November 15, 2024

Month: January 2021

Elon Musk becomes richest person on Earth

Move over Jeff Bezos, you have been dethroned as the richest person on Earth.  The founder of SpaceX and other companies is now the richest person on Earth, whose fortune surged by more than $150 billion in the past year, according to Bloomberg News.

A 4.8% rally in the electric carmaker’s share price Thursday boosted Musk past Amazon.com Inc. founder Jeff Bezos on the Bloomberg Billionaires Index, a ranking of the world’s 500 wealthiest people.

The South Africa-born engineer’s net worth was $188.5 billion at 10:15 a.m. in New York, $1.5 billion more than Bezos… The milestone caps an extraordinary 12 months for Musk. Over the past year his net worth soared by more than $150 billion in possibly the fastest bout of wealth creation in history. Fueling his rise was an unprecedented rally in Tesla’s share price, which surged 743% last year on the back of consistent profits, inclusion in the S&P 500 Index and enthusiasm from Wall Street and retail investors alike.

Bezos would still hold a wide lead over Musk had it not been for his divorce, which saw him cede about a quarter of his Amazon stake to his ex-wife, MacKenzie Scott, and his philanthropy.

Despite his astronomical gains, Musk has said he has little interest in material things and has few assets outside his stakes in Tesla and SpaceX. He told Axel Springer in an interview last month that the main purpose of his wealth is to accelerate humanity’s evolution into a spacefaring civilization. “I want to be able to contribute as much as possible to the city on Mars,” Musk said. “That means just a lot of capital.”

 

FaceBook Suspends President Trump’s Account “Indefinitely”

In a statement, Mark Zuckerberg said that the social media platform FaceBook has announced that it has suspended President Trump's account "indefinitely" and for at least two weeks, after Election Day.  The platform has taken this step after the events which unfolded at Wednesday'sIn a  demonstration in Washington, DC where supporters stormed the U.S. Capital to protest the results of last November's election.

Zuckerberg's statement:

"We believe the risks of allowing the President to continue to use our service during this period are simply too great," Zuckerberg said in a statement Thursday. "Therefore, we are extending the block we have placed on his Facebook and Instagram accounts indefinitely and for at least the next two weeks until the peaceful transition of power is complete."

 

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