On this Democracy Day, I had intended to rest my pen. I wanted to leave the fate written on the walls of history to speak for itself. I thought perhaps the sacrifices of those who fought for democracy were enough testimony. Yet, in the final hour, a thought stirred within me, compelling me to write a message to all of us who have come together to form this sovereign nation called Nigeria. My message is particularly for those who believe that the business of Nigeria lies in the hands of a powerful few. Perhaps they are influenced by what the German sociologist Robert Michels described as the "Iron Law of Oligarchy" ,the tendency for power to concentrate in the hands of a small elite. Looking at our politics, our institutions, and our economy, one may be tempted to believe that the destiny of Nigeria is determined only by those who occupy powerful offices and influential positions. But history tells a different story. Nigeria does not belong to any president, governor, politi...
In a recent statement, former President Donald Trump claimed that tech billionaire Elon Musk lost 25% of his fortune—approximately $113 billion— while leading efforts to streamline the U.S. government and push for reforms in Washington.
According to Trump, Musk’s financial hit came as a result of his outspoken advocacy for government efficiency, transparency, and free speech—efforts that have sometimes put him at odds with powerful interests.
“Elon Musk lost over $100 billion fighting for a better America,” Trump said. “He’s been working to streamline government operations, challenge censorship, and bring innovation to the public sphere—and he’s paid a price for it.”
A Billionaire Under Pressure
Musk, CEO of Tesla, SpaceX, and owner of X (formerly Twitter), has long been involved in political discourse, often advocating for less government regulation, more free-market solutions, and a stronger emphasis on innovation over bureaucracy. His acquisition of Twitter in 2022 marked a turning point in his public profile, aligning him more closely with free speech advocates and critics of establishment politics.
Financially, Musk’s net worth is closely tied to Tesla’s stock price, which has seen significant fluctuations in recent years. While much of the $113 billion decline cited by Trump reflects changes in market valuation rather than liquid losses, it still represents one of the largest personal wealth drops ever recorded.
A Shared Agenda?
Trump and Musk have not always seen eye to eye, but their recent rhetoric suggests a convergence on several key issues: reducing government bloat, protecting free expression, and curbing what they see as elite overreach in media and tech.
Neither Musk nor his representatives have directly confirmed Trump’s specific claims about the $113 billion loss being tied to government reform efforts. However, Musk has previously acknowledged that his political positions and high-profile moves have made him a target of both market speculation and regulatory scrutiny.
The Bigger Picture
The claim highlights an ongoing trend where private sector leaders are increasingly stepping into political arenas, blurring the lines between entrepreneurship, activism, and governance. As Musk continues to shape public debate around government reform, technology, and freedom of speech, the financial and political stakes remain high—for both him and the movements he supports.
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