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Bernard Arnault Dethrones Elon Musk As World’s Richest Man

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The 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 Elon Musk’s $204.5 billion mark, according to Forbes real-time billionaires list.

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

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

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.

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.

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.

“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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Fubara Bows to Pressure, Invites Pro-Wike awmakers to Peace Meeting

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Rivers State Governor, Sir Siminialayi Fubara has extended an olive branch to lawmakers loyal to his rival, Nyesome Wike.

The governor invited the Amaewhule-led House of Assembly members to a peace meeting, following the Supreme Court’s judgement on the state’s political unrest.

The invitation was made through a letter from Dr. Tammy Danagogo, Secretary to the State Government, to Speaker Martins Amaewhule.

The meeting is scheduled for Monday at 10 am at the Government House in Port Harcourt.

The agenda includes addressing lingering issues, presenting the 2025 state budget, and discussing payment of lawmakers’ allowances.

The letter read: “I hereby write in furtherance of His Excellency’s promise stated in my letter dated 5th March 2025 to notify you that His Excellency has received the Supreme Court Judgment, and has therefore directed me to invite you and your colleagues -the Honourable members of Rivers State House of Assembly, to a meeting to discuss:-

“Provision of a befitting space for the Assembly’s sittings. Payment of all outstanding remuneration or allowances of the Honourable members. Presentation of Budget and sundry matters;

“Any other matter(s), as may be necessary, to chart the way forward in the best interest of the State. Sequel to the above, I hereby humbly invite the Rt. Hon. Speaker, and all the Rivers State House of Assembly members to a meeting with the Governor as follows.”

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Rivers Lawmaker Rejects Fubara’s Invitation for Peace Meeting

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A member of the Rivers State House of Assembly, Lolo Isaiah Opuende, has dismissed an invitation from Governor Siminialayi Fubara for a crucial meeting at the Government House, Port Harcourt, on Monday.

In an online video, Opuende stated that it was time for the governor to “dey his dey” (be on his own) while the lawmakers would do the same.

Representing Akuku-Toru Constituency 2, Opuende recalled that when the political crisis began, their principal had warned that a time would come for both sides to go their separate ways.

He also questioned the mode of invitation transmission, arguing that it is not feasible for lawmakers to honor the governor’s request.

“How can you write a letter for the House of Assembly and put it on social media and expect us to come? The governor should write us the proper way,” he insisted.

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Abacha Family Slams Babangida, Says Book a ‘Revisionist Narratives’, Distortion of Facts

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The family of the late General Sani Abacha has rebuffed claims made by former Head of State, General Ibrahim Babangida, that the late Abacha was responsible for the annulment of the June 12, 1993, presidential election.

In his recently launched autobiography, A Journey in Service, Babangida expressed regret over the annulment, acknowledging that the Social Democratic Party’s candidate, MKO Abiola, won the election.

Describing the annulment as an “accident of history,” IBB blamed military officers led by Abacha, who was then his Chief of Defence Staff, for the controversial decision, alleging that it was done “without his permission.”

Reacting in a Sunday statement signed by his son, Mohammed Abacha, the late dictator’s family dismissed IBB’s claims, insisting that Abacha was neither the Head of State nor the Commander-in-Chief at the time of the annulment.

The family accused Babangida of attempting to distort historical facts and shift blame.

“The decision to annul the election was made under the administration of General Ibrahim Babangida, who, as the then Head of State, held absolute executive powers and was solely responsible for the actions of his government,” the statement read.

“Any attempt to shift this blame onto General Sani Abacha, who was a very senior military officer within the regime, is a deliberate distortion of historical facts. For years, various actors have attempted to rewrite the history of that critical period in Nigeria’s democratic evolution.”

The Abacha family also urged Nigerians to be cautious of what they termed “revisionist narratives” intended to manipulate public perception for political gain.

“We urge Nigerians to be wary of revisionist narratives that seek to manipulate public perception for personal or political reasons.

“The memory of our late father and leader, General Sani Abacha, must not be tarnished by baseless accusations meant to absolve those who were truly responsible,” the statement continued.

In conclusion, the family slammed Babangida’s autobiography for failing to present an honest account of events, stating, “We regret that A Journey in Service missed the opportunity and failed to make history as a truthful and objective account of past events.

“As one public commentator aptly put it, honesty, sincerity, and integrity are virtues not commonly associated with the author.”

Source: Newspoint
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