Connect with us

Billionaire Watch

Elon Musk Officially Dethroned as Forbes Richest Man, Sits in Second Position

Published

on

Elon Musk

Twitter and Tesla CEO Elon Musk has officially been displaced as the world’s richest man as he currently sits in second position.

Forbes currently listed Musk as occupying the second position in its latest list of real-time billionaires with a net worth of $180 billion. The Twitter CEO was dethroned by French business magnate and chief executive officer of LVMH Moët Hennessy – Louis Vuitton, Bernard Arnault who currently has an estimated net worth of US$208.1 billion as of March 2023.

It is interesting to note that Arnault was displaced from the top position by Musk last year and has once again regained his position, as both billionaires have often switched positions consecutively. The French billionaire has been a fixture near the top of the world’s wealthiest people rankings for years, even nabbing the top spot from Amazon’s Jeff Bezos in 2021. The vast majority of Arnault’s wealth is tied to LVMH’s stock, and since 2020, the company’s stock price has grown by nearly 65% overall.

On the other hand, Musk’s decline in wealth has been attributed to his Twitter deal, in which he acquired the microblogging platform for a whopping $44 billion in October last year. The deal saw Musk offload more than $US15 billion in Tesla shares and about $US8.5 billion in April last year, then another $US6.9 billion in August same year, to raise enough cash to fund the purchase.

Investors King understands that Tesla investors expressed frustration with Musk’s sale of shares of the electric car company, amid growing concerns that the billionaire is focusing his attention on his $44 billion acquisition of Twitter to the detriment of his other business interests. This sent Tesla stocks declining sharply last year. Despite regaining much of its losses this year, the company shares are still trading lower.

Also, Musk seems not to be impressed by Twitter’s revenue, as of last month, he put the current value of the company at $20 billion, less than half the $44 billion he paid to acquire it five months. Musk described the brutal contraction in Twitter’s value, saying the platform faced grave financial difficulties that at one point was on the verge of bankruptcy. He however revealed to employees that he sees a clear but difficult path to a valuation of $250 billion, without specifying how long that might take.

Continue Reading
Comments

Billionaire Watch

Trump’s Net Worth Surges to Record $6.5 Billion Despite Legal Woes

Published

on

Truth Donald Trump

Despite facing significant legal challenges and financial setbacks, former President Donald Trump’s net worth has surged to a record $6.5 billion.

This increase comes on the heels of a successful merger between Trump’s social media company, Trump Media & Technology Group, and Digital World Acquisition Corp. (DWAC).

The merger, which was approved on Friday, catapulted Trump’s net worth by more than $4 billion in just a few days, according to Bloomberg.

Trump owns nearly 80 million shares, approximately 58% of Trump Media, the company behind the Truth Social platform.

With DWAC’s closing price reaching $49.95 per share on Monday, Trump’s stake in the newly merged entity was valued at $4 billion.

This surge in wealth marks Trump’s inclusion in the Bloomberg Billionaires Index for the first time in his life, underscoring a dramatic turn of fortune amid ongoing legal woes.

A New York appeals court recently reduced the amount required for Trump to secure a bond against a civil fraud penalty from $550 million to $175 million, providing temporary relief from immediate financial strain.

Despite Trump’s newfound billionaire status, uncertainties linger about the sustainability of his wealth. Trump is restricted from selling his DWAC shares for six months, and the stock’s volatile history adds to the uncertainty.

Also, Trump Media’s financial performance has been modest, reporting less than $3.5 million in revenue and a $49 million net loss in the first nine months of 2023.

Nonetheless, Trump’s resurgence in wealth amid legal challenges underscores the unpredictable nature of his financial fortunes and his enduring influence in the business world.

Continue Reading

Billionaire Watch

Jeff Bezos Surpasses Elon Musk to Reclaim Title of World’s Richest Man

Published

on

Jeff Bezos

Jeff Bezos has once again ascended to the summit of wealth, surpassing Elon Musk to reclaim his title as the world’s richest man.

According to the latest data from the Bloomberg Billionaires Index, Bezos’ net worth stands at $200 billion, edging out Elon Musk’s $198 billion fortune.

Bezos’ resurgence in wealth comes amidst a $23 billion gain in 2024, juxtaposed against Elon Musk’s substantial loss of approximately $31 billion as per the index.

These fluctuations closely mirror the stock market performances of Amazon and Tesla, where both magnates hold significant shares.

Despite recently selling $8.5 billion worth of Amazon shares, Bezos retains his position as the largest shareholder in the e-commerce behemoth, boasting a 9.56 percent stake.

Meanwhile, Musk, with an equity stake of about 20 percent in Tesla, faced setbacks earlier this year when a judge invalidated a pay package valued at up to $55.8 billion.

This shift in the billionaire hierarchy marks a familiar saga of wealth battles among industry titans. Bezos, Musk, and other contenders have engaged in a relentless pursuit of financial supremacy, epitomizing the ever-evolving landscape of global wealth distribution.

As the tides of fortune continue to sway, Bezos’ resurgence signals yet another chapter in the saga of the world’s wealthiest individuals.

Continue Reading

Billionaire Watch

Jeff Bezos Trails Elon Musk in Top 10 Richest People Ranking with $195 Billion

Published

on

Jeff Bezos

As of the latest data, the 10 richest people in the world wield extraordinary financial influence, their net worth reflecting the dynamic nature of wealth accumulation and distribution.

Topping the list is Elon Musk, the enigmatic CEO of Tesla and SpaceX, with a total net worth of $200 billion. Despite recent fluctuations, Musk remains a formidable force in technology and innovation, driving advancements in electric vehicles and space exploration.

Following closely behind is Jeff Bezos, the visionary founder of Amazon, whose total net worth stands at $195 billion. Bezos continues to redefine e-commerce and venture into ambitious projects like Blue Origin, aiming to revolutionize space travel.

Bernard Arnault, the French magnate behind LVMH Moët Hennessy Louis Vuitton, occupies the third spot with a net worth of $185 billion. As a titan in the luxury goods industry, Arnault’s empire encompasses iconic brands synonymous with style and opulence.

Mark Zuckerberg, the pioneering mind behind Facebook (now Meta Platforms, Inc.), ranks fourth with a net worth of $165 billion. Despite recent controversies, Zuckerberg remains a central figure in social media and technology, shaping the digital landscape.

Rounding out the top five is Bill Gates, the co-founder of Microsoft, with a net worth of $145 billion. Gates’ philanthropic endeavors through the Bill & Melinda Gates Foundation have made a profound impact on global health and education.

Steve Ballmer, Larry Ellison, Larry Page, Warren Buffett, and Sergey Brin complete the list of the world’s wealthiest individuals, each contributing to diverse industries and sectors with their immense financial resources.

As the global economy continues to evolve, the fortunes of these individuals serve as a testament to the power of innovation, entrepreneurship, and strategic investment in shaping the modern world.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending