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Fight with Trump: Elon Musk suffers $34 billion loss in one day

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Elon Musk suffered a staggering $34 billion drop in his net worth on Thursday, June 5, marking one of the most significant single-day losses in his personal fortune, according to the Bloomberg Billionaires Index.

The plunge came after a volatile exchange with former President Donald Trump, fueled by a series of controversial tweets from the Tesla and SpaceX CEO.

Musk had posted claims linking Trump to Jeffrey Epstein and hinted that Trump played a major role in securing the 2024 presidential victory. The accusations sparked immediate backlash from Trump, who retaliated by threatening to revoke federal contracts with Musk’s companies.

He also warned of removing the electric vehicle (EV) tax credit—introduced under President Biden’s 2022 Inflation Reduction Act—which has been a significant financial incentive for Tesla customers, offering up to $7,500 off EV purchases.

In a sharp response to Trump’s threat, Musk declared he would decommission SpaceX’s Dragon spacecraft.

“This is an unfortunate episode from Elon, who is unhappy with the One Big Beautiful Bill because it does not include the policies he wanted,” said White House press secretary Karoline Leavitt in response to Business Insider’s inquiry regarding Musk’s Epstein-related tweet.

“The President is focused on passing this historic piece of legislation and making our country great again.”

The fallout sent Tesla shares tumbling more than 14%, resulting in an estimated $138 billion loss in market capitalization. Bloomberg estimates that $34 billion of that decline came directly from Musk’s personal holdings.

This isn’t the first time Musk’s tweets have had financial consequences. In November 2021, he ran a Twitter poll asking if he should sell 10% of his Tesla stock. Over 57% of 3.5 million participants voted “yes,” prompting a 16% drop in Tesla shares that week and wiping out $50 billion from Musk’s net worth.

 

 

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NDC disowns presidential campaign council unveiled by OK Movement

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The leadership of Nigeria Democratic Congress, NDC, has disowned the Presidential Campaign Council, PCC, set up by the OK Movement ahead of the 2027 general elections.

This is contained in a statement signed by the party’s National Chairman, Cleopas Moses, on Saturday.

Moses stated that the announcement made by one John Ugulu was not authorised and did not come from the party.

According to him, going forward, no individual or group is authorised to announce, constitute or publish any campaign structure or organ in the name of the party without the approval of the party’s National Working Committee, NWC.

The statement partly read: “The leadership of our party, the Nigerian Democratic Congress, NDC, has noted with concern a publication credited to one John Ugulu, announcing a Presidential Campaign Council, PCC, under the guise of the OK Movement.

“For the avoidance of doubt, the party wishes to state categorically as follows: The party hereby dissociates itself in totality from the said OK Movement PCC announcement. It did not emanate from the party and should be disregarded by the public and the media.

“All candidates of the party must appreciate that they are not running as independent candidates. They are products of the party and remain subject to the authority and discipline of the party. Therefore, only the party’s leadership can constitute and announce a PCC.

“No member, candidate or support group should, under any guise, undermine the party or demarcate the party. The party recognises and deeply appreciates the contribution of all support groups and encourages their continued support. We welcome even more support groups who identify with our mission to rescue Nigeria.

“While the party will continue to work collaboratively with all support groups, such groups should not see themselves as alternative party structures or parallel organs of the party.”

 

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25 dead bodies recovered as families remain uncertain over fate of 500 residents abducted from Niger communities

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25 decomposing bodies belonging to victims of a mass abduction that took place in four communities in Niger state have been recovered.

They were part of residents that were abducted by terrorists Dekara, Kpenya, Sabon-Gida and Gidan-Zana in Borgu Local Government Area.

The bodies were recovered after the communities were reportedly alerted on Monday by the abductors to come and identify and retrieve the bodies.

The victims were said to be among about 500 worshippers abducted after Friday Jumm’at prayers on August 21, 2026.

25 bodies were recovered and later given a mass burial in a nearby bush.

The reported killings have heightened anxiety among families whose relatives remain in captivity, with residents saying they are increasingly uncertain about the fate of the remaining abductees.

A source said the abductors allegedly warned that more captives could be killed if their ransom demands were not met.

“They first asked each family to bring N10 million for each captive, but later reduced it to N5 million. There is no way we can afford it,” he said.

 

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Democracy: NHRC calls for people-centered policies, robust debate, respect for human rights, dignity

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Ahead of the 2027 general election, the National Human Rights Commission (NHRC), has urged authorities and policy makers to prioritize rights of citizens and respect for human dignity over and above the quest to win election and occupy leadership position,

The Executive Secretary of the Commission, Chief Tony Ojukwu, SAN, made the call on Wednesday, as Nigeria joins the rest of the world to commemorate the 2026 International Day of Democracy.

Ojukwu said the day reminds us that democracy is not just about elections, but about the dignity, voice, and rights of every citizen.

He stated that democracy represents the freedom to speak, to choose, to participate, and to hold power accountable without fear; and called on all politicians, political parties and their supporters to exercise restraint and responsibility in public utterances.

He further stressed that democracy thrives on debate, not on hate speech, inciting statements, ethnic profiling, or threats.

A statement by Hajia Fatimah Agwai Mohammed, Director Corporate Affairs and External Linkages at the Commission, quoted Ojukwu to have reiterated that words can build peace or destroy the nation, and urged the political class to make campaigns issue-based and shun any language capable of inciting violence or undermining national unity.

The Chief Human Rights Officer of the country noted that the Commission will continue to monitor hate speech and electoral violence. He called on every eligible Nigerian to rise above voter apathy and actively exercise their civic rights, adding that citizens should not stay away from the polls, sell votes, or believe that votes do not count as these emanate from voter apathy.

Chief Ojukwu lamented that democracy dies when citizens withdraw, and remain silent, he emphasized that the Permanent Voter’s Card remains the power of the people to choose desired leaders.

He therefore urged citizens to come out, vote, and make votes count, describing the choice of leaders as both a right and a duty to Nigeria.

The Executive Secretary who is also the President of the Network of National Human Rights Institutions in West Africa (NNHRI-WA) called on the Federal Government, the Independent National Electoral Commission, and all security agencies to ensure a level playing field for all.

He further stated that government must guarantee the safety of voters, journalists, observers, human rights defenders and the citizens at large.

“Anyone regardless of status or party affiliation, who attempts to make the polity unbearable, who sponsors violence, vote-buying, voter suppression, or attacks on democratic institutions ahead of the 2027 General Elections, must be promptly investigated and prosecuted in accordance with the law, adding that impunity remains the greatest threat to democracy.

In conclusion, Chief Ojukwu called for commitment to a democracy that delivers not just elections, but justice, equality, and human rights for all.

 

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