Elon Musk regains trillionaire status as SpaceX, Tesla shares surge

Published

5 months ago

June 30, 2026

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.

Related Topics:Elon Musk regains shares SpaceX Status Surge Tesla trillionaire

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Veritas Kapital Assurance Records 54% Growth in Total Assets to ₦54.56 Billion, Strengthens Financial Position

Published

4 hours ago

November 13, 2026

PlateauReports

Veritas Kapital Assurance Plc has recorded a 54 per cent increase in total assets to ₦54.56 billion as at September 30, 2026, compared to ₦35.40 billion recorded in the corresponding period of 2025, reflecting growth in the company’s financial position.

The company’s unaudited financial results for the nine months ended September 30, 2026, also showed a 60 per cent increase in total equity, which rose from ₦19.12 billion in 2025 to ₦30.59 billion.

This growth was supported by an increase in share capital from ₦6.93 billion to ₦14.43 billion and share premium from ₦663.6 million to ₦8.16 billion.

Further reflecting the growth in its financial position, cash and cash equivalents increased by 28 per cent, from ₦7.98 billion to ₦10.17 billion, while investment securities held at amortised cost more than doubled, rising from ₦12.45 billion to ₦25.64 billion.

The company also recorded a 34 per cent increase in net investment income, from ₦2.61 billion in the corresponding period of 2025 to ₦3.51 billion in 2026. This performance reflects the contribution of its investment portfolio to income during the period.

Commenting on the results, the Managing Director/Chief Executive Officer, Dr. Adaobi Nwakuche, said: “Our nine-month performance reflects notable developments in our financial position, particularly the growth in our asset base, equity position and investment income.

“As we continue to build on these gains, our focus remains on strengthening our core insurance business, enhancing operational efficiency and improving overall business performance.

“Our commitment to meeting our obligations to policyholders remains central to our business as we work towards delivering sustainable value to all stakeholders.

The results also highlight areas requiring continued management attention within the company’s underwriting operations. Insurance revenue stood at ₦15.41 billion, compared to ₦16.31 billion in the corresponding period of 2025, while the company recorded a loss after tax of ₦3.84 billion, against a profit after tax of ₦4.12 billion in the previous year.

This performance was largely attributable to increased insurance service expenses and net expenses from reinsurance contracts held.

Overall, the results reflect growth in Veritas Kapital Assurance’s asset base, equity position and investment income, alongside areas for improvement in its insurance operations.

The company remains focused on strengthening its core business, enhancing operational efficiency and sustaining its commitment to delivering dependable insurance solutions and long-term value to its stakeholders.

About Veritas Kapital Assurance Plc
Veritas Kapital Assurance Plc is a Nigerian insurance company providing general insurance solutions to individuals and businesses. The company is committed to delivering reliable insurance services and building lasting relationships with its customers and stakeholders.

The post Veritas Kapital Assurance Records 54% Growth in Total Assets to ₦54.56 Billion, Strengthens Financial Position appeared first on Business Today NG.

Business

Airline refunds aggrieved passenger’s fare, adds perks

Published

12 hours ago

November 12, 2026

PlateauReports

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Governance expert Joe Abah has confirmed he received a full refund of his flight ticket from United Nigeria Airlines after a six-hour flight delay.

Mr Abah disclosed that the airline refunded his ticket within 12 hours of his request and offered him a 50 per cent discount on a future flight for four months.

In a post on X on Thursday, Mr Abah said the airline has apologised, refunded his money, and offered compensation following the disruption to his Enugu-Abuja journey.

“I can confirm that I have now received a full refund from @flyunitedng and that the refund came within 12 hours of my making the request,” he wrote.

“They also offered compensation of 50 per cent off a future flight for the next four months. They have thus apologised, offered compensation, and speedily refunded my money. These are good remedial steps,” he added.

PREMIUM TIMES reported on Wednesday that United Nigeria Airlines apologised to Mr Abah over the delay, acknowledging that its communication and follow-up with affected passengers fell below expectations after he called out the airline on X and questioned its handling of the disruption.

Mr Abah had said his flight, scheduled to depart Enugu for Abuja at 8:30 a.m. on Tuesday, was delayed until 3 p.m., prompting him to demand an immediate refund and question the airline’s explanation.

United Nigeria Airlines, in its response, said its aircraft encountered worsening weather conditions while approaching Akanu Ibiam International Airport, Enugu, forcing it to divert to Anambra in line with safety procedures.

The airline said weather conditions can vary across routes and airports and change quickly, explaining why other aircraft might land while its own could not.

It also acknowledged that keeping passengers adequately informed remains its responsibility, even though weather-related disruptions are sometimes beyond its control.

Following the airline’s response, Mr Abah demanded an immediate refund after purchasing another airline ticket to complete his journey.

The airline subsequently asked him to submit a refund request through its official website, promising immediate processing rather than the usual seven working days.

READ ALSO: Nigerian airline removes passenger after threat to ‘burn down’ aircraft

Mr Abah’s latest confirmation indicates the refund was completed within 12 hours of his request.

The development resolves the refund dispute and highlights how public complaints draw attention to passenger concerns over flight delays, communication, and refund procedures among domestic airlines.

Nigeria’s Civil Aviation Regulations contain consumer protection provisions covering flight delays, cancellations, passenger assistance and compensation in qualifying circumstances.

The NCAA advises passengers to first lodge complaints with airlines and escalate unresolved cases to its Consumer Protection Department.