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Elon Musk regains trillionaire status as SpaceX, Tesla shares surge

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SpaceX founder Elon Musk has regained his trillionaire status after a rally in SpaceX and Tesla shares boosted his net worth by more than $60 billion, following a major decline earlier in June.

Shares of SpaceX rose 7.6 per cent, while Tesla gained 8.6 per cent as of Monday, increasing Mr Musk’s net worth by $62.3 billion to more than $1 trillion, according to Forbes.

On 24 June, the aerospace entrepreneur fell below the trillion-dollar threshold after his net worth declined by 31 per cent to an estimated $962 billion.

The decline followed a slump in SpaceX’s stock price and new restrictions on $116 billion worth of Tesla shares earlier in June.

Meanwhile, on 12 June, Mr Musk’s net worth rose to an estimated $1.1 trillion following SpaceX’s market listing on the Nasdaq stock exchange.

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SpaceX’s stock jumped 40 per cent to an all-time high, pushing Mr Musk’s fortune to a record $1.45 trillion by 16 June before a significant drop in his net worth later in the month.

Shares surge

The surge in SpaceX and Tesla shares means Mr Musk now holds 4.8 billion shares of SpaceX and another 350 million stock options with an exercise price of $8.40 per share.

The latest development confirms that the Tesla founder remains the world’s richest person by a wide margin, ahead of Google co-founders Larry Page ($288.7 billion) and Sergey Brin ($266.3 billion).

Founded in 2002, SpaceX has grown from an experimental rocket startup into a leading force in aerospace, satellite communications, and AI infrastructure.

ALSO READ: Elon Musk loses trillionaire status as net worth drops

Its Starlink satellite internet business has expanded the company beyond space launches into a global connectivity platform.

Mr Musk built his fortune by co-founding Zip2 and PayPal before reinvesting the proceeds into SpaceX, Tesla, and other ventures.

He also owns xAI and X, which he acquired in a $44 billion deal in 2022 and later introduced monetisation features to strengthen the platform’s business.


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Uncertainty as Nigerian woman remains unreachable after arriving Doha airport

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The family of a 37-year-old Nigerian woman who travelled to Doha, Qatar, on Tuesday has raised concerns after she became unreachable shortly after arriving in the country.

The woman, Saratu Jibo Yusuf, travelled from Lagos to Doha on Qatar Airways flight QR1408 on 1 September, according to her ticket, which PREMIUM TIMES saw.

Her brother, Jonathan Jibo, told PREMIUM TIMES that the last communication he had with his sister was via WhatsApp while she was still on the aircraft, using its Wi-Fi, on Tuesday.

He said a family friend who was expected to receive her at the airport was already waiting when the flight arrived, but could not find her.

The family subsequently contacted the airline and the airport, where they were told that Ms Yusuf had collected her luggage and left the terminal.

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Mr Jibo said the issue was particularly worrying because his sister was familiar with airport procedures, having worked at the Lagos airport for almost 12 years.

“She is not even a child. She is 37 and always wants to be independent and hardworking,” he told PREMIUM TIMES.

According to him, this was Ms Yusuf’s first trip outside Nigeria. She had no friends in Qatar whom the family could contact immediately, and the family had already arranged and paid for her accommodation months before the journey.

She was also expected to resume work in Doha a few weeks after her arrival, he said.

Mr Jibo added that his sister had financed the trip herself and that the family had no reason to expect she would voluntarily cut off communication immediately upon arrival.

“She worked and financed everything from scratch,” Mr Jibo said, expressing concern over her whereabouts.

Saratu Jibo Yusuf’s flight ticket seen by PREMIUM TIMES.
Saratu Jibo Yusuf’s flight ticket seen by PREMIUM TIMES.

Family seeks answers

Mr Jibo raised the alarm on Thursday after 48 hours without hearing from his sister.

He called for the review of CCTV footage and urged authorities to establish the last person seen with her after she left the airport.

The family has also forwarded details of the case to the Nigerian authorities and the Nigerian Embassy in Doha, with relatives hoping to learn her whereabouts.

The case has drawn attention to the importance of tracing the movements of passengers who become unreachable after leaving airports.

In May 2024, a similar concern was raised over Janet Kwalmi Ere, a 67-year-old woman who arrived at the Murtala Muhammed International Airport in Lagos from London.

Ms Ere was reported missing after boarding an airport taxi shortly after her arrival. Former Senator Ben Murray-Bruce called for airport CCTV footage to be reviewed and for the taxi she boarded to be identified.

Three days later, Mr Murray-Bruce announced that Ms Ere had been found and thanked security agencies and others who assisted in the search. He did not disclose details of where or how she was located.

The earlier case highlights the importance of quickly establishing what happens to passengers after they leave an airport, particularly when their families are unable to reach them.

NCAA reaction

Reacting to the development, Michael Achimugu, director of public affairs and consumer protection at the Nigerian Civil Aviation Authority (NCAA), said he had contacted the airline and was informed that CCTV footage showed Ms Yusuf arrived safely, collected her luggage and exited the terminal.

He said further checks were being made to establish whether she had reached the hotel booked for her and whether she had arrived there by the hotel’s pick-up vehicle.

According to Mr Achimugu, Qatar’s visa booking system is tied to a specific hotel reservation, and Discover Qatar would be able to check the accommodation details linked to Ms Yusuf’s trip.

He also said he had informed the airline of the family’s concerns, including fears about possible human trafficking or forced labour.

Mr Achimugu, however, did not say Ms Yusuf had been trafficked, abducted or subjected to forced labour.

He said if checks established that she did not reach the hotel, authorities would have to begin a manhunt.

He urged the family to remain calm while efforts to establish her whereabouts continued, adding that although the matter was not formally within his purview, he had intervened to assist the family.

He also said the investigation was taking time because it was the weekend and a public holiday period in Qatar.

READ ALSO: Qatar Airways’ Lagos–Doha flight returns safely after in-flight technical issue

Airline responds

Qatar Airways responded to the issue on Saturday after Mr Jibo’s message to the airline. He sent the airline his sister’s flight details and asked it to investigate the matter.

In a message seen by PREMIUM TIMES, the airline said it understood the family’s concerns and was in contact with its team to obtain information that could help clarify the situation.

“Hello, Jonathan. We understand your concern and are in touch with our team to inquire about any information that may help clarify the situation,” the airline said.

It added that it would share updates as soon as they became available.

The airline’s response came after the family had spent days trying to establish Ms Yusuf’s whereabouts.

As of Sunday morning, there was no confirmation from the family, Qatar Airways or Nigerian authorities that Ms Yusuf had been found.


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Uber’s exit from Nigeria has nothing to do with FAAN – Official

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The Federal Airports Authority of Nigeria (FAAN) has rejected claims that its restrictions on e-hailing operations at airports contributed to Uber’s decision to leave Nigeria.

FAAN Managing Director, Olubunmi Kuku, said the ride-hailing company’s exit was a business decision and was unrelated to the authority’s efforts to regulate commercial transportation within airport premises.

Speaking with journalists on Friday at the Murtala Muhammed Airport in Lagos, amid renewed questions over the timing of Uber’s departure and the recent disagreement between FAAN and e-hailing operators.

Uber announced on 2 September that it was discontinuing operations in Nigeria after 12 years in the country, saying the decision followed a review of its evolving business priorities and investment focus across Africa.

PREMIUM TIMES had earlier reported that the company specifically said its exit was not related to the recent FAAN directive on e-hailing operations at Nigerian airports.

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FAAN Managing Director said the airport authority had no control over Uber’s wider operations in Nigeria.

“I can’t speak to their exit from Nigeria. I’m sure they have their own economic and regulatory considerations as to why they chose to exit,” Ms Kuku said.

She added that Uber had been considering its departure for some time and that airports accounted for only a small part of the company’s activities in Nigeria.

“So, it has nothing to do with FAAN. Again, the airport is just a small part of the wider area in which they operate within Nigeria,” she noted.

Why FAAN restricted e-hailing operations

The controversy over e-hailing services at Nigerian airports began weeks before Uber’s departure.

On 30 July, FAAN directed airport managers to stop Uber and Bolt from conducting commercial operations at airports under its management pending the finalisation and execution of licence agreements with the companies.

The directive raised concerns among passengers and operators, particularly after travellers reported difficulty accessing familiar ride-hailing services and paying higher fares for alternative airport transportation.

PREMIUM TIMES reported at the time that the development also prompted Minister of Aviation and Aerospace Development, Festus Keyamo, to direct FAAN to address passengers’ concerns. Bolt subsequently reached an operational agreement with FAAN and was cleared to resume services at airports managed by the authority.

FAAN later said the directive should not be interpreted as a blanket ban on e-hailing services.

The authority said its concern was how commercial transportation activities were conducted within a highly regulated airport environment, particularly issues of passenger safety, identification, accountability and solicitation.

Ms Kuku said the authority had received several complaints, particularly during the December holiday period, about passengers’ experiences with some e-hailing and car-hire services.

She explained that the complaints included intimidation, passengers being taken to unintended locations, and other incidents that raised concerns about the ability to identify drivers and hold them accountable.

According to her, there were also cases where some e-hailing drivers allegedly operated alongside car-hire operators and charged passengers higher fares.

“We also had situations where some Uber and Bolt drivers would get out of their cars under the guise of coming into the airport as e-hailing drivers, and then join the car-hire operators to charge higher fares,” she said.

She noted that the complaints prompted FAAN to seek greater regulatory oversight of commercial transportation within its airports.

What ACHRAMS is for

The dispute also drew attention to FAAN’s Airport Car Hire Rank Management System, known as ACHRAMS.

Some passengers and industry observers had questioned whether the platform was designed to replace existing e-hailing services such as Uber and Bolt.

FAAN has repeatedly denied this.

The authority said ACHRAMS is not an e-hailing application but an airport-specific system designed to provide operational visibility, tracking, driver identification and oversight of commercial car-hire activities within FAAN-managed airports.

Ms Kuku said the system was introduced primarily to ensure passengers could identify the company and driver conveying them from the airport.

“The app that was developed was strictly focused on ensuring that passengers have visibility into who the car-hire companies are and who the driver taking them from Point A to Point B is.”

She stressed that FAAN does not operate the car-hire services or collect fares on behalf of drivers.

“FAAN does not collect money on behalf of the drivers. Those car-hire drivers are not FAAN drivers,” she said.

According to her, FAAN only provides passengers with indicative fares for their destinations, while passengers remain free to choose among pre-booked vehicles, e-hailing platforms, and car-hire services.

Dispute over liability

Ms Kuku said another major point of disagreement between FAAN and e-hailing companies was liability for drivers using their platforms, adding that the companies wanted dedicated pick-up areas at airports, which FAAN was willing to provide. Still, the authority also wanted them to accept greater responsibility for the conduct and safety of drivers operating through their platforms.

READ ALSO: Uber exits Nigeria after 12 years of operation

According to her, the companies argued that the drivers were independent contractors rather than their employees.

She said this created a difficulty for FAAN because passengers were directed to rely on the platforms’ safety features, while the companies were reluctant to accept responsibility for the drivers.

“One of the issues we were struggling with the e-hailing companies over was largely around liability clauses.”

She maintained that FAAN’s central concern was ensuring that people providing transportation within airport premises could be identified and held accountable when problems arose.

“We received a lot of complaints, especially around the December holiday period, from passengers who used some of the e-hailing services, as well as car-hire services, and had very unpleasant experiences,” she said.

Despite the dispute, FAAN has said it is not opposed to e-hailing services and wants to reach an operational framework that allows them to continue serving passengers while meeting airport safety and security requirements.

Uber, however, has now ended its 12-year presence in Nigeria, maintaining that its decision followed a review of its business priorities and was not caused by the FAAN directive.


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