World’s richest people led by Elon Musk gained $1.5 trillion in 2023

Published

11 months ago

January 3, 2024

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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.

Entertainment

First Glastonbury tickets sell out in 30 minutes as new booking system launched

Published

20 mins ago

November 15, 2024

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First Glastonbury tickets sell out in 30 minutes as new booking system launched

Coach tickets to Glastonbury 2025 were sold out in half an hour, organisers have said, as they roll out a new booking system for festivalgoers.

They were the first group of tickets to be sold for the world-famous festival in Somerset, which is set to take place between 25 and 29 June.

This year, fans navigated a new system to buy the tickets as they were “randomly assigned a place in a queue” instead of having to refresh the holding page once they went live.

The organisers said in a post on X: “The Glastonbury 2025 tickets + coach travel which were on sale this evening have now all been sold.

“Our thanks to everyone who bought one.”

They added that National Express services would be available to bring festivalgoers from across the country to Glastonbury.

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Standard tickets will go on sale on Sunday at 9am. Last year they were sold out within an hour.

See Tickets said in a post on X that “confirmation emails are going out now to everyone who got @Glastonbury coach tickets this evening”.

Tickets for the annual event at Worthy Farm in Somerset cost £373.50 plus a £5 booking fee, and are sold exclusively through the See Tickets website, with no third-party sellers involved.

The new ticket system has changed the way people join the booking system.

Organisers previously warned hopefuls to log in “at least a few minutes” before the sale opened today and to avoid refreshing the page.

Festivalgoers were also told not to attempt to game the system by using multiple devices.

The sale follows chaos earlier this year when tickets for the Oasis reunion went on sale, seeing a multitude of disappointed fans as well as those who felt cheated after being charged hundreds of pounds more for their tickets than was originally advertised.

Anyone wishing to buy tickets for Glastonbury must have registered by 11 November, a rule in place to avoid touting.

US

RFK Jr chosen as Donald Trump’s health secretary

Published

20 mins ago

November 15, 2024

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RFK Jr chosen as Donald Trump's health secretary

Donald Trump has chosen vaccine sceptic Robert F Kennedy Jr as his new health secretary.

The news was announced by Donald Trump Jr on X, before the president-elect confirmed the appointment just moments later.

Former Democrat RFK Jr, the nephew of former president John F Kennedy, had been running as an independent presidential candidate but dropped out of the race and endorsed Mr Trump in August.

In return for Mr Kennedy’s support during the election, President-elect Trump pledged to give him a “big role” – and RFK Jr’s preference for the health position was widely reported.

The health and human services (HHS) department includes the Food and Drug Administration, the Centers for Disease Control and Prevention, Medicare, Medicaid and the National Institutes of Health.

RFK Jr will “restore these Agencies to the traditions of Gold Standard Scientific Research, and beacons of Transparency, to end the Chronic Disease epidemic, and to Make America Great and Healthy Again,” the president-elect wrote on X.

Mr Trump added: “For too long, Americans have been crushed by the industrial food complex and drug companies who have engaged in deception, misinformation, and disinformation when it comes to Public Health.

“The Safety and Health of all Americans is the most important role of any Administration.”

Mr Kennedy is a known vaccine sceptic who has repeated misinformation on multiple occasions, including the discredited theory that childhood immunisations cause autism.

The RFK Jr-led health department will “play a big role in helping ensure that everybody will be protected from harmful chemicals, pollutants, pesticides, pharmaceutical products, and food additives that have contributed to the overwhelming Health Crisis in this Country,” the president-elect added.

Earlier, his son Donald Trump Jr was the first to confirm the appointment, writing on X: “Robert F Kennedy Jr will be The Secretary of Health and Human Services! Promises Made Promises Kept.”

RFK Jr’s position will need to be confirmed with a Senate vote – but even with the chamber under Republican control, his appointment may face opposition because of his views on health issues.

Before Mr Trump announced his choice, Mr Kennedy had already claimed the new president would push to remove fluoride from drinking water on his first day in office. The addition of the compound has been cited as helping to improve dental health.

The department RKF Jr is hoping to oversee has more than 80,000 employees across the United States.

Environment

A 100-MW solar farm just broke ground in Wisconsin

Published

23 mins ago

November 14, 2024

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A 100-MW solar farm just broke ground in Wisconsin

Wisconson solar — Image: National Grid Renewables

National Grid Renewables has broken ground on its 100 MW Apple River Solar Project in Polk County, Wisconsin.

The Wisconsin solar farm, which will use US-made First Solar Series 6 Plus bifacial modules, will be constructed by The Boldt Company, creating 150 construction and service jobs. Apple River Solar will generate over $36 million in direct economic benefits over its first 20 years.

Once it comes online in late 2025, Apple River Solar will supply clean energy to Xcel Energy, which serves customers throughout the Upper Midwest. According to National Grid Renewables, the solar farm will generate enough energy to power around 26,000 homes annually. It will also offset about 129,900 metric tons of carbon dioxide emissions each year – equivalent to taking 30,900 cars off the road.

“We are excited to see this project begin as it underscores our dedication to delivering clean, reliable and affordable energy to our customers,” said Karl Hoesly, President, Xcel Energy-Wisconsin and Michigan. “This project is an important step in those goals while bringing significant economic benefits to Polk County and the local townships.”

Electrek reported in February that Xcel Energy, Minnesota’s largest utility, expects to cut more than 80% – and possibly up to 88% – of its emissions by 2030, putting it on track to hit Minnesota’s goal of net zero by 2040. It also says it’s on track to achieve its clean energy goals for all the Upper Midwest states it serves – Minnesota, Wisconsin, North Dakota, South Dakota, and Michigan.

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