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Elon Musk Reclaims Position as The Richest Man in The World

Tesla and Twitter CEO Elon Musk has reclaimed his position as the richest man in the world.



Elon Musk

Tesla and Twitter CEO Elon Musk has reclaimed his position as the richest man in the world.

Musk’s net worth increased by 40.3% this year, which has seen him currently worth $192 billion after shares of his electric automaker Tesla rose about 24% in May. Also on Wednesday, 31, 2023, shares of Tesla traded at $203.93.

The Tesla billionaire who reportedly earned over $1 billion in the last 24 hours, dethroned the CEO of LVMH Bernard Arnault who is worth $187 billion, from the first position, after occupying the second spot for over six months.

A decline in the net worth of Arnault can be attributed to the loss of $11.2 billion, which he reportedly lost in one day. The stock blow is said to be the biggest the company has seen in over a year. According to Bloomberg, the stock’s fall caused the European Luxury sector to be slashed by roughly $30 billion. 

Recall that Arnault surpassed Musk in December last year, after his wealth increased due to a boom in luxury goods sales that helped drive up LVMH’s, stock price. LVMH, one of the world’s biggest conglomerates, is home to brands including Louis Vuitton, Dior, and Celine.

Musk on the other hand, has enjoyed a meteoric rise up the world’s rich lists in recent years as the majority of his fortunes are directly linked to Tesla, his electric automaker company, which he owns about 13%.

Investors King understands that both Musk and Arnault have continued to be in head-to-head competition for some time now, as both billionaires have on several occasions displaced each other on the top global billionaire ranking.

Notably, Musk doesn’t seem to slow down in breaking new ground, after he made his first trip to the world’s second-largest economy, China, on Wednesday, in over three years.

Musk met with China’s industry minister Jin Zhuanglong and discussed the development of electric vehicles. In a statement on Tuesday, China’s foreign ministry said that Musk was willing to expand the car maker’s business in the country, which is Tesla’s biggest market after the US.

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Warren Buffett Donates $5.3 Billion in Berkshire Shares to Charities



Warren Buffett - Investors King

Renowned investor Warren Buffett has reaffirmed his commitment to philanthropy by donating $5.3 billion worth of Berkshire Hathaway shares to five charitable foundations.

The donations announced on Friday will see the Bill & Melinda Gates Foundation Trust receive the largest portion, totaling 9.93 million Class B shares of Berkshire Hathaway.

Also, the Susan Thompson Buffett Foundation will receive 993,035 shares, while the Sherwood Foundation, Howard G. Buffett Foundation, and NoVo Foundation will each benefit from 695,122 shares.

Buffett, approaching his 94th birthday in August, said his annual contributions first announced in a publication back in 2006 are important.

These shares represent a significant portion of Buffett’s holdings, with his remaining Class A stock valued at approximately $127 billion, constituting nearly 99.5% of his net worth.

Over the past 18 years, Buffett has maintained a steadfast commitment to his Berkshire holdings, refraining from both buying and selling Class A or B stock.

The impact of Buffett’s philanthropy extends far beyond these recent donations, as the five foundations have collectively received Berkshire Class B shares valued at approximately $55 billion since 2006.

This ongoing support has enabled these organizations to fund initiatives ranging from global health and education to poverty alleviation and community development.

As the Berkshire shares are transferred to the designated foundations, stakeholders anticipate a continuation of impactful programs and initiatives supported by Buffett’s generosity.

Moving forward, Buffett’s philanthropic efforts are expected to further inspire and catalyze global philanthropy, setting a precedent for strategic giving and leveraging financial resources for maximum societal benefit.

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LeBron’s New Lakers Deal Pushes Net Worth to Nearly $1.5 Billion



LeBron James has signed a two-year, $104 million deal with the Los Angeles Lakers, according to sources familiar with the matter.

This contract sets a new record for an NBA player of his age and pushes his net worth to almost $1.5 billion based on estimates from the Bloomberg Billionaires Index.

At 39 years old, James remains one of the league’s top superstars, holding the all-time scoring record and maintaining an average of 25.7 points per game last season.

His enduring performance on the court, coupled with this lucrative contract, underscores his continued dominance in professional basketball.

James’ wealth is not only derived from his NBA salary but also from an extensive portfolio of sponsorships, investments, and his own ventures.

His business empire includes the SpringHill Co., a consumer and entertainment company valued at approximately $725 million.

The company received significant investment from Nike Inc., among others, in 2021.

James’ lifetime deal with Nike is projected to bring in $1 billion, adding to his financial achievements.

Also, he earned over $100 million from the sale of Beats Electronics to Apple Inc. in 2014. His diverse investments include a 1% stake in Fenway Sports Group, which owns the Boston Red Sox, Pittsburgh Penguins, and Liverpool Football Club.

The new contract also aligns with James’ personal aspirations, allowing him to play alongside his 19-year-old son, Bronny James Jr., who was recently drafted by the Lakers and agreed to a four-year, $7.9 million deal.

This father-son duo marks a significant milestone in NBA history.

LeBron James has long expressed his goal of owning an NBA franchise, and this latest contract brings him closer to achieving billionaire status, a crucial step towards that dream.

His financial success mirrors his extraordinary career on the court, where he has been a dominant force since being drafted first overall by the Cleveland Cavaliers in 2003.

As James enters his 22nd NBA season, his influence extends far beyond basketball. His financial acumen and strategic investments have solidified his place as one of the wealthiest athletes in the world, trailing only behind legends like Michael Jordan, who recently sold his stake in the Charlotte Hornets, amassing a net worth of over $4 billion.

James’ continued success both on and off the court exemplifies his moniker “King James,” showcasing his unparalleled talent and business savvy.

With his latest contract, LeBron James reaffirms his position as a leading figure in sports and business, inspiring athletes and entrepreneurs alike.

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Amazon’s Bezos Set to Sell $5 Billion More in Stock on Record-Breaking Day



Jeff Bezos companies

Jeff Bezos, the iconic founder and former CEO of the tech giant, announced plans to sell an additional $5 billion worth of Amazon shares.

The decision comes on the heels of Amazon’s shares rising to an all-time high of $200,  a historic milestone since its initial public offering in 1997.

Tuesday’s filing detailed Bezos’s intent to divest himself of a significant portion of his Amazon holdings.

While sales could commence immediately following the filing, Bezos’s ongoing divestitures in 2024 now worth an estimated $13.5 billion.

Since February, Bezos has been actively reducing his stake in Amazon, this represents his first major stock sales since 2021.

The recent announcement indicates his commitment to further diversifying his portfolio while maintaining a substantial ownership interest in the company he founded.

Following the latest transaction, Bezos will retain nearly 912 million shares, equivalent to about 8.8% of Amazon’s total outstanding shares.

His current holdings show his continued influence over the company, despite stepping down as CEO in 2021 and transitioning into the role of executive chairman.

Bezos’s decision to liquidate a portion of his Amazon holdings coincides with the company’s robust performance in the market.

Amazon’s stock has surged 32% this year alone, bolstered by strong growth prospects in its cloud computing division and anticipated advancements in generative AI technologies.

At 60 years old, Bezos remains one of the wealthiest individuals globally, with a net worth of approximately $221.6 billion, according to Bloomberg’s wealth index.

Beyond Amazon, he also oversees Blue Origin, a pioneering space exploration company, and holds ownership of The Washington Post.

Bezos’s relocation from Seattle to Miami last November has garnered attention, particularly due to tax implications.

By moving to Florida, which lacks a state-level capital gains tax like Washington state’s 7% levy implemented in 2022, Bezos stands to save considerable sums in taxes, potentially amounting to hundreds of millions of dollars.

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