms-for-children-under-16-2026061513264055704

Justice Minister insists authorities are not treating security challenges with levity, pledges ongoing intervention across troubled states

The Attorney-General of the Federation and Minister of Justice has declared that government is not handling the nation’s security challenges with levity, assuring Nigerians of continued commitment to tackle insecurity. Speaking on Monday, 15 June 2026, in Abuja, the minister reaffirmed federal resolve to address rising incidents of violence and unrest in various parts of the country.

According to the Attorney-General, government has adopted a multi-faceted approach to improve national security, working closely with relevant agencies and state authorities. He emphasised that interventions are ongoing in communities affected by banditry, kidnapping and other criminal activities, with a view to restoring peace and confidence among citizens.

In recent months, Nigeria has witnessed several high-profile attacks and abductions in states such as Zamfara, Kaduna and Plateau. These incidents have fuelled public concern over safety and prompted calls for stronger government action. The justice minister’s assurance comes amid heightened pressure from civil society groups and opposition parties demanding urgent reforms in policing and intelligence gathering.

“We are not taking issues of insecurity lightly,” the Attorney-General stated during his remarks. He maintained that President Bola Tinubu’s administration remains focused on deploying resources for improved law enforcement operations nationwide. The minister also called for greater public cooperation with security agencies to help identify suspects and prevent further attacks.

While no specific new measures were announced at the briefing, the Attorney-General pledged that government would continue reviewing its strategy to adapt to changing threats. As at press time, opposition leaders had not issued a formal response to the minister’s statement.

Source: https://www.premiumtimesng.com/news/top-news/887844-government-not-taking-insecurity-with-levity-agf-says.html