Business
Elon Musk regains trillionaire status as SpaceX, Tesla shares surge
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.
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.
BY NKECHI BAECHE-ESEZOBOR—The Nigerian Communications Commission (NCC) has secured third place in the 2026 Public Service Reforms Performance Assessment conducted by the Bureau of Public Service Reforms (BPSR), ranking behind the Nigerian Investment Promotion Commission (NIPC) and the Nigerian Export Promotion Council (NEPC).
The assessment evaluated Ministries, Departments and Agencies (MDAs) on key indicators, including FOI compliance, fiscal transparency, institutional reforms and website performance.
Receiving the award on behalf of the Executive Vice Chairman and Chief Executive Officer of the NCC, Dr. Aminu Maida, the Executive Commissioner, Technical Services, Engr. Abraham Oshadami, described the recognition as a validation of the Commission’s commitment to institutional reforms and improved public service delivery.
Oshadami said the recognition would encourage the Commission to sustain initiatives that promote transparency, accountability and operational efficiency while strengthening public confidence in Nigeria’s telecommunications sector.
He added that the award also reflects the NCC’s commitment to delivering better services to telecom consumers through improved service quality, responsiveness and stronger consumer protection measures across the industry.
Over the past two years, the Commission has implemented several reforms, including the launch of the National Coverage Map, publication of Quarterly Network Performance Reports, simplified tariff communication for subscribers, strengthened corporate governance compliance and expanded access to industry data.
Director-General of the Bureau of Public Service Reforms, Mr. Dasuki Arabi, commended the participating MDAs, particularly the top-performing agencies, for advancing transparency, accountability and good governance through sustained reform efforts.
Arabi noted that the annual assessment, held as part of activities marking the United Nations Public Service Day, recognises institutions that have demonstrated excellence in implementing reforms and delivering quality public services.
In addition to the institutional awards, the Bureau honoured 20 outstanding public servants across the federal, state and local government levels for exemplary leadership, including the Head of the Civil Service of the Federation, Mrs. Didi Walson-Jack, and the Senior Special Assistant to the President on Sustainable Development Goals, Mrs. Adejoke Adefulire.
The post NCC Clinches Third Place in Federal Public Service Reforms Assessment appeared first on Business Today NG.
Wema Bank Plc has suspended its operations on Telegram following a surge in scams involving fake accounts impersonating the bank and defrauding customers.
The bank disclosed this in an email to customers on Monday, urging them not to engage with any Telegram accounts impersonating Wema Bank.
This is coming amid Wema Bank’s effort to contain the increasing number of accounts impersonating the bank on social media in recent times.
On 7 June, Wema Bank temporarily blocked communication on its account X, citing the need to protect customers from fraudulent activities and account impersonation.
The lender urged customers to halt interactions with its ‘Wema’ and ‘Alat’ accounts on the platform until further notice.
On Monday, Wema Bank said its routine security checks revealed a spike in the rate of accounts impersonating the bank and trying to defraud its customers on Telegram.
The financial institution stated that its efforts to suspend its operations aim at protecting the interests of its customers, noting that its ALAT platform is not available on Telegram.
ALAT is the lender’s digital banking platform.
“Our routine checks and security sweeps have shown a spike in the rate of customers falling victim to scam accounts and fraudsters using fake Telegram accounts.
“As part of our ongoing efforts to proactively protect your interests, we want to remind you that Wema Bank and ALAT are NOT on Telegram,” the bank stated.
The move emphasises the growing cybersecurity threats facing Nigeria’s banking sector and other institutions in Nigeria.
Responding to the threat, the Central Bank of Nigeria (CBN) in March gave banks a three-week deadline to complete a mandatory cybersecurity self-assessment as part of efforts to strengthen the resilience of the country’s financial system.
CBN said the exercise is designed to improve risk-based supervision and strengthen regulatory oversight of cybersecurity risks across Nigeria’s financial ecosystem.
“We are not on Telegram. Please do not contact us on Telegram or engage with any Telegram account claiming to represent Wema Bank or ALAT. Please do not attempt to contact us on Telegram,” Wema Bank said, urging customers to contact the bank only through its verified Instagram account, official email address, and customer service phone lines.
