News
Fight with Trump: Elon Musk suffers $34 billion loss in one day
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.
Highlife music icon Mike Ejeagha has passed on at the age of 95. He was known for incorporating proverbs into his music and is the original owner of the now popular song-dance gwogwogwongwo.
Ejeagha died on Friday night at about 8 p.m. at the 32 Garrison Hospital in Enugu after a protracted illness.
His passing was confirmed by his eldest son, Emma Ejeagha.
Born on April 4, 1930, Mike Ejeagha launched his music career in really in life and significantly influenced the evolution of music in the Igbo language for over six decades.
He gained widespread fame after he was invited by the Nigerian Television Authority (NTA) as a guest presenter for an Igbo program, ‘Akuko N Egwu’, in 1972.
He is survived by his wife, children, and grandchildren.
Gunmen have attacked a vigilante group office in Umunze, Orumba-South Local Government Area of the Anambra State.
The attack led to the killing of a vigilante operative and setting ablaze five operation vehicles and part of the group’s office.
The Police Public Relations Officer (PPRO), SP Tochukwu Ikenga, said this in a statement on Friday in Awka, saying the incident occurred early hours of Thursday.
He explained that the security operatives in an attempt to resist the gunmen during a gun duel recorded fatal injury to one of the operatives.
“The unfortunate incident happened in the early hours of Thursday, where the suspected armed men attacked the vigilante’s office at Umunze and set five of their operation vehicles ablaze.
“The security operatives, in an attempt to ward off the gunmen during the gun duel, recorded a fatal injury to one of them.
“Some part of the security office also got burnt by the hoodlums, he said and added that police-led Joint Security Force has taken over the scene to ensure return of normalcy to the area.
Ikenga also called for the collaboration of the local communities in the ongoing operations to ensure that those responsible for the attack were held accountable.
Akwa Ibom State commissioner for Special Duties, Comrade Ini Ememobong, has resigned his appointment from the cabinet of Governor Umoh Eno.
The State Governor on Friday officially decamped from the Peoples Democratic Party, PDP to the All Progressives Congress, APC.
Last week Governor Eno had directed all his political appointees to move to APC with him, saying those who are not ready to comply with the directive should resign.
Comrade Ememobong said his decision to resign his appointment was in compliance with the Governor’s wishes as he cannot leave the PDP.
“Today, I have tendered my resignation to the Governor in compliance with his directive that his appointees who are unwilling to join him on the political journey to the APC should resign.
“While I cannot question or fault the Governor’s personal decision, I am unable to join in that sojourn. My decision is borne out of my belief in politics with principles and my long-standing opposition to that political platform.
“Ipso facto, based on my personal conviction, I will be unable to join the All Progressives Congress.
“I hereby most respectfully tender my resignation as Honourable Commissioner for Special Duties and Ibom Deep Sea Port and a member of the State Executive Council,” Ememobong wrote
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