Headline
Elon Musk, Other Billionaires Lose $300bn In Trump’s First 100 Days — Forbes

The latest Forbes report has highlighted how tech giants, such as Elon Musk, Jeff Bezos, and America’s wealthiest individuals, collectively lost more than $300 billion in the first 100 days of President Donald J. Trump’s second term.
Since January 20, Musk’s fortune has shrunk by more than $45 billion, the largest individual decline among U.S. billionaires.
The report said the U.S. stock market posted its worst start to a presidential term in 50 years, as S&P 500 and Dow Jones Industrial Average were down nearly 8% each amid a trade war fueled by President Trump’s renewed focus on tariffs.
READ ALSO: Meet Tomiwa Edun, Hollywood Actor And Son Of Nigeria’s Finance Minister
Tesla, owned by Musk, has fallen 33% amid investor concerns about supply chain disruptions and his increasingly contentious political alignments.
The entrepreneur, who had once championed Trump’s initiative to streamline government operations, has since distanced himself from the administration, trading public barbs with senior trade adviser, Peter Navarro, on social media.
Among the top ten hardest hit are Amazon’s Jeff Bezos (down $34.8 billion), Google co-founders Sergey Brin and Larry Page (down $25.6 billion and $27.4 billion, respectively), and Meta’s Mark Zuckerberg (down $21.5 billion).
Oracle co-founder, Larry Ellison, a vocal Trump supporter and participant in a proposed $500 billion AI infrastructure plan, has seen his wealth tumble by $28.2 billion.
READ ALSO: X Hit By Major Cyberattack, Elon Musk Laments
Stephen Schwarzman of Blackstone, who reversed his initial decision to stay out of Trump’s 2024 campaign, is now nearly $11 billion poorer.
Despite the downturn, Warren Buffett, the chairman of Berkshire Hathaway, has emerged as the biggest winner of Trump’s early presidency.
With a record of $334 billion in cash and cash equivalents, Buffett’s holdings have weathered market turmoil, with his company’s shares up 13% and his fortune swelling by $19.6 billion.
Peter Thiel and Palantir CEO, Alexander Karp, have also gained, buoyed by lucrative federal contracts.
The Walton heirs, Rob, Jim, and Alice, have each added over $3 billion as Walmart profits from inflation-driven consumer demand.
President Trump was also not spared, as his net worth dropped by $1.5 billion, largely due to a 35% plunge in the stock price of Trump Media & Technology Group, the parent company of Truth Social.
Headline
UK Nursery Worker Jailed For Abusing 21 Babies
A judge on Friday jailed a nursery worker for eight years for a string of “gratuitous” and “sadistic” attacks on babies.
In one incident, Londoner Roksana Lecka, 22, kicked a little boy in the face several times.
Lecka, who blamed cannabis for her crimes, admitted seven counts of cruelty to a person under the age of 16 and was convicted after a trial of another 14 counts.
Sentencing her for attacks on 21 babies, Judge Sarah Plaschkes said she had committed “multiple acts of gratuitous violence” at two London nurseries where she worked.
“You pinched, slapped, punched, smacked and kicked them. You pulled their ears, hair and their toes. You toppled children headfirst into cots,” she said.
READ ALSO:UK Set To Announce Recognition Of Palestinian State
“Often the child would be quietly and happily minding its own business before you deliberately inflicted pain… Your criminal conduct can properly be characterised as sadistic,” she added.
Lecka’s cruelty was revealed in June 2024 after she was seen pinching a number of children.
Police were called in and found multiple incidents recorded on the nursery CCTV.
Victim impact statements submitted to London’s Kingston Crown Court from parents of Lecka’s victims told how they were left heartbroken and guilt-stricken by the attacks.
“These children were so innocent and vulnerable,” one mother told the court.
READ ALSO:Kenya Court Seeks UK Citizen’s Arrest Over Mother’s Murder
“They couldn’t speak, they couldn’t defend themselves and they couldn’t tell us as parents that something had happened to them,” she added.
“They were totally helpless and Roksana preyed upon them.”
The hearing was told that she had apologised to the parents in a letter to the court in which she said cannabis had turned her into a different person.
She had been addicted to the drug around the time of the offences, but had not told the nursery.
She was found not guilty of three further counts of child cruelty.
Headline
Italy Fines Six Oil Firms $1bn Fine For Restricting Competition
Italy’s antitrust regulator said Friday it has slapped Italian energy giant Eni and five other companies with fines totalling more than 936 million euros ($1.1 billion) for “restricting competition” in the sale of fuel.
The authority said in a statement that Eni, Esso, Ip, Q8, Saras and Tamoil “coordinated to set the value of the bio component factored into fuel prices”, which tripled between 2019 and 2023.
READ ALSO:PICTORIAL: NDLEA Intercepts Cocaine, Opioid Shipments Meant For US, Saudi Arabia, Italy, Poland
A probe following a whistleblower’s complaint revealed that “the companies implemented parallel price increases — largely coinciding — which were driven by direct or indirect information exchanges among them”, the authority said.
“The cartel began on 1 January 2020 and continued until 30 June 2023,” it added.
AFP
Headline
Trump Signs Order For TikTok’s Sale, Valued At $14bn
United States President Donald Trump on Thursday signed an executive order declaring that his plan is to sell TikTok’s US operations to American and global investors.
As reported by Reuters on Friday, the order requires companies bidding for TikTok to meet the national-security requirements of the 2024 law that otherwise would ban the app unless its Chinese owners divest.
Speaking to reporters at an Oval Office briefing on Thursday, Vice President James Vance said the newly created US entity would be “valued around $14 billion.
“We actually think this is a good deal for investors, but they will make a determination about what they want to invest and what they think is the proper value,” he said.
READ ALSO:Antitrust Trial: US Asks Court To Break Up Google’s Ad Business
The White House on Thursday pushed back the law’s enforcement date to January 20 to allow time for the transaction, investor commitments, and negotiations with Chinese authorities.
The publication of the executive order shows Trump is making progress on the sale of TikTok’s US assets.
However, details remain to be worked out, including how the U.S. company would handle TikTok’s most valuable asset: its recommendation algorithm.
“There was some resistance on the Chinese side, but the fundamental thing that we wanted to accomplish is that we wanted to keep TikTok operating, but we also wanted to make sure that we protected Americans’ data privacy as required by law,” Vance said.
READ ALSO:Trump Slams Harvard With New Restrictions On Funds
According to Reuters, Trump’s order says the algorithm will be retrained and monitored by the U.S. company’s security partners, and operation of the algorithm will be under the control of the new joint venture.
Trump said Chinese President Xi Jinping had indicated approval of the plans. “I spoke with President Xi,” Trump said. “We had a good talk, I told him what we were doing, and he said go ahead with it.”
Chinese embassy in Washington did not immediately respond to a Reuters request for comment. TikTok did not immediately comment on Trump’s action.
READ ALSO:Judge Throws Out Trump’s $15bn ‘Rage’ Lawsuit Against New York Times
Trump has credited TikTok, which has 170 million U.S. users, with helping him win reelection last year. Trump has 15 million followers on his personal TikTok account. The White House also launched an official TikTok account last month.
“This is going to be American-operated all the way,” Trump said.
He said that Michael Dell, the founder, chairman and CEO of Dell Technologies; Rupert Murdoch, the chairman emeritus of Fox News owner Fox Corp, and newspaper publisher News Corp, and “probably four or five absolutely world-class investors” would be part of the deal.
-
Politics4 days ago
Why I Visited Tinubu —Gov Fubara
-
News5 days ago
JUST IN: Okpehbolo Appoints New VC For AAU
-
Sports5 days ago
JUST IN: PSG Player Wins 2025 Ballon d’Or
-
Entertainment3 days ago
Davido Gifts Wife Chioma 2025 Mercedes-Benz G-Wagon
-
Sports5 days ago
Ballon d’Or: PSG Win Best Team Of The Year
-
Business4 days ago
Okonjo-Iweala Reveals How Nigeria Can Dominate AfCFTA
-
News4 days ago
Court Bars CCETC From Entering Ossiomo Land, Using Its Property
-
News4 days ago
[OPINION] Rivers: The Futility Of Power And The Illusion Of Victory
-
News3 days ago
Lagos Govt Gives Computer Village Traders Ultimatum To Relocate To Katangowa
-
Entertainment3 days ago
Why I Leaked, Circulated My 2021 Sex Tape —Tiwa Savage