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Elon Musk, the worlds richest person, on Wednesday became the first to hit $400 billion in net worth, according to the Bloomberg Billionaires Index.

The value of shares in Tesla, Musks electric vehicle company, have soared in recent months hitting an all-time high of $424.88 a share on Wednesday and closing at a record of $424.77. 

But it was an insider share sale in Musks privately held space firm, SpaceX, that helped push his net worth to new heights and make his space company the most valuable private startup in the world.

The sale sent Musks net worth soaring skyward by $50 billion to $439.2 billion, according to Bloombergs estimate.

Its a huge comeback for the billionaire businessman, who owns Tesla, SpaceX, xAI and X, formerly known as Twitter. In 2022, Musk lost between $180 billion and $200 billion as Teslas stock sank.

Musk has seen his net worth soar since President-elect Donald Trumps election win in November.

The tech billionaire was one of Trumps most powerful and outspoken advocates, donating a whopping $250 million to his campaign efforts and pro-Trump PACS, according to filings with the Federal Election Commission, and rallying on his behalf in swing states.

He has remained one of Trumps close confidants and has been selected to lead the newly-created Department of Government Efficiency, which aims to slash federal spending an idea of Musks that he floated during Trump’s campaign.

Tesla shares have risen about 65% since Trumps win as investors expect the president-elect to speed along the rollout of Musks autonomous vehicles and eliminate tax credits for electric vehicle purchases, a policy that largely helped Teslas rivals.

The value of xAI, Musks artificial intelligence startup, has more than doubled since its last fundraising round in May to $50 billion.

On Wednesday, SpaceX and its investors agreed to buy stock from insiders in a $1.25 billion purchase offer sending the company valuation to $350 billion, according to Bloomberg and CNBC. 

SpaceX makes most of its money through government contracts. Nearly $19.8 billion in federal contracts have gone to NASA and the Department of Defense to pay for SpaceXs rockets and satellites since 2008, according to USA Today.

The space company will likely see continued support under the Trump administration. The president-elect praised Musks goal to land astronauts on Mars and attended a SpaceX launch soon after he won the election.

Jared Isaacman, Trumps pick to lead NASA, also has close ties to Musk.

He became the first non-professional astronaut to walk in space earlier this year via a SpaceX rocket and last month called the firm the most innovative, literally impressive organization that Ive ever seen.

He invested $27.5 million in SpaceX in 2021 through his payments firm, according to SEC filings.

Isaacman, worth about $1.7 billion according to Forbes, made his fortune from his payment processing company Shift4 Payments, which he founded at age 16.

A Delaware judge last week denied Musk his excessive 2018 pay package that is now worth more than $100 billion. It was the second such ruling, which Musk blasted as totally crazy.

Even if the pay package is revoked, Musk would still be the richest person in the world.

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Chancellor insists Labour rebels ‘know the welfare system needs reform’ as they push for change

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Chancellor insists Labour rebels 'know the welfare system needs reform' as they push for change

Chancellor Rachel Reeves has insisted that rebelling Labour MPs “know the welfare system needs reform” as the government faces a growing backlash over planned cuts.

Sir Keir Starmer is under pressure from Labour MPs, with about 40 in the Red Wall – the party’s traditional heartlands in the north of England – warning the prime minister’s welfare plan is “impossible to support” in its current form.

Dozens have thrown their support behind a letter urging the government to “delay” the proposals, which they blasted as “the biggest attack on the welfare state” since Tory austerity.

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Ms Reeves on Friday reiterated her plans for reform, insisting that no-one, including Labour MPs and party members, “thinks that the current welfare system created by the Conservative Party is working today”.

She said: “They know that the system needs reform. We do need to reform how the welfare system works if we’re going to grow our economy.”

But, the chancellor added, if the government is going to lift people out of poverty “the focus has got to be on supporting people into work”.

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“Of course if you can’t work, the welfare state must always be there for you, and with this government it will be,” she said.

The reforms, announced ahead of Ms Reeves’s spring statement in March, include cuts to Personal Independence Payments (PIP), one of the main types of disability benefit, and a hike in the universal credit standard allowance.

Read more:
UK and US trade deal will save thousands of UK jobs – PM
Starmer faces rebellion from Labour MPs over welfare reforms

The government has claimed that changes to welfare will cut the budget by £4.8bn overall.

Separately, Downing Street refused on Friday to deny that Ms Reeves has consulted on potentially overhauling their winter fuel payment policy.

Labour’s unpopular decision to means-test the policy has taken the benefit away from millions of pensioners.

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Ministers have faced pressure from their own backbenchers to rethink the policy in the wake of last week’s local election results, which saw Labour lose the Runcorn by-election and control of Doncaster Council to Reform UK.

Asked if the chancellor has discussed the winter fuel payment in private, the prime minister’s spokesperson said they would not give a running commentary.

Pushed again, Number 10 said a “range” of discussions take place in government – which is not a denial.

However, it is worth noting that when reports emerged earlier this week that Downing Street was reviewing the policy, the government strongly pushed back on that suggestion.

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Ten explosions near international airport in India-administered part of Kashmir, officials say

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Ten explosions near international airport in India-administered part of Kashmir, officials say

Ten explosions have been heard near Srinagar International Airport in India-administered parts of Kashmir, officials have told Reuters news agency.

The blasts followed blackouts caused by multiple projectiles, which were seen in the sky above the city of Jammu earlier on Friday.

Explosions were also heard in the Sikh holy city of Amritsar, in the neighbouring Punjab state, according to Reuters.

An Indian military official told the agency that “drones have been sighted” and “they are being engaged”.

It comes as tensions between India and Pakistan across the line of control around the region of Kashmir have boiled over this week, leading to fears of a wider conflict.

Map of where explosions were reported in Kashmir and from where

On Wednesday morning, India carried out missile strikes in Pakistan and Pakistan-administered parts of the disputed region.

The retaliation came weeks after 26 people, mainly Indian tourists, were shot dead by gunmen in an India-administered part of Kashmir last month.

The government in India said it hit nine “terrorist infrastructure” sites, while Pakistan said it was not involved in the April attack and the sites were not militant bases.

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Explained: India-Pakistan conflict

Around 48 people have been killed since Wednesday, according to casualty estimates on both sides – which have not been independently verified.

India also suspended its top cricket tournament, the Indian Premier League, as a result of rising tensions, while the Pakistan Super League moved the remainder of its season to the United Arab Emirates.

Meanwhile, White House press secretary Karoline Leavitt said at a conference on Friday that the US is in constant contact with both India and Pakistan.

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Russia’s Victory Day parade felt more like a celebration of war than peace

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Russia's Victory Day parade felt more like a celebration of war than peace

Standing on Red Square, this was an intimidating sight, which felt much more like a celebration of war rather than peace.

I could feel the ground shake as the tanks rolled past, their caterpillar tracks on the ancient cobbles providing a deafening clatter.

The hairs on the back of my neck stood up in fear as the phalanxes of troops roared “Hurrah” in response to their commander in chief.

And the sight of combat drones being paraded on their launchers was actually quite sickening. Weapons that have been at the forefront of Russia’s invasion of Ukraine were paraded in a show of pomp and patriotism.

Russian President Vladimir Putin and his Chinese counterpart Xi Jinping
Image:
Xi Jinping and Vladimir Putin watch the procession. Pic: Reuters

Ukraine war latest: Putin welcomes Xi at Victory Day parade

For the rest of Europe, the 80th anniversary of the end of the Second World War has been a celebration of peace, but this felt much more like a celebration of war.

And it wasn’t just military hardware on display here, but the very identity of modern Russia.

A general view shows Red Square during a military parade on Victory Day, marking the 80th anniversary of the victory over Nazi Germany in World War Two, in central Moscow, Russia, May 9, 2025. Vladimir Astapkovich/Host agency RIA Novosti/Handout via REUTERS ATTENTION EDITORS - THIS IMAGE WAS PROVIDED BY A THIRD PARTY.
Image:
Pic: Reuters

For this is a country that is now defined by its military and its memory. The glory and sacrifice of 1945 have been weaponised to give credence to Russia’s current course and to make people believe that victory is their right.

For Russians, it served as a rallying cry and there was applause when the troops who have fought against Ukraine marched past.

But for those watching in Kyiv and other European capitals, it was an overt warning that Moscow has no intention of backing down.

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Putin hails sacrifice of Russian troops

The parade was considerably larger in scale than in recent years, when units and hardware have been needed on the battlefield. I think it was a deliberate attempt to project an image of confidence, and so was Vladimir Putin‘s positioning of his guests.

China’s Xi Jinping was given a prime position on the Kremlin leader’s right-hand side. It was no surprise given the economic lifeline Beijing has provided, but it felt like a particularly pointed gesture to the West – that they were looking at a new world order.

Despite that appearance of confidence, there were signs of Moscow’s unease that the parade could be disrupted.

There were snipers on every rooftop. Security was extremely tight. And the mobile internet signal across the city centre was completely shut down for fear of Ukrainian drone attacks, meaning none of the international media that had gathered could broadcast any live transmissions.

After the parade finished, Putin saluted the crowds as they spontaneously erupted into rhythmic shouts of “Rus-si-ya” at the sight of him.

Another PR coup complete without interruption, he will have departed as a very happy man.

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