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Bernard Arnault Overtakes Elon Musk As Richest Man In The World

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Billionaire Bernard Arnault has surpassed Tesla CEO Elon Musk as the richest man in the world.

CEO of global luxury goods company LVMH, Bernard Arnault and his family’s net worth snowballed to $207.8 billion after an increase of $23.6 billion on Friday, exceeding Musk’s $204.5 billion mark, according to Forbes real-time billionaires list.

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This development trails Tesla suffering a blow in the stock market on Thursday (Jan 25), plummeting to 13 per cent which made Musk lose more than $18 billion in net worth, according to a Forbes report.

READ ALSO: Elon Musk Overtakes Obama As Most Followed Twitter Account

In advantage, LVMH shares rose by over 13 per cent on Friday around 11 am immediately after the news of strong sales surfaced.

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LVMH’s market cap reached $388.8 billion on Friday, compared to Tesla’s $586.14 billion market cap, as per Forbes.

Tesla shares on Thursday dropped by over 12 per cent after Musk cautioned that the sales growth would go down despite slashing the prices that have already caused a dent in the margins of the world’s most valuable automaker.

Musk on Wednesday said that growth would be “notably lower” as Tesla shifts its focus on making cheaper next-generation electric vehicles at its Texas factory in the second half of 2025.

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READ ALSO: JUST IN: Musk Leaks Private Messages With Zuckerberg On $1bn ‘Super’ Fight

However, he said that speeding up the production of the new model would pose challenges as it would involve the latest technologies.

“The Tesla headlines have essentially gone from bad to worse,” said TD Cowen analysts, noting that the fourth-quarter revenue and profit were also below expectations.

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The problem for Tesla is any significant attempt to boost sales from here on will probably need to be achieved at the cost of further falls in operating margin, due to having to compete with BYD in China, as well as increased competition elsewhere,” said Michael Hewson, chief market analyst at CMC Markets.

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NAFDAC Warns Against Use Of Excess Hydroquinone In Cosmetics

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The National Agency for Food and Drug Administration and Control (NAFDAC) has warned users of bleaching creams to refrain from using products containing excessive hydroquinone to safeguard their health.

NAFDAC Bauchi State Coordinator, Mr Hamis Yahaya, advised in an interview with the News Agency of Nigeria (NAN) in Bauchi on Tuesday.

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Hydroquinone is a skin-lightening agent used to treat hyperpigmentation, such as melasma and age spots.

READ ALSO: NAFDAC Alerts Public To Fake Antimalarial, Aflotin

Yahaya said that the approved quantity of the chemical substance in cosmetics was only two per cent.

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According to him, NAFDAC conducts checks on market products to ensure public health and safety.

The black colour provides natural protection against harmful radiation due to melanin content.

READ ALSO: Trump Says Will ‘Take A Look’ At Deporting Musk

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“Applying creams with hydroquinone contents more than two per cent is harmful. Mixing creams by non-experts is wrong.

“Hydroquinone affects the health of the users gradually, including causing cancer,” he said.

Yahaya urged the media to raise awareness about the dangers of cosmetics that could endanger consumer lives.

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AU Helicopter Crashes In Somali Capital – State Media

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An African Union helicopter crashed Wednesday at the airport in the Somali capital Mogadishu with eight people onboard, state media said.

The aircraft was part of the African Union Support and Stabilisation Mission in Somalia (AUSSOM), tasked with fighting the Al-Shabaab militant group.

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The state media agency Sonna said the AUSSOM helicopter, carrying eight people, “crashed during landing at Mogadishu’s Aden Adde Airport this morning after departing Balidoogle”.

READ ALSO:Man Jailed Seven Years For N11.4m Enugu Land Fraud

The fire has been contained, and authorities are assessing the situation,” it said in a post on X.

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Sonna quoted the country’s civil aviation authorities as saying that “flight operations remain normal”.

There were no further details given, but unverified clips and images shared online showed a plume of black smoke over the city.

The AUSSOM mission faces funding difficulties, even as fears of an Al-Shabaab resurgence are stoked by attacks in the Horn of Africa nation.

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Australia Cancels Kanye West Visa Over ‘Heil Hitler’ Song

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Australia has cancelled US rapper Kanye West’s visa over his song glorifying Nazi leader Adolf Hitler, the government said Wednesday.

The 48-year-old musician, who has legally changed his name to Ye, released “Heil Hitler” on May 8, the 80th anniversary of the defeat of Nazi Germany in World War II.

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West — whose wife Bianca Censori is Australian — has been coming to Australia for some time because he has family in the country, Home Affairs Minister Tony Burke said.

READ ALSO:Kanye West’s Website Goes Down After Nazi T-shirt Sales

He’s made a lot of offensive comments. But my officials looked at it again once he released the ‘Heil Hitler’ song and he no longer has a valid visa in Australia.”

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Burke said the rapper’s cancelled visa was not intended for holding concerts.

“It was a lower level, and the officials still looked at the law and said: You’re going to have a song and promote that sort of Nazism — we don’t need that in Australia,” he told public broadcaster ABC.

READ ALSO:Reactions Trail Arrest Of IPOB Leader, Nnamdi Kanu

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Asked if it was sustainable to bar such a popular figure, the minister said: “I think what’s not sustainable is to import hatred.”

But he said immigration officials reassess each visa application.

Australian citizens have freedom of speech, Burke added.

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But we have enough problems in this country already without deliberately importing bigotry.”

AFP

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