Connect with us

Published

on

French luxury tycoon Bernard Arnault and his family top the list of wealthiest billionaires — pulling ahead of runners up Jeff Bezos and Elon Musk.

Arnault, the patriarch of the family which oversees the Louis Vuitton Mot Hennessy empire of brands that includes Sephora, Tiffany & Co., Christian Dior and Stella McCartney, boasts a fortune valued at $230 billion as of Monday, according to the Bloomberg Billionaires Index.

The French titan, who is the only non-American on the list of the top 10 wealthiest business leaders, has seen his wealth grow by nearly $23 billion since the start of the year.

Arnault and his family control around half of LVMH, the world’s largest luxury maker which generated $93.2 billion in revenue last year.

Bezos, founder of e-commerce behemoth Amazon, is the second wealthiest person in the world.

His net worth was valued by Bloomberg Billionaires Index at $204 billion.

Bezos derives his wealth from his stake in Amazon, which amounts to around 12% of the company’s outstanding stock — equal to around 880 million shares.

Earlier this year, Bezos sold 50 million shares valued at around $8.5 billion.

His wealth was also boosted by the stock performance of the company he founded.

Since Jan. 1, Amazon’s share price has risen by more than 20% — this despite intensifying competition in e-retail posed by overseas-based upstarts Shein and Temu.

Bezos jumped ahead of Musk on the billionaires list as Tesla’s stock has nosedived by more than 32% since the start of the year.

Musk’s electric car company has been weighed down by sagging demand as well as fierce competition from Chinese-based rival BYD.

Shares of Tesla fell by nearly 5% as of 2 p.m. Eastern Time on Tuesday after the company reported its first annual drop in sales since 2020 — the year that brought about the onset of the coronavirus pandemic.

Tesla said that it built 433,000 cars last year but only managed to deliver 387,000 to customers.

Musk, the 52-year-old who previously reigned as the world’s wealthiest mogul, has been relegated to third on the list with a fortune valued by Bloomberg Billionaires Index at $189 billion.

Aside from his 13% stake in Tesla, Musk also heads the social media platform X as well as rocket-building firm SpaceX, the tunnel-digging Boring Company and the brain chip startup Neuralink.

Since Jan. 1, Musk has seen his fortune drop by more than $40 billion.

Meta CEO Mark Zuckerberg, who is fourth on the list of billionaires, added more than $46.5 billion to his fortune thanks to his company’s robust third-quarter earnings report.

Since Jan. 1, Meta’s stock has jumped by more than 42% — giving Zuckerberg a net worth of $175 billion.

Microsoft co-founders Bill Gates ($154 billion) and Steve Ballmer ($147 billion) and Google co-founders Larry Page ($140 billion) and Sergey Brin ($133 billion) also made the top 10 — as did investor Warren Buffett ($139 billion) and software mogul Larry Ellison ($139 billion).

Continue Reading

World

Helicopter carrying Hindu pilgrims crashes in India, killing seven people

Published

on

By

Helicopter carrying Hindu pilgrims crashes in India, killing seven people

A helicopter carrying Hindu pilgrims has crashed in India, killing seven people on board.

The accident happened within minutes of the helicopter taking off, officials said, on what should have been a 10-minute flight.

The helicopter was flying to Guptkashi, a prominent Hindu pilgrimage site in the Himalayas, from Kedarnath temple town in the northern Indian state of Uttarakhand.

It comes three days after an Air India flight crashed less than a minute after taking off from Ahmedabad airport in northwestern India, killing at least 270 people.

The helicopter, which was operated by private helicopter service Aryan Aviation, went down in a forested area several miles from the Kedarnath pilgrimage route at around 5.30am local time.

Officials said the crash was believed to have been caused by poor weather conditions.

Authorities say they have launched a search and rescue operation and are expected to review operational protocols for flights in the region.

More on India

The dead include the pilot and pilgrims from the neighbouring state of Uttar Pradesh and western states of Maharashtra and Gujarat, according to officials. The bodies were badly burned in a fire that followed the crash, they said.

Smoke and debris at the crash site. Pic: Reuters
Image:
Smoke and debris at the site. Pic: Reuters

Tens of thousands of pilgrims visit Kedarnath, which is home to one of the four most sacred Hindu temple shrines, each summer. Many use helicopter services due to the difficult mountainous terrain.

Helicopter mishaps are not uncommon in the region, where sudden weather changes and high-altitude flying conditions can pose risks.

Earlier this month, a helicopter operating in the Kedarnath Valley made an emergency landing shortly after taking off on a highway due to a technical fault. The pilot was injured but all five passengers on board were unharmed.

In May, a helicopter crashed in Uttarkashi district, killing six people, including the pilot. One person survived.

Continue Reading

Politics

Brazil ends crypto tax exemption, imposes 17.5% flat rate on gains

Published

on

By

Brazil ends crypto tax exemption, imposes 17.5% flat rate on gains

Brazil ends crypto tax exemption, imposes 17.5% flat rate on gains

Brazil scraps crypto tax exemption for small traders, enforces flat 17.5% rate across all gains, including self-custody and offshore holdings.

Continue Reading

Sports

Ohtani blasts two HRs to halt 10-game drought

Published

on

By

Ohtani blasts two HRs to halt 10-game drought

LOS ANGELES — Shohei Ohtani hit two homers in an 11-5 win over the San Francisco Giants on Saturday night, emphatically ending the three-time MVP’s longest homer drought since joining the Los Angeles Dodgers.

Ohtani led off the bottom of the first with his 24th homer, hammering Landen Roupp‘s fourth pitch 419 feet deep into the right-field bleachers with an exit velocity of 110.3 mph.

The slugger had been in a 10-game homer drought since June 2, going 10-for-40 in that stretch with no RBIs, although he still had an eight-game hitting streak during his power outage.

Ohtani led off the sixth with his 25th homer, sending Tristan Beck‘s breaking ball outside the strike zone into the bleachers in right. He also moved one homer behind the Yankees’ Aaron Judge and Seattle’s Cal Raleigh for the overall major league lead.

Dodgers fans brought him home with a standing ovation as Ohtani produced his third multihomer game of the season and the 22nd of his career.

Ohtani reached base four times and scored three runs in his first four at-bats, drawing two walks to go with his two homers.

Ohtani hadn’t played in 10 straight games without hitting a homer since 2023 in the final 10 games of his six-year tenure with the Los Angeles Angels.

Ohtani had slowed down a bit over the past two weeks after he was named the NL Player of the Month for May with a formidable performance, racking up 15 homers and 28 RBIs.

The Associated Press contributed to this report.

Continue Reading

Trending