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I will pay new minimum wage β€”Adeleke 

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I will pay new minimum wage β€”Adeleke 

Osun State governor, Senator Ademola Adeleke, on Friday pledged that his administration will not be among defaulters in the payment of the new minimum wage.

 

Adeleke said after the National Assembly might have passed the bill and finalised with every other things on it, the state government would abide by the rule because β€œit has become a law”.

 

The governor who made this known in Osogbo, through the Commissioner for Information, Mr. Kolapo Alimi, expressed commitment to implementing the N70,000 minimum wage for civil servants in the state.

 

β€œOur governor is a lover of workers; his first agenda is to prioritise the welfare of workers both active and non-active.

 

β€œGovernor Adeleke will not be among defaulters of the new minimum wage. Osun State will never deviate from the law on minimum wage.”

 

The governor stressed that the welfare of workers is a top priority for his administration and he will not deviate

Agribusiness institute begins operations September – FG

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Agribusiness institute begins operations September – FG

The Federal Government, on Friday, announced that the first National Agricultural Land Development Authority Institute of Agribusiness and Entrepreneurship would begin operations in September this year.

 

It said the institute would be established in the six geopolitical zones of Nigeria, adding that the first institute would commence activities in Aba, Abia State in the next two months.

 

The Executive Secretary, NALDA, Paul Ikonne, who disclosed this to journalists in Abuja, explained that the establishment of the institute was to support the growth and development of agribusiness in the country by transforming agriculture into a modern and appealing career path for the youth.

 

This, he said, is through a combination of practical training, specialised curriculum, cutting-edge technology and entrepreneurial education in the field of agribusiness and agronomic practices.

 

β€œThis will enable the country to attain food security and ensure a stable and sufficient food supply for the nation in line with President Bola Tinubu’s food security agenda,” Ikonne stated.

 

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On the already established facility in Abia State, he said the campus is fully equipped with facilities needed to build a formidable agribusiness school.

 

According to him, the institute in Aba boasts a completed 600-capacity student sports complex, two administrative blocks, libraries and laboratories, and a clinic, among others.

 

Ikonne added, β€œWe came up with NALDA Institute of Agribusiness and Entrepreneurship that has the approval of Mr. President. And today, that school is taking off in September. We have students that are going to start in September. The one in Abia is fully ready and commencing the 2024/2025 academic session this September.

 

β€œThe one in Ogun is 99 per cent to completion and they will commence academic session by next year. The institute in Katsina is 89 per cent complete. So, these are projects that we initiated with the idea and knowledge that if we don’t catch them young into agriculture, agricultural production and agribusiness, we will lose farmers as the current generation of farmers is ageing and retiring.

 

β€œThis is why we came up with the NALDA Institute of Agribusiness and Entrepreneurship from primary to secondary to OND level.”

Refinery: Dangote defends product quality, says diesel 80% better than imported ones  

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Refinery: Dangote defends product quality, says diesel 80% better than imported ones  

Dangote Industries Limited (DIL) has condemned an online report criticizing the quality of its products, adding that its refined diesel is 80% superior to those currently imported into Nigeria.

 

In a statement released by the company’s spokesperson, Anthony Chiejina, on Friday, Dangote Industries Limited called reports of producing high-sulfur diesel β€œmischievous and aimed at tarnishing our reputation.”

 

Recall that reports circulating online, made by NMDPRA CEO Farouk Ahmed, claim that local refineries, including the Dangote refinery, are producing inferior products compared to imports.

 

Reacting to this report, Dangote said the allegation was false, baseless, and mischievous.

 

What Dangote is Saying

The spokesperson said the refinery is designed to produce top-quality petroleum products that meet strict international standards.

 

β€œThe false and misleading allegations made by some media outlets that the Dangote Refinery is producing substandard diesel which is why it reduced the price by 37%, is baseless and mischievous.

 

β€œUntil late last year, diesel imports into Nigeria were up to 7,000 parts per million (ppm) of Sulphur which has been going on for many years. Our diesel is produced currently at significantly lower levels of Sulphur; as such, we find baseless the allegation that the reason for the reduction is linked to quality. What we are producing is 80% of what is being imported into the country.

 

β€œAnother inaccurate assertion is that Medium Level Sulphur diesel is meant for off-road use. This is a completely false statement as this would have invariably meant that all the imports for the last 20 years have been damaging equipment.

 

β€œThirdly, diesel imports for the high Sulphur grade have been at significantly higher prices until we started operation. If indeed high Sulphur diesel is sold at lower prices how come we never saw the lower prices until now?” the spokesperson said.

 

Chiejina affirmed that the real reason behind the Dangote diesel price reduction was principally due to the patriotism of the management to the nation as well as prevailing market dynamics of supply and demand.

 

What you should know

 

The Vice President of Oil and Gas at Dangote Industries Limited, Devakumar Edwin, said the indiscriminate licensing from the regulator made it possible for there to be inferior products in Nigeria.

 

According to Edwin, despite Dangote’s effort to meet ECOWAS standards, the authority gives licenses to traders to import high-sulfur petrol from Russia into the country.

 

He explained that since the US and UK have issued a cap on Russia’s petroleum products, these products are now dumped in Nigeria’s market by various traders.

 

In addition, the leadership of the mega refinery also accused International Oil Companies (IOCS) of price manipulation, aimed at undermining and sabotaging the refinery in the market.

Rema’s β€˜HEIS’ bold experiment divides Afrobeats fans

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Rema’s β€˜HEIS’ bold experiment divides Afrobeats fans

Rema’s sophomore album, HEIS, dropped on July 11th, 2024, and it has divided Afrobeats fans because of its experimental sound adoption.

 

HEIS, an 11-track album, breaks the mould from how it was released. The album was released on a Thursday, breaking away from the typical β€˜New Music Friday’ – a recently adopted culture of music artists releasing their projects on Fridays.

 

This showcased Rema’s desire to push boundaries and explore uncharted sonic territories. The album’s lead single, β€˜Hehehe,’ offered a taste of this experimentation. A blend of gothic rock and Afrobeats, the song is unlike anything the Nigerian music industry has heard of. Rema positions himself as a dominant force, declaring his place among the industry’s elite.

 

This isn’t just a creative leap for Rema; it’s a strategic one. According to Spotify data, his tracks have been added to over 28.1 million playlists in the past year alone and saved to user libraries 24.3 million times. His audience skews slightly female, with a core demographic of young adults between 23 years and 34 years old. This dedicated fanbase positions Rema for audacious experimentation.

 

HEIS (a Greek word signifying β€˜number one’, β€˜first’, β€˜unity’, and β€˜supremacy’), reinforces this self-assured stance.

 

Producer Peace Aderogba Oredope, popularly known as P.Priime, becomes a co-conspirator in this sonic rebellion. Tracks like β€˜March Am’, β€˜Azaman’, β€˜Yayo’, and the album titled track HEIS, weave gothic and death rock elements into the familiar tapestry of Afrobeats. Imagine Apala infused with gothic vibes, Hausa urban court music given a death rock makeover, Amapiano colliding with punk rock, or a sped-up Tanzanian Taraab sound merging with Indian flutes and drums – that’s the sonic kaleidoscope HEIS offers.

 

A track like β€˜Ozeba’ leans towards Afro-punk rock, with Rema echoing the aesthetics of Travis Scott’s β€˜FE!N’, where the song title becomes the driving force of the chorus. The featured artists, ODUMODUBLVCK on β€˜War Machine’ and Shallipopi on β€˜Benin Boys,’ further emphasise Rema’s commitment to sonic diversity. Each brings their signature sound to the table, ensuring a different experience.

 

Joey Akan, a Nigerian music journalist and founder of Afrobeats Intelligence, said on his X handle, β€œThe culture has been subsisting on Amapiano, to the point of local erosion in the dance circuit. Instead of fighting DJs to stop spinning, our artists are cooking up a better replacement. β€˜HEIS’ is just the first salvo of reclamation.”

 

Akan also suggests that Rema might be tired of being misunderstood. Despite the success of his debut album, β€˜Rave & Roses,’ there seems to be a lingering question about his place in the industry.

 

This experimentation can be seen as a reaction to the current dominance of the Amapiano wave. Fans are yearning for a return to originality and songs that leave a lasting impact. Artists like Odumodublvck and Shallipopi have carved their niche by embracing unconventional sounds, and Rema seems to be following suit.

 

However, change isn’t always easy. Some fans, accustomed to the Amapiano-infused soundscape, have criticised HEIS on social media. A comment like @ThaBoyYom’s β€œThere has to be a backstory… under no circumstance should a body of work sound like this” reflects this resistance to change.

 

But for others, like DJ Damifresh, this is exactly the point. HEIS is a challenge to conformity, a β€˜reset button’ for the Afrobeats soundscape.

 

Motolani Alake, an expert on Afrobeats music, hailed HEIS as a masterpiece. He saw it as a diary of Rema’s extravagant lifestyle, a bold artistic statement, and a necessary evolution for the genre.

 

β€œIt’s also a BOLD album, in its experimentation and Rema’s need to do something different. The soundscape has been crying out for someone to do exactly that since the turn of the year, and I’m glad it’s him that did it,” Alake added.

 

Alake highlights that the album is inherently Nigerian in character, rejecting claims that it caters to a foreign market.

 

β€œIf there was ever an album that suits someone’s identity, it is HEIS and Rema. I’m one of those who stand by Afro-Rave not being a genre. And it’s still not, because it has no unique genre DNA and identifier. But now, I can call it a style,” Alake said.

 

HEIS might not be for everyone. The fast-paced, genre-bending tracks can be overwhelming. But for those seeking innovation and a break with the norm, HEIS is a sonic adventure. According to Rema Stats on X, HEIS recorded 1.8 million streams on its third day of release on Spotify Nigeria.

 

It is an album that pushes boundaries, challenges expectations, and sparks conversation about the future of Afrobeats. Whether a masterpiece or a misstep, HEIS is undeniably a bold experiment that will leave its mark on the music scene, say analysts.

Mali, Niger, Burkina Faso, 51 Other Countries To Send Troops To Nigeria For African Military Games

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Mali, Niger, Burkina Faso, 51 Other Countries To Send Troops To Nigeria For African Military Games

The two-week event will feature military athletes from 54 African nations, including Mali, Niger, and Burkina Faso, who have recently announced their exit from the Economic Community of West African States (ECOWAS).

 

The Defence Headquarters (DHQ), Abuja, has announced that it has completed arrangements to host the 2nd Africa Military Games, scheduled to be held in Abuja in November 2024.

 

The two-week event will feature military athletes from 54 African nations, including Mali, Niger, and Burkina Faso, who have recently announced their exit from the Economic Community of West African States (ECOWAS).

 

The Director of Sports at the Defence Headquarters, Air Vice Marshal (AVM) Abidemi Marquis, shared this information during a media briefing.

 

He noted that despite the ongoing tension within ECOWAS, military athletes from Mali, Niger, Burkina Faso, and Guinea had expressed their interest in participating in the games, which would take place from November 5 to 18 at the Moshood Abiola National Stadium in Abuja.

 

Marquis highlighted that the event, themed β€œEnhancing Military Cooperation in Africa Through Sport,” would provide an opportunity for African countries to interact and sustain good relationships. Both male and female athletes will compete in 19 sporting events.

 

President Bola Tinubu, Commander-in-Chief of the Armed Forces of Nigeria, would serve as the grand patron of the games, with Minister of Defence, Mohammed Badaru, as the patron.

 

The Chief of Defence Staff, General Christopher Musa, will be the chief host, while the service chiefs will act as co-hosts.

 

Marquis emphasised that the games aimed to strengthen camaraderie and cooperation among African countries and enhance security on the continent.

 

He noted that 43 nations had already submitted their preliminary agreements to participate in sports such as badminton, boxing, basketball, combat swimming, football, golf, judo, kickboxing, obstacle crossing, shooting, squash, table tennis, lawn tennis, taekwondo, volleyball, and wrestling.

 

He also pointed out the significant benefits of hosting the games, including boosting tourism and stimulating the economy.

 

β€œFor Nigeria, hosting these games will increase tourist arrivals, project Nigeria to the world, and boost economic growth through spending on accommodation, food, transportation, souvenirs, and other goods and services,” Marquis said.

 

Additionally, he mentioned that the games would spur infrastructure development, such as hotels, improving the lives of citizens.

 

Major General Abdullahi Maikano, President of OSMA, added that OSMA, a non-political organization, aims to unite all African militaries through sports.

 

He mentioned that Nigeria was granted the hosting rights after 24 years due to its capability and expressed confidence that the event would be a success.

 

Maikano also highlighted that athletes from other African countries, such as Ghana, have already entered camp and indicated their interest in participating.

 

The Ambassador of Burkina Faso has assured that their military athletes will also participate.

 

β€œOur aim is to have all 54 member nations of Africa participate, under the motto β€˜Peace in Africa.’ Nigeria will play a significant role in achieving peace in Africa through this event,” Maikano said.

 

Despite the ongoing crisis, the Sudanese military has shown interest in participating, and Maikano stated he would continue to campaign for more countries to join.

 

Seplat, ExxonMobil $1.28 billion divestment deal shows Nigerian government understands what business means – Dumo Lulu Briggs 

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Seplat, ExxonMobil $1.28 billion divestment deal shows Nigerian government understands what business means – Dumo Lulu Briggs 

Nairametrics previously reported Seplat Energy Plc’s announcement in February 2022 of its intention to acquire all shares of MPNU from Exxon Mobil Corporation for $1.28 billion.

 

Transition Period for Nigeria’s oil and gas sector

Briggs told newsmen at the sidelines of his sixty years birthday event, attended by Nairametrics, that while several divestment deals are still an ongoing process, the nation is making a headway in that regard.

 

β€œWhat you would have noticed is that the international oil companies, the IOCs are exiting their onshore assets and small independent companies and companies like Seplat, you know, are stepping in.

 

β€œSo all of these processes, you know, are going on. It’s a transition period, ” Briggs said.

 

He also noted that a win-win situation is emerging in the oil and gas sector because Nigerians have taken over the management of several oil and gas industries in the country.

 

He added that the Petroleum Industry Act(PIA) signed into law by the Nigerian government has provided the legal framework that will help to further regulate the industry towards better efficiency.

 

He maintained that if relevant stakeholders are able to do their due diligence properly, then indigenous oil and gas companies ” can do quite well. β€œ

 

β€œYou have a government that is constantly trying to see how to make things better, you know. So with us in our industry, I feel that we’re quite excited.

 

β€œWe think that they(federal government) understand what business means, ” he added.

 

What you should know

The deal between Exxon Mobil Corporation and Seplat involved the takeover of ExxonMobil Nigeria’s offshore shallow water operations.

 

However, NNPC decided to invoke its Right of First Refusal (RFR) regarding the sale of these assets.

 

In May 2022, *the federal government declined to approve the transaction, citing overriding national interest among other reasons for its decision.

 

Nairametrics also reported that President Bola Tinubu later met with ExxonMobil president Liam Mallon and other executives, assuring them of a quick resolution of the agreement between ExxonMobil and Seplat.

 

This development marked a significant step in the ongoing efforts to conclude ExxonMobil’s divestment plan announced two years ago, which has been the subject of intense legal and regulatory scrutiny.

 

Two weeks ago, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) announced that Oando PLC has completed the acquisition of 100%β€― shares of Nigerian Agip Oil Company Limited (NAOC Ltd).

 

For the Seplat proposed takeover of ExxonMobil Nigeria’s offshore shallow water operations, the Commission disclosed that the β€œcompany(Seplat) expressed commitment to proceed to apply for Ministerial Consent to NUPRC.”

Glo Reassigns Active NIN-Linked SIMs to New Users

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Glo Reassigns Active NIN-Linked SIMs to New Users

Globacom Ltd., the Nigerian telecommunications company known as Glo, is reassigning active ’ National Identification Number (NIN)-linked SIM cards to new users.

 

FIJ saw some subscribers complain about suddenly losing access to their phone numbers on Wednesday.

 

One of the affected subscribers has been a Glo user for 20 years.

 

Dewunmi Lagos, a photographer, took to social media to announce that his father’s Glo SIM stopped working in the second week of July for no reason.

 

β€œMy dad has been using his Glo SIM for over 20 years. He bought the sim for N11,000 when it came out. He travelled out for six months and came back; his Glo SIM was still working until last week Tuesday,” Dewunmi posted on X.

 

β€œHe got to their office in Ikorodu today and they told him someone called Abass Yusuf has re-registered the line since 2014 in Abuja and he has been using it. Saying my popman can’t get his number back, and this is after linking his NIN to it.

 

β€œI’m trying to understand how a network glitch of just last week routed this man’s number to another.”

https://www.facebook.com/share/p/a5U3R4u53gBreF6G/?mibextid=oFDknk

Dewunmi said that his father’s Glo SIM came in this pack

On Wednesday, Simeon Awodele, another Glo subscriber, posted on Facebook that Glo told him he had forfeited ownership of his SIM.

 

Awodele insisted that he had registered the SIM with his NIN.

 

Someone else indicated in the comment section that MTN, another telecommunications company, sold off their SIM. They did not provide more information about this.

 

Dewunmi has since shared more details about his father’s SIM. He included pictures of the Glo SIM card packaging and claimed that the SIM had never been inactive for over two days.

 

Telecommunications companies operating in Nigeria only lock SIMs whenever they stay inactive for 90 days.

 

Dewunmi said that Glo had not acknowledged his messages on social media. He has now approached the Federal Competition and Consumer Protection Commission (FCCPC) and the Nigerian Communications Commission (NCC) for recourse.

 

β€œI’m officially filing a complaint with FCCPC, NCC, and the lawyers will begin their court process,” Dewunmi announced on his Facebook page.

 

β€œThis number was registered and all the necessary information were[sic] documented with Glo in their Lagos office. How Abbas Yusuf got hold of this number and registered it within Tuesday and today and Glo keeps telling us that the person registered it in 2014 will either be explained to where I’m filing my complaints.

 

β€œThis number is what my dad has on all his documents and anything that has to do with his life. You want him to throw that away?”

Lagos announces 90-day repairs, diversion at Odo Iya Alaro bridge

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Lagos announces 90-day repairs, diversion at Odo Iya Alaro bridge

The Lagos State Government says traffic will be diverted at the Odo Iya Alaro Bridge starting July 22.

 

The diversion is to enable emergency repairs of the asphalt pavement and expansion joints of the bridge.

 

The Commissioner for Transportation, Mr Oluwaseun Osiyemi, said this in a statement on Thursday in Lagos.

 

Osiyemi noted that the repairs would be carried out in two phases, for 90 days.

 

He said that the first phase of the repairs would cover the Ojota-bound lane, while the second phase would cover the Yaba/Ojuelegba/Maryland-bound lane.

 

He said that consequently, alternative routes had been mapped out for each phase of the repairs.

 

β€œFor the first phase: motorists heading to Ojota from Maryland/Yaba will be diverted into a counterflow on the lane inbound Maryland, while motorists heading to Yaba from Ojota will continue their journeys on the same lane.

 

β€œAlternately, motorists from Berger, Magodo, and Tollgate along Lagos-Ibadan Expressway are advised to go through Alapere/Ogudu axis inward Gbagada/Anthony Oke Bridge to descend the ramp and access Ikorodu Road to continue their journeys.

 

β€œMotorists coming from Ikeja, Oregun and Kudirat Abiola Way are advised to use Opebi Link Bridge to connect Mobolaji Bank Anthony Way inwards Sheraton through Maryland to access Ikorodu Road and navigate their ways.

 

β€œMotorists from Jibowu are advised to make use of Ikorodu Road Service lane by Mobil Fuel Station/Bertola Engineering Equipment Company to access Gbagada/Ogudu axis to continue their journeys,” he said.

 

Osiyemi said that if they miss the turning by the Mobil Fuel Station and Bertola Engineering Equipment Company, they could also use Theodolite to link Anthony Oke Ramp and join Ikorodu Road again to access Town Planning Way inwards Gbagada/Ogudu/ Alapere axis to proceed with their journeys.

 

He added that motorists from Jibowu heading to Ikeja, Magodo, Berger, and Lagos Ibadan Expressway could use Maryland inwards Mobolaji Bank Anthony to link Sheraton/Opebi to Allen Avenue/Obafemi Awolowo Way and access Nurudeen Olowopopo Road to continue their journeys.

 

He said that alternately, after going through the Opebi Link Bridge, they could also make use of Kudirat Abiola Way to access Ikosi Road inwards Mobolaji Johnson Avenue/7up to connect Nurudeen Olowopopo Road and access their desired destinations.

 

β€œFor the second phase: motorists inward Maryland/Yaba from Ojota will be diverted into a counter flow on the lane inbound Ojota while motorists from Maryland will continue their journey on the same lane.

 

β€œThey can also use the following alternative routes; motorists from Berger, Magodo, and Toll gate can use Alapere inwards Gbagada to link the Anthony Oke Ramp to connect Ikorodu Road and access their desired destinations.

 

β€œSimilarly, motorists coming from Ikorodu/ Ketu can utilise Ojota ramp bridge to link Alapere and continue their journeys as explained above.

 

β€œMotorists from Ikeja, Oregun and Kudirat Abiola Way are advised to use Opebi Link Bridge inwards Mobolaji Bank Anthony/ Sheraton and come out at Maryland to enter Ikorodu Road and continue their journeys.

 

β€œThe aforementioned alternative routes for motorists heading to Ikeja, Magodo, Berger and Lagos Ibadan Expressway from Jibowu during the first phase is also available during the second phase of the repairs,” he said.

 

Osiyemi assured that sufficient traffic management personnel would be on ground across Lagos to minimise the forecasted discomfort and ensure steady flow of traffic.

 

He appealed to the people of the state, especially motorists, to cooperate and embrace the interventions put in placed uring the course of the repairs. (NAN)

 

LABOUR LEADERS PRAISE PRESIDENT TINUBU OVER APPROVAL OF N70,000 MINIMUM WAGE AND PROMISE OF REVIEW AFTER THREE YEARS

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LABOUR LEADERS PRAISE PRESIDENT TINUBU OVER APPROVAL OF N70,000 MINIMUM WAGE AND PROMISE OF REVIEW AFTER THREE YEARS

President Bola Tinubu on Thursday in Abuja increased the federal government’s offer on the national minimum wage from N62,000 to N70,000, with an assurance that it will be reviewed after three years, instead of five years.

In a meeting with the leadership of the Nigeria Labour Congress (NLC) and that of the Trade Union Congress (TUC) at the Presidential Villa, President Tinubu said he had to intervene in the negotiations, knowing the economic challenges faced by many Nigerians, and the need to provide urgent succour.

 

β€œI have heard all your presentations. You came here with the intention to get something on behalf of your members. It has been tough globally. And if you review my track record, I have never been found wanting in ameliorating the problems of workers. I belong to the people and to all of you in leadership. Without you, this job is not interesting.

β€œYou challenged the thinking faculty of leadership, and we have reviewed the position. I have consulted widely, and when the tripartite committee submitted their reports, I reviewed them again and started to think and rethink.

 

β€œLast week, I brought the workload to you because we have a timeline. We have a problem, and we recognize that you have a problem too. We are in the same economy. We are in the same country. We may have different rooms, different addresses, and different houses; we are just members of one family that must care for each other.

β€œWe must look at the parameters of things. Here, I have a speed limit, and I must pay attention to traffic warnings; slippery when wet, curved roads, and be careful not to have an accident. That is why I went as far as having this meeting today.

 

β€œWe are driving this economy together. Let us look at the tenure of review. Let us agree on that, and affirm three years. Two years is too short. We affirm three years. We will review.

Mark Zuckerberg, Jensen Huang’s net worth falls by $17 billion in 1 day 

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Mark Zuckerberg, Jensen Huang’s net worth falls by $17 billion in 1 day 

Facebook founder Mark Zuckerberg and Nvidia’s CEO Jensen Huang have both recorded substantial declines in their net worth, amounting to a combined $17 billion, primarily due to the performance of their companies’ shares.

 

According to Forbes’ real-time billionaires data, Zuckerberg’s net worth fell by $9.6 billion to $162 billion after Meta’s stock dropped by 6% on Wednesday evening, closing at $461.99.

 

Over the past week, Meta’s stock has declined by 13%. Zuckerberg, who took Facebook public in 2012, now owns about 13% of the company’s stock.

 

Facebook rebranded to Meta in 2021 to shift its focus to the metaverse. In 2015, Zuckerberg and his wife, Priscilla Chan, pledged to give away 99% of their Meta stake over their lifetimes.

 

Meanwhile, Jensen Huang experienced a $7.3 billion drop in net worth, reducing his valuation to $103.4 billion following a 7% decline in Nvidia’s share price, which stood at $117.99 on Wednesday evening, and a 13% drop over the last five days. .

 

Huang co-founded Nvidia in 1993 and has served as its CEO and president ever since. He owns approximately 3% of the company, which went public in 1999.

 

Born in Taiwan, Huang moved to Thailand as a child before his family sent him and his brother to the U.S. amid civil unrest in Asia. Under Huang’s leadership, Nvidia has become a dominant force in computer gaming chips and has expanded to design chips for data centers and autonomous vehicles.

 

Huang has made significant philanthropic contributions, including $30 million to Stanford for an engineering center and $50 million to Oregon State University for a namesake research center in 2022.

 

These tech billionaires are not alone in recording losses. Other tech giants, such as Amazon founder Jeff Bezos, reported a $4.8 billion drop, Dell founder Michael Dell saw a $6.3 billion decline, and Tesla CEO Elon Musk experienced a $4.5 billion depreciation in valuation.

 

What to know

 

The drop in tech stocks, which has led to declines in net worth valuations, is attributed to the fall in U.S. technology and semiconductor stocks from their all-time high levels. This decline was spurred by concerns over stricter restrictions on global chip sales to China, triggering a stock rout on Wednesday, July 17. The tech-heavy Nasdaq slumped nearly 2% to hit a two-week low, accompanied by losses on the S&P 500, as major chip and tech stocks were pressured by the prospect of sanctions on companies providing China access to advanced semiconductor technology.

 

Global markets are highly sensitive to semiconductor supply chain disruptions. The underperformance of tech stocks follows a first half of the year that saw mega caps like Nvidia, Microsoft Corp., and Alphabet Inc. propel the market higher, stretching valuations for these companies and presenting a challenging setup for the remainder of 2024.

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