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Elon Musk’s Wealth Surges By $13 Billion Following Trump’s Election Win

Elon Musk, the billionaire behind Tesla and X (formerly Twitter), saw his wealth jump by approximately $13 billion after Donald Trump’s victory in the 2024 U.S. presidential election.

The surge came as investors reacted positively to the prospect of Trump’s leadership, particularly in relation to Musk’s flagship company, Tesla (TSLA).

Shares of the electric vehicle maker soared 13% when the market opened on Wednesday, CNN reported.

This increase in Tesla’s stock price translated into a substantial gain for Musk, who owns around 411 million shares.

The rise in his Tesla holdings more than offset the nearly $119 million he has invested in supporting Trump through a political action committee, yielding an extraordinary return of over 11,000%.

Musk has been a vocal supporter of Trump throughout his political career, contributing significant funds to PACs aligned with the former president’s agenda.

He has also appeared at rallies with Trump and conducted a glowing interview with him on X, Musk’s own social media platform.

“He’s gone all in on this election,” said Daniel Ives, a tech analyst at Wedbush Securities. “Musk’s bet has paid off big, especially with the market’s reaction to a Trump victory.”

While Musk’s personal wealth has been bolstered by his involvement in both Tesla and SpaceX, much of his fortune has also been shaped by substantial government support for his ventures.

This includes loans and grants that have helped fund Tesla’s growth and SpaceX’s ambitions.

Even if a Trump administration reduces some of these supports, Musk’s financial position seems secure, with some analysts speculating that Tesla could even benefit if federal incentives for electric vehicles (EVs) are scaled back.

Despite the overall positive market response, Trump’s victory could still pose challenges for Musk’s companies.

Trump has been a vocal critic of electric vehicles, claiming that EVs are expensive, impractical, and could harm American jobs in the auto industry.

If Trump moves forward with his promises to roll back support for EVs, it could initially hurt Tesla.

However, some believe that the reduction or elimination of government subsidies for EVs might not have a major long-term impact on Tesla’s growth or Musk’s wealth.

In a series of tweets celebrating Trump’s win, Musk expressed confidence in the outcome, calling it a clear mandate for change.

He also reiterated his belief that Trump’s policies will be favorable to businesses like his.

One key area of concern for Musk is Trump’s stance on what he has described as “Biden’s EV mandate.”

While no such mandate exists, the Biden administration has offered considerable support for electric vehicle production, including billions in loans, tax credits for EV buyers, and funding for charging infrastructure.

If Trump follows through on reducing or eliminating these policies, it could create uncertainty for the EV industry, though Musk remains optimistic about Tesla’s ability to thrive regardless.

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Just In: Harris Calls Trump To Congratulate Him On Election Victory

US Vice President Kamala Harris made a call to former President Donald Trump on Wednesday to offer her congratulations following his victory in the 2024 presidential election, a senior aide to Harris confirmed.

In the conversation, Harris emphasized the importance of ensuring a peaceful transition of power and the responsibility of being a president who serves all Americans.

The aide, speaking on the condition of anonymity, added that Harris is scheduled to address the public later on Wednesday in Washington.

This move follows a highly charged and contentious election battle.

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How Abia LG Election Loss Is Fueling Labour Party Leadership Crisis

The leadership crisis rocking the Labour Party intensified, as the party failed to secure a single Local Government Area in the just concluded Abia State local government elections.

This defeat is a sign that the internal turmoil within the LP, particularly at the national level, is deepening.

The party has been struggling with a leadership rift, with prominent figures such as its former presidential candidate, Peter Obi and Abia State Governor Alex Otti breaking away from the leadership of Julius Abure.

The crisis originated from allegations of corruption and mismanagement against the Abure-led leadership.

Obi and Otti, along with other party stakeholders, had proposed former finance minister, Senator.Nenadi Usman as caretaker chairperson, appointing her to head a 29-member committee to manage the party’s affairs.

Despite this, Abure has remained in control, following a Federal High Court ruling in Abuja on October 7, 2024, which reinstated him as national chairman of the LP, affirming the Nnewi convention that produced him.

Although sources indicate there are attempts to resolve the issue privately, the latest twist in the crisis emerged from the Abia State local government elections.

Abia is currently the only state governed by the Labour Party.

The elections were held after a Supreme Court ruling on July 11, 2024, which triggered a series of events regarding local government elections across Nigeria.

According to the Chairman of the Abia State Independent Electoral Commission, Prof. George Chima, the Zenith Labour Party (ZLP) won 15 out of 17 LGAs in the state, while the Young Progressives Party (YPP) secured victories in the remaining two.

Otti’s faction of the Labour Party had instructed its supporters to contest under the Zenith Labour Party, leading to accusations of electoral manipulation.

Prince G.O. Ndubueze, the Abia State LP Chairman loyal to Abure, called the elections a “sham,” claiming that the results had been pre-determined.

He alleged, “The election was written on Wednesday. And we organized a world press conference, where we told the world that the election had been rigged. As we were told, that’s how it happened – 15 Local Government Areas were written for Zenith Labour Party, ZLP, and 2 Local Government Areas for YPP. Exactly as we were told, that is what we witnessed after the election.”

Ndubueze argued that the election outcome could not accurately reflect the will of the people, adding, “The local government election cannot determine the fate of the Labour Party because the election was falsified. It can’t state the true position of the people. You can’t use this scam to determine what will happen in future elections. We don’t have any issue, only that the Governor advised or directed members of the Labour Party to go to ZLP to contest the election.”

However, Nelcin Uluocha, YPP State Chairman, dismissed these allegations, saying that his party’s success was due to hard work and voter support.

He said, “It’s as a result of hard work. After all, anybody that’s going in for election is prepared to win. The feeling is not different from the effort we put in.”

Uluocha further noted, “Those are speculations. You forgot that you went into the last general election, where the Governor himself was on the ballot, we won Osisioma Local Government by landslide and lost Ugwunagbo Local Government with only nine votes. So, we consolidated on what we had already built and came out victorious this time without excuses.”

Emmanuel Nwaeze Otti, the factional LP Chairman loyal to Governor Otti, maintained that the election was fair and transparent, emphasizing that the results simply reflected the democratic nature of the process.

“This is a contest. In a free election, whether in the community or in the household, everybody must not win at the same time. Yes, we contested the election and people from other political parties won the election,” he explained.

Nwaeze added, “It is only people who play politics with bitterness that say it must be me, or nobody else. Here’s a free and fair election and somebody won. I wouldn’t pick a quarrel on that. I know tomorrow it might be my turn.”

On the national crisis within the LP, Nwaeze stated, “I don’t think I feel bad. In a family, there must be misunderstanding or disagreement. When there’s disagreement, there’s a need to come together as one indivisible family. Sometimes husband and wife do disagree but at the end of the day they agree.”

Meanwhile, political communication expert, Ata-Awaji Anthony has criticized the recent events surrounding local government elections, warning that the developments do not reflect sound democratic principles.

Anthony, a lecturer at Topfaith University in Akwa Ibom, argued that the recent political developments pose a threat to Nigeria’s democracy.

He remarked, “First, I must applaud the judiciary for strengthening local government administration in Nigeria following the ruling that local government areas should be governed by elected administrators, not people appointed by governors.”

However, Anthony expressed concerns about the election outcomes, particularly in states where ruling parties swept the polls.

“Does it mean that candidates of the other parties in various states are not loved by their people?” he asked. “I don’t think that what is playing out in Nigeria following the conduct of local government elections in some of the states reflect good democratic principles.”

Anthony warned that the lack of electoral diversity undermines democratic norms, stating, “the beauty of democracy is divergent views, at least two-party system representation at the legislative arm of government to ensure checks and balance, freedom of speech, among others. The recent happenings within the political landscape in Nigeria will not guarantee such democratic norm.”

“More so, it shows that most of the state governors can best be described as dictators. Democracy is, therefore, in danger in Nigeria.” he added.

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Court Restrains CBN, Others, From Withholding Kano LG Allocations

Kano State High Court has issued an order restraining the Central Bank of Nigeria (CBN), the Accountant-General of the Federation (AGF), and the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) from withholding the monthly allocations due to the 44 Local Government Areas (LGAs) in Kano State.

The order was granted following an Ex-Parte Motion filed on November 1, 2024, by the Chairman of the National Union of Local Government Employees (NULGE), Ibrahim Muhammed, and five other concerned residents of the state.

The motion raised concerns over the potential withholding or delay of the essential funds, which are crucial for local government administration.

The additional applicants named in the suit include Ibrahim Shehu, Ibrahim Abubakar, Usman Isa, Sarki Kurawa, and Malam Usman Imam.

The motion was presented by the applicants’ legal representatives, Mr. Bashir Yusuf-Muhammad and Usman Bala-Salisu.

In response to the motion, Justice Ibrahim Musa-Muhammad granted an interim injunction, preventing the 45th, 46th, and 47th respondents—namely the Accountant-General, CBN, and RMAFC—from interfering with the disbursement of the allocations for the 44 Kano LGAs.

The court’s order prohibits the respondents, their agents, or representatives from withholding, delaying, deferring, or suspending the release of the funds from the Federation Account to the LGAs.

The court further directed that the respondents be served the court processes via Red Star Express Plc, a courier service, ensuring proper notification of the case.

The case has been adjourned until November 21, 2024, for the hearing of the Motion on Notice, which will address the matter in greater detail.

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Court Adjourns As Trial of Yoruba Nation Agitators Commences

The trial of 27 individuals associated with the Oodua Republic movement, under the banner of the Yoruba Nation Agitators, officially began on Wednesday at the Oyo State High Court.

The accused were present in court, with proceedings adjourned until November 13, 2024, for further hearings.

According to reports, the accused are facing charges related to the April 13, 2024, incident in which they allegedly stormed the Oyo State government Secretariat with the intent of declaring the sovereign Republic of Yoruba Nation (Oodua Republic).

The case, designated as suit number I/51c/2024, is being heard before Justice K.B. Olawoyin at Court 3 of the Oyo State High Court, located in Ibadan.

The 27 defendants, who are being tried for offenses including conspiracy, unlawful possession of firearms, unlawful assembly, treasonable felony, and treason, include notable names such as Adeyemo Peter, Adeyemo Joseph, Amos Oluwaseyi Ogundeji, Ayanwale Rofiat, Olalere Mathew, and Ismaila Malomo Peter.

Other accused persons are: Fatoki Anthony, Murittala Abefe, Ismaila Adepoju, Fatunmbi Wasiu, Isaac Friday, Ayanwale Saburi, Adeola Elegbede, Ademola Adeniyi, Ogundeji Alabi, Ojo Olufemi, Ajani Ezekiel, Adejumo Lateef, Ayoola David, Adesokan Hameed, Abiona Esther, Omoyajowo Funsho, Tola Olufemi, Oritola Alabi, Kayode Fakeye, and Taiwo Titilayo.

The accused are facing a five-count charge, which includes conspiracy, illegal possession of firearms, unlawful assembly, treasonable felony, and treason.

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Trump Wins US Presidency In Stunning Political Comeback

In a stunning political comeback, Donald Trump has been elected as the 47th president of the United States, overcoming significant obstacles from his previous term.

Trump, who famously contested the results of the 2020 election and faced numerous legal challenges—including felony convictions and surviving two assassination attempts—has reclaimed the presidency four years later.

His victory was sealed by a critical win in Wisconsin, pushing him past the 270 electoral votes needed to secure the White House.

In a speech at the Palm Beach Convention Center in Florida, Trump pledged to continue his fight for a “strong and prosperous America,” signaling a defiant return to power as he prepares for his second term in office.

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Just In: Catholic Priest Kidnapped By Gunmen

Gunmen have kidnapped Rev. Fr. Emmanuel Azubuike, the parish priest of St. Theresa’s Catholic Parish in Obollo, Isiala Mbano Local Government Area of Imo State.

The priest was taken on Tuesday evening in the Ayayi community, located within Obollo, while he was returning to his parish after completing an assignment.

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Rev. Fr. Azubuike, who was ordained on September 27, 2014, by the Catholic Diocese of Okigwe, was kidnapped around 6 pm.

The Catholic Diocese of Okigwe has issued a statement calling on both clergy and laity to pray for his safe release.

Very Rev. Fr. Princewill Iwuanyanwu, Chancellor of the Diocese, in his statement, urged the faithful to join in prayers for the priest’s swift and safe return.

The diocese expressed hope and trust in the support of the community in this challenging time.

The councillor of Obollo Ward, David Ajaero, confirmed the abduction, describing the priest as a respected and kind individual.

He called on the community and the public to pray for his safe return.

The Imo State Police Command, through spokesperson Henry Okoye, has confirmed that a special investigation team has been established to rescue the priest and apprehend the perpetrators.

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Efforts are ongoing to secure his release.

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Harris To Address Supporters Tomorrow, Campaign Says

Kamala Harris’ campaign has announced that the Democratic vice-presidential candidate will not speak to her supporters on election night, as the race for the White House remains tight.

Cedric Richmond, co-chair of Harris’ campaign, told reporters early Wednesday morning that, “We still have votes to count and states that haven’t been called yet. Our team will continue working overnight to ensure every vote is counted and every voice is heard.”

Richmond confirmed that Harris would not be addressing the public on election night, but promised she would speak to her supporters the following day.

On Election Day, Harris had planned to spend the evening with her family in Washington, D.C., before joining an election watch party at Howard University, her alma mater.

Meanwhile, former President Donald Trump gained ground in the race, with major U.S. networks declaring North Carolina and Georgia as victories for the Republican candidate, bringing him closer to a potential return to the White House.

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Tinubu Postpones FEC Meeting Following Death of Army Chief

President Bola Ahmed Tinubu has announced the indefinite postponement of today’s scheduled Federal Executive Council (FEC) meeting in light of the passing of Lt. General Taoreed Lagbaja, Nigeria’s Chief of Army Staff.

The meeting, which was initially set for Wednesday, has been rescheduled to a later date, with further details to be provided.

General Lagbaja, who served as the Chief of Army Staff from June 19, 2023, until his death on November 5, 2024, passed away late on Tuesday night.

In response to the loss, President Tinubu expressed his deepest sympathies to the late general’s family and the entire Nigerian Armed Forces.

In a statement, Bayo Onanuga, Special Adviser to the President on Information and Strategy, confirmed that President Tinubu has also directed that national flags be flown at half-staff for seven days to honor the late military leader’s memory.

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Tinubu Congratulates Trump On Re-election, Looks Forward To Strengthening US-Nigeria Relations

President Bola Tinubu has congratulated Donald Trump on his re-election as the 47th President of the United States, expressing optimism about future cooperation between the two nations.

In a statement issued by Bayo Onanuga, Special Adviser to the President on Information and Strategy, Tinubu emphasized the shared opportunities for collaboration in fostering economic ties, promoting peace, and addressing global challenges affecting citizens in both countries.

Tinubu stated, “We look forward to reinforcing the strong relationship between Nigeria and the United States as we navigate the complex challenges of today’s world. Together, we will foster economic cooperation, promote peace, and confront global issues impacting our people.”

The Nigerian President also acknowledged the trust the American electorate has placed in Trump’s leadership, commending their commitment to democracy.

He expressed confidence that Trump’s previous experience as the 45th president would pave the way for a new chapter of mutually beneficial economic and developmental partnerships between Africa and the US.

Recognizing the United States’ pivotal role on the global stage, President Tinubu expressed hope that under Trump’s leadership, the world would move closer to lasting peace and shared prosperity.

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