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One of the things that made President Donald Trump’s inauguration distinctive was the prominence of Silicon Valley elite.

Easily identifiable were the world’s three richest men – Elon Musk, Jeff Bezos and Mark Zuckerberg. And that’s not to mention some of the billionaires not placed directly in view of the cameras.

When the riches of the billionaire tech founders, millionaire business people and wealthy politicians are totted up there was more than $1trn – over a thousand billion – in the rotunda of the Capitol on Monday morning.

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Elon Musk spoke after the ceremony, saying he would plant the US flag on Mars

The richest of them all, topping the Forbes real-time billionaires list, was Elon Musk.

The South African serial entrepreneur makes his money through ownership of electric car company Tesla and space exploration company Space X.

His fortune is $433.9bn, according to Forbes.

Lauren Sanchez and Jeff Bezos.
Pic: Reuters
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Lauren Sanchez and Jeff Bezos. Pic: Reuters

Next on the rich list is Amazon founder Jeff Bezos, worth $239.4bn through his ownership of company shares.

Mr Bezos’ part-ownership of The Washington Post led to some speculation he played a role in the paper saying it would not endorse a candidate in the US election for the first time in 36 years.

Meta CEO Mark Zuckerberg and Priscilla Chan in the Statuary Hall of the U.S. Capitol before the luncheon on the inauguration day of U.S. President Donald Trump.
Pic: Reuters
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Meta CEO Mark Zuckerberg and his wife Priscilla Chan. Pic: Reuters

Third-richest on Forbes’ list is Meta founder Mark Zuckerberg, worth $211.8bn.

His company owns social networks Facebook, Instagram and WhatsApp.

The influence of changing political winds could be seen in Meta’s recent decision to roll back fact-checking.

Bernard Arnault during the inauguration.
Pic: reuters
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Bernard Arnault at the inauguration. Pic: Reuters

While there was no sign of the world’s fourth-richest man – Oracle founder Larry Ellison – the man who occupies the fifth spot, Bernard Arnault, was there with his family.

The Frenchman’s luxury goods giant LVMH owns brands including Dior, Louis Vuitton, Moet & Chandon and Sephora, with his net worth estimated by Forbes at $181.3bn.

Miriam Adelson arrives before the 60th Presidential Inauguration in the Rotunda of the U.S. Capitol in Washington, Monday, Jan. 20, 2025.(Saul Loeb/Pool photo via AP)
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Miriam Adelson arrives before the 60th presidential inauguration. Pic: AP

Less familiar to a UK audience – but still hugely wealthy – is Miriam Adelson, who along with her family is ranked 55th richest in the world by Forbes.

Their net worth of $31.9bn was garnered through casinos. Her husband Sheldon Adelson founded the Las Vegas Sands casino and resort company.

A supporter of the new president, Ms Adelson was awarded the Presidential Medal of Freedom by Mr Trump in 2018.

Former Executive Chairman of Fox Corp Rupert Murdoch and Elena Zhukova attends the inauguration.
Pic: Reuters
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Rupert Murdoch and his wife Elena Zhukova. Pic: Reuters

On the lower end of the Forbes rich list – coming in 89th – is media magnate Rupert Murdoch, valued at $22.2bn.

His Fox network is a favourite of the US president but he made a chunk of his wealth in the UK, where he bought The Times and The Sun newspapers.

Aside from Fox, in the US he owns The Wall Street Journal and the New York Post.

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Who was at Trump’s inauguration?

If these six people were the only attendees, there would be more than $1.12trn in the room.

That’s about a third of the entire economic output of the UK. The UK’s gross domestic product (GDP) – the standard measure of an economy’s value and everything it produces – is $3.73trn, according to the International Monetary Fund.

Apple chief Tim Cook was also among the tech billionaires in attendance. Pic: Reuters
Image:
Apple boss Tim Cook was also among the tech billionaires in attendance. Pic: Reuters

Added to that are the billions and millions owned by tech royalty such as Apple founder Tim Cook, Google chief executive Sundar Pichai and OpenAI founder Sam Altman.

And none of this is to mention the riches of the political dynasties in attendance – the Bushs, Clintons and Trumps.

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Chancellor Rachel Reeves considering ‘changes’ to ISAs – and says there’s too much focus on ‘risk’ in investing

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Chancellor Rachel Reeves considering 'changes' to ISAs - and says there's too much focus on 'risk' in investing

The chancellor has confirmed she is considering “changes” to ISAs – and said there has been too much focus on “risk” in members of the public investing.

In her second annual Mansion House speech to the financial sector, Rachel Reeves said she recognised “differing views” over the popular tax-free savings accounts, in which savers can currently put up to £20,000 a year.

She was reportedly considering reducing the threshold to as low as £4,000 a year, in a bid to encourage people to put money into stocks and shares instead and boost the economy.

However the chancellor has shelved any immediate planned changes after fierce backlash from building societies and consumer groups.

In her speech to key industry figures on Tuesday evening, Ms Reeves said: “I will continue to consider further changes to ISAs, engaging widely over the coming months and recognising that despite the differing views on the right approach, we are united in wanting better outcomes for both savers and for the UK economy.”

She added: “For too long, we have presented investment in too negative a light, quick to warn people of the risks, without giving proper weight to the benefits.”

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Rachel Reeves’s fiscal dilemma

Ms Reeves’s speech, the first major one since the welfare bill climbdown two weeks ago, appeared to encourage regulators to focus less on risks and more on the benefits of investing in things like the stock market and government bonds (loans issued by states to raise funds with an interest rate paid in return).

She welcomed action by the financial regulator to review risk warning rules and the campaign to promote retail investment, which the Financial Conduct Authority (FCA) is launching next year.

“Our tangled system of financial advice and guidance has meant that people cannot get the right support to make decisions for themselves”, Ms Reeves told the event in London.

Read more:
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Building societies protest against proposed ISA reforms
Is there £15bn of wiggle room in Reeves’s fiscal rules?

Last year, Ms Reeves said post-financial crash regulation had “gone too far” and set a course for cutting red tape.

On Tuesday, she said she would announce a package of City changes, including a new competitive framework for a part of the insurance industry and a regulatory regime for asset management.

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Reeves is ‘totally’ up for the job

In response to Ms Reeves’s address, shadow chancellor Sir Mel Stride said: “Rachel Reeves should have used her speech this evening to rule out massive tax rises on businesses and working people. The fact that she didn’t should send a shiver down the spine of taxpayers across the country.”

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The governor of the Bank of England, Andrew Bailey, also spoke at the Mansion House event and said Donald Trump’s taxes on US imports would slow the economy and trade imbalances should be addressed.

“Increasing tariffs creates the risk of fragmenting the world economy, and thereby reducing activity”, he said.

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New electric car grants of up to £3,750 aims to drive sales

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New electric car grants of up to £3,750 aims to drive sales

The taxpayer is to help drive the switch to non-polluting vehicles through a new grant of up to £3,750, but some of the cheapest electric cars are to be excluded.

The Department for Transport (DfT) said a £650m fund was being made available for the Electric Car Grant, which is due to get into gear from Wednesday.

Users of the scheme – the first of its kind since the last Conservative government scrapped grants for new electric vehicles three years ago – will be able to secure discounts based on the “sustainability” of the car.

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It will apply only to vehicles with a list price of £37,000 or below – with only the greenest models eligible for the highest grant.

Buyers of so-called ‘Band two’ vehicles can receive up to £1,500.

The qualification criteria includes a recognition of a vehicle’s carbon footprint from manufacture to showroom so UK-produced EVs, costing less than £37,000, would be expected to qualify for the top grant.

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It is understood that Chinese-produced EVs – often the cheapest in the market – would not.

BYD electric vehicles before being loaded onto a ship in Lianyungang, China. Pic: Reuters
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BYD electric vehicles before being loaded onto a ship in Lianyungang, China. Pic: Reuters

DfT said 33 new electric car models were currently available for less than £30,000.

The government has been encouraged to act as sales of new electric vehicles are struggling to keep pace with what is needed to meet emissions targets.

Challenges include the high prices for electric cars when compared to conventionally powered models.

At the same time, consumer and business budgets have been squeezed since the 2022 cost of living crisis – and households and businesses are continuing to feel the pinch to this day.

Another key concern is the state of the public charging network.

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The Chinese electric car rivalling Tesla

Transport Secretary Heidi Alexander said: “This EV grant will not only allow people to keep more of their hard-earned money – it’ll help our automotive sector seize one of the biggest opportunities of the 21st century.

“And with over 82,000 public charge points now available across the UK, we’ve built the infrastructure families need to make the switch with confidence.”

The Government has pledged to ban the sale of new fully petrol or diesel cars and vans from 2030 but has allowed non-plug in hybrid sales to continue until 2025.

It is hoped the grants will enable the industry to meet and even exceed the current zero emission vehicle mandate.

Under the rules, at least 28% of new cars sold by each manufacturer in the UK this year must be zero emission.

The figure stood at 21.6% during the first half of the year.

The car industry has long complained that it has had to foot a multi-billion pound bill to woo buyers for electric cars through “unsustainable” discounting.

Mike Hawes, chief executive of the Society of Motor Manufacturers and Traders, said the grants sent a “clear signal to consumers that now is the time to switch”.

He went on: “Rapid deployment and availability of this grant over the next few years will help provide the momentum that is essential to take the EV market from just one in four today, to four in five by the end of the decade.”

But the Conservatives questioned whether taxpayers should be footing the bill.

Shadow transport secretary Gareth Bacon said: “Last week, the Office for Budget Responsibility made clear the transition to EVs comes at a cost, and this scheme only adds to it.

“Make no mistake: more tax rises are coming in the autumn.”

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City financier Kolade joins ranks of Channel 4 chair contenders

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City financier Kolade joins ranks of Channel 4 chair contenders

A leading financier and Conservative Party donor is among the contenders vying to chair Channel 4, the state-owned broadcaster.

Sky News has learnt from Whitehall sources that Wol Kolade has been shortlisted to replace Sir Ian Cheshire at the helm of the company.

Mr Kolade, who has donated hundreds of thousands of pounds to Tory coffers, is said by Whitehall insiders to be one of a handful of remaining candidates for the role.

A recommendation from Ofcom, the media regulator, to Culture Secretary Lisa Nandy about its recommendation for the Channel 4 chairmanship is understood to be imminent.

Mr Kolade, who heads the private equity firm Livingbridge, has held non-executive roles including a seat on the board of NHS Improvement.

He declined to comment when contacted by Sky News on Monday.

His candidacy pits him against rivals including Justin King, the former J Sainsbury chief executive, who last week stepped down as chairman of Ovo Energy.

Debbie Wosskow, an existing Channel 4 non-executive director who has applied for the chair role, is also said by government sources to have made it to the shortlist.

Sir Ian stepped down earlier this year after just one term, having presided over a successful attempt to thwart privatisation by the last Tory government.

The Channel 4 chairmanship is currently held on an interim basis by Dawn Airey, the media industry executive who has occupied top jobs at companies including ITV, Channel 5, and Yahoo!.

The race to lead the state-owned broadcaster’s board has acquired additional importance since the resignation of Alex Mahon, its long-serving chief executive.

It has since been reported that Alex Burford, another Channel 4 non-executive director and the boss of Warner Records UK, was interested in replacing Ms Mahon.

Ms Mahon, who was a vocal opponent of Channel 4’s privatisation, is leaving to join Superstruct, a private equity-owned live entertainment company.

The appointment of a new chair is expected to take place by the autumn, with the chosen candidate expected to lead the recruitment of Ms Mahon’s successor.

The Department for Culture, Media and Sport declined to comment on the recruitment process.

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