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Black monday Dangote loses $700mil to Chinese stocks crash in 24 hours

The president of Dangote group lost $708.6 million (N140 billion) as Chinese stocks sank lower after a rout on August 24 that the official state news agency, Xinhua, dubbed ‘Black Monday.’

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Aliko Dangote, Africa’s richest man, on Monday, reportedly lost N141 billion the equivalent of  $700 million following intense pressure of global markets as a result of ripples from the Chinese economic crisis.

Dangote joins a long list of billionaires whose fortunes have tumbled over the past few days.

The president of Dangote group lost $708.6 million (N140 billion) as Chinese stocks sank lower after a rout on August 24 that the official state news agency, Xinhua, dubbed ‘Black Monday.’

According to Bloomberg’s Billionaires Index, Dangote gained $79.2m (N15.6bn) from Thursday to Friday last week, only to lose the same amount about nine times over.

The 58-year-old was just one of 197 billionaires who lost billions of dollars in 24 hours, with only three of the world’s top 200 billionaires making gain on ‘Black Monday.’

Wang Jianlin, Asia’s richest man, and Bill Gates, the world’s richest man, lost $3.6 billion and $3.2 billion respectively as the worst-hit billionaires on Monday.

Mark Zuckerberg, Facebook founder, lost $1.7 billion, placing him behind Warren Buffet, world number three billion, who lost $2 billion.

The only three gainers were Alwaleed al-Saud, a Saudi business magnate; Tadashi Yanai, founder of Japanese Fast Retailing; and Petr Kellner, a Czech businessman. They gained $169 million, $105.5 million and and 87.3 million respectively.

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