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The net worth of the world’s 500 richest people skyrocketed by a combined $1.5 trillion this year — a stunning reversal from the $1.4 trillion lost by those on last year’s list, according to the Bloomberg Billionaires Index.

Leading the way was social media and tech tycoon Elon Musk, the world’s richest person, whose fortune grew $95.4 billion to $232 billion — thanks largely to his 12.95% stake in Tesla, which experienced its own impressive gain so far this year.

The world’s most valuable carmaker finished the year trading at $248, a staggering 130% increase from last year.

Musk’s wealth grew despite woes at X, which saw blue-chip advertisers flee the platform — causing a projected $2.5 billion drop in ad sales — over claims that antisemitic content proliferates the site formerly known as Twitter.

The tech sector’s tremendous growth this year, fueled by the boom in artificial intelligence, helped lift several other already-minted billionaires.

Mark Zuckerberg, Meta’s boss, and Musk’s aborted “cage match” foe, saw his net worth climb $84 billion to finish the year sixth on the list at $130 million.

Amazon founder Jeff Bezos fattened his wallet with an additional $71.3 billion, rising to No. 3 in the world with a net worth of $178 billion.

Microsoft’s performance this year proved to be good news for its former CEO Steve Ballmer, who still owns about a 4% share in the tech behemoth, contributing to his $44.7 billion in earnings this year.

Ballmer, who left Microsoft in 2015 to start the philanthropic investment company Ballmer Group, is closing out 2023 as the world’s fifth-richest person, with $131 billion.

The co-founders of Google-parent Alphabet, Larry Page and Sergey Brin, earned $43.9 billion and $41 billion, respectively, this year.

Page is primed to end the year as the seventh richest person thanks to his $127 billion fortune, while Brin ranks No. 9, with $120 billion.

Microsoft founder Bill Gates earned a more modest $31.3 billion in 2023, which Bloomberg attributed to his 1.4% ownership of the world’s largest software maker, as well as his controlling role in Cascade Investment — which holds shares in dozens of publicly traded companies, including Canada’s biggest railroad operator, Canadian National Railway.

Bernard Arnault of luxury goods empire LVMH, added a mere $16.9 billion to his fortune to fall behind Musk after topping the list last year.

The gap between Musk and 74-year-old Arnault has widened by $53 billion as tech stocks have outperformed the luxury sector, which is experiencing the worst market conditions since 2008,” according to MyTheresa, a designer goods resale merchant.

However, heir to the French beauty brand LOreal Francoise Bettencourt Meyers bucked the trend, shooting up to No. 12 by tacking on $28.6 billion to her wealth — and becoming the first woman to crack the $100 billion barrier.

The 70-year-old’s wealth is from her stake in the worlds largest cosmetics company — founded by her grandfather in 1909 and now worth more than $240 billion — which she inherited following the 2017 death of her mother, Liliane Bettencourt.

The biggest losers this year were Indian billionaire Gautam Adani, who lost $37.3 billion — including $21 billion on Jan. 27 alone after investment research firm Hindenburg Research published a scathing report alleging Adani Group has engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades,” thus crippling the conglomerate’s stock.

At the time, the New York-based investigative group also raised concerns about Adani Groups high debt, claiming it wiped more than $11 billion in investor wealth.

Adani was swiftly stripped of his crown as the worlds No. 3 richest man and is set to end 2023 in the No. 15 spot on Bloomberg’s index with a net worth of $83.2 billion.

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Environment

Fiat launches beachy Topolino Vilebrequin as Stellantis ramps up EV production

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Fiat launches beachy Topolino Vilebrequin as Stellantis ramps up EV production

The Fiat Topolino Vilebrequin is a new beach town cruiser that captures the elegance, glamour, and relaxed vibe of the French Riviera. More significantly, the updated EV also heralds Stellantis’ plans to double EV production at its Kenitra Assembly Plant in Morocco.

Closer to a Mercury Villager Nautica or Ford F-150 Harley-Davidson than a new model on its own, the new Topolino Vilebrequin features colors and fabrics inspired by the French surfwear brand, and is based on the Dolcevita version of Stellantis’ electric microcar. With its open sides, a soft rollback roof, and turtle-tastic fabric prints, it’s ready to whisk you off on a carefree summer adventure in France or Italy – which are, coincidentally, the only two markets the “collector’s edition” Vilebrequin Topolino is currently available in.

“This encounter between the Fiat Topolino and our iconic sea turtle gave rise to a high-quality, lower-impact, and perfectly whimsical design,” says Roland Herlory, CEO of Vilebrequin. “(It is) the definitive summer toy, and the perfect witness to sun-soaked memories still to come.”

Like the standard Topolino, the new Vilebrequin model remains electronically limited to a top speed of 45 kph (just under 30 mph), and is equipped with a 5.5 kWh battery pack that ensures up to 75 km (about 45 miles) of electric range. Prices start at €13,490 ($15,810), and if you don’t want one you’re dead inside.

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Fiat Topolino Vilebrequin


The Vilebrequin Topolino is just the latest version of Stellantis’ electric microcar platform that underpins the Citroën Ami, Opel Rocks-e, and Fiat Topolino. Annual production of the little EVs has grown from 20,000 units and is reportedly on track for 70,000 in 2025.

Now, Mopar Insiders is reporting that number is about to get even bigger. Stellantis’ Chief Operating Officer (COO) for the Middle East & Africa (MEA) region, Samir Cherfan, announced plans to more than double the production capacity at the company’s Kenitra Assembly Plant in Morocco, from some 230,000 vehicles per year to more than 530,000.

The factory was opened in 2019, and the planned €1.2 billion ($1.4B) expansion is expected to add around 3,100 new jobs to the factory’s employee roster.

SOURCE | IMAGES: Stellantis.


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Business

Lakeland-owner Hilco eyes swoop for stricken jeweller Claire’s

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Lakeland-owner Hilco eyes swoop for stricken jeweller Claire's

The prolific high street investor which owns Lakeland and has backed chains including HMV and Superdry is sizing up a takeover of the UK operations of Claire’s, the struggling jewellery chain.

Sky News understands that Hilco Capital, which was also one of the recent bidders for Poundland, is among the parties expected to submit offers for Claire’s in the coming weeks, according to banking sources.

Other parties expected to examine offers for Claire’s British chain, which trades from about 280 stores, would include Alteri Investors and Modella Capital, which recently bought WH Smith’s high street chain.

The Telegraph reported earlier this month that Claire’s had hired Interpath Advisory to find a buyer for the UK business as it explores options – including bankruptcy – for its US-based operations.

Prospective buyers of the business have been told that a sale of the British chain could lead to significant numbers of store closures.

One retail industry boss speculated that as many as a third of the UK shops could be axed in a deal to salvage the rest of the chain, potentially putting hundreds of jobs at risk.

Claire’s has been a fixture in British shopping centres and on high streets for decades.

Houlihan Lokey, the investment bank, is advising on the sale of the US arm.

Claire’s, which is reported to trade from 2,000 stores globally, is owned by former creditors Elliott Management and Monarch Alternative Capital following a previous financial restructuring.

Hilco could not be reached for comment on Sunday.

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Politics

Embedding human rights into crypto isn’t optional, it’s foundational

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Embedding human rights into crypto isn’t optional, it’s foundational

Embedding human rights into crypto isn’t optional, it’s foundational

Embedding human rights into crypto systems is a necessity. Self-custody, privacy-by-default, and censorship-resistant personhood must be core design principles for any technology. The future of digital freedom depends on it.

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