Elon musk

Even in down years, some of the rich can’t help but get richer. These 20 people made The Forbes 400 for the first time in 2022. A merica’s 400 richest people are a combined $500 billion poorer this year. But not all U.S. billionaires are feeling the pain. With a lower minimum net worth to make the cut—$2.7 billion, $200 million less than last year—20 newcomers have joined The Forbes 400 list for the first time. While that’s less than half of the 44 who joined in 2021 , it’s an increase from the 18 new entrants who earned a spot in Covid-plagued 2020. The youngest newcomer this year is Gary Wang , the 29-year-old cofounder and chief technology officer of cryptocurrency exchange FTX. The Bahamas resident is worth an estimated $4.6 billion. His cofounder, Sam Bankman-Fried , now 30, was the youngest new member of the list in 2021. Wang has 16 years on the second-youngest newcomer in 2022: hedge fund billionaire Daniel Sundheim , 45. Despite the market downturn, … [Read more...] about From The New York Jets Owner To An Elon Musk ‘Fanboy,’ Meet The 20 Newcomers To The 2022 Forbes 400

- A + A (Sept 28): Elon Musk asked a federal appeals court to throw out the deal he made with the US Securities and Exchange Commission in 2018 requiring a Tesla Inc lawyer to screen all his company-related tweets, calling it an illegal effort to muzzle him. Musk, Tesla’s chief executive officer, has claimed without success that the SEC is harassing him and that the agreement violates his free-speech rights. US District judge Lewis Liman in April refused to release him from the deal and end the requirement for a “Twitter Sitter”. Liman said Musk was “simply bemoaning that he felt like he had to agree to it at the time” and now “wishes that he had not”. “The pre-approval provision is a classic prior restraint that the Constitution forbids: a government-imposed muzzle on Mr Musk’s speech before it is made,” Musk’s lawyers said in papers asking the 2nd US Circuit Court of Appeals in Manhattan to invalidate the agreement, or at least remove the screening requirement. … [Read more...] about Elon Musk asks appeals court to end his ‘Twitter Sitter’ deal

Share to Twitter Share to Linkedin Elon Musk Tops The Forbes 400 Ranking For The First Time Ever The Total Wealth Of The Forbes 400 And The Minimum Fortune To Make The Cut Drop For The First Time Since The Great Recession #Forbes400 NEW YORK – September 27, 2022 – Forbes today released its 41st annual Forbes 400 list , the definitive ranking of the wealthiest people in America. The package also includes a look at just how philanthropic America’s richest are. The Forbes 400 list is a snapshot in time of wealth using stock prices from September 2, 2022. “The rich don’t always get richer,” said Chase Peterson-Withorn , Deputy Wealth Editor, Forbes. “Like many Americans, the wealthiest 400 people in the country are feeling the stock market slowdown. They’re collectively 11 percent poorer than they were a year ago. But they’re doing just fine—worth $4 trillion overall, $1 trillion more than they were worth in fall 2019, just before the … [Read more...] about Forbes Releases 41st Annual Forbes 400 Ranking Of The Richest Americans

The very top of the very top are $235 billion poorer than a year ago, but they’re still worth a combined $1.6 trillion. F ew have been spared from the pain of soaring inflation and sputtering markets this year, including the billionaires perched at the top of Forbes’ 41st annual list of the 400 richest Americans. As a group, this year’s top 20 are worth $1.6 trillion–$235 billion less than a year ago, accounting for nearly half of the $500 billion lost by the entire Forbes 400. It's a sharp reversal from last year, when the top 20 added an unprecedented $500 billion to their collective fortunes as asset prices soared, accounting for nearly 40% of the $1.3 trillion gained by the entire list. The year’s biggest money loser was Mark Zuckerberg , who dropped out of the top 10 for the first time since 2014 as shares of Meta Platforms (formerly Facebook) cratered by 57%, helping lop nearly $74 billion off his fortune. Eight other top 20 tech billionaires , including … [Read more...] about The 2022 Forbes 400: The 20 Richest People In America

On the tenth anniversary of his Forbes 400 debut, Elon Musk brought a decisive end to Jeff Bezos’ four-year run as America’s richest person. E lon Musk couldn’t help but gloat. Last September, the day Musk overtook Amazon’s Jeff Bezos to become the richest person in the world, Forbes reached out to the man behind Tesla and SpaceX for his thoughts. “I’m sending a giant statue of the digit ‘2’ to Jeffrey B.,” Musk wrote in a short email, “along with a silver medal.” The swap at the top came 24 days after last year’s Forbes 400 ranking of the wealthiest Americans was finalized on September 3, 2021 and now, one wild year later, Musk can finally claim his gold: He is No. 1 on The Forbes 400 for the first time this year, with an estimated net worth of $251 billion–$60.5 billion more than he had on last year’s ranking and $100 billion richer than Bezos. That’s also a record for No. 1 on The Forbes 400. The triumph brings to a screeching halt Bezos’ four-year reign … [Read more...] about The Richest Person In America

- A + A (Sept 27): Billionaire Gautam Adani said China will feel increasingly isolated as rising nationalism, shifts in supply chains and technology curbs threaten the world’s second-biggest economy. China’s Belt and Road Initiative has run into resistance in many countries, challenging Beijing’s global ambitions, the world’s second richest man after Tesla chief executive officer Elon Musk told a conference in Singapore on Tuesday (Sept 27). The property market meltdown there has drawn comparisons with what happened to Japan during the “lost decade” of the 1990s, he added. “While I expect all these economies will readjust over time and bounce back, the friction to the bounce-back looks far harder this time,” he said. Adani’s comments on China and the global economy come at a time when the 60-year-old port-to-power tycoon is seeking to raise his international profile as he added more than US$58 billion (RM267.43 billion) to his personal fortune this year. Central … [Read more...] about Indian billionaire Adani says China will feel increasingly isolated

For the first time since the Great Recession, the super-rich did not get richer this year. A fter a roaring 2021, the 400 richest people in the U.S.–along with many Americans–have been hit by rising inflation and falling markets. As a group, this year’s Forbes 400 is $500 billion poorer than they were a year ago. Their total net worth stands at $4 trillion, down 11% from last year. The minimum net worth required to make the list also fell, by $200 million, to $2.7 billion. It’s the first time since the Great Recession that America’s ultra-wealthy aren’t richer than the year before. Forbes calculated net worths using stock prices from September 2, 2022. No one has been hit harder than American tech tycoons, who have lost a combined $315 billion , as their stock prices have plummeted and the spigot of venture capital money has slowed. A total of 41 people fell from the ranks this year, including Yahoo’s Jerry Yang , Rivian’s RJ Scaringe and, thanks to the … [Read more...] about The 2022 Forbes 400 List Of Richest Americans: Facts And Figures

The 400 wealthiest people in America are poorer this year. Tech tycoons have taken the brunt of the beating. A year ago, America’s technology billionaires were soaring, with markets near all-time highs and VCs pumping big money into startups. What a difference a year makes. Stock prices have dropped and inflation has surged, making the members of The Forbes 400 list of the richest people in the U.S. a collective $500 billion poorer than last year. The wealthiest tech tycoons have taken the brunt of the beating: They have lost a combined $315 billion in net worth since the fall of 2021–accounting for nearly two-thirds of the total drop in The Forbes 400’s wealth. In all, there are 65 people who made their fortunes in technology on the 2022 list; 50 are poorer than they were in 2021. The biggest losses have come from the biggest fortunes: Amazon shares are down 27%, taking $50 billion off Jeff Bezos’ net worth and dropping him from the top spot on The Forbes 400 for … [Read more...] about America’s Richest Tech Billionaires Have Lost $315 Billion In The Past Year

Not all the blockchain billionaires are surviving the harsh conditions. I t’s been a cold crypto winter for blockchain backers, builders and HODLers (crypto speak for patient investors). That goes for the people at the top too. America’s wealthiest crypto tycoons have lost billions of dollars over the last year as Bitcoin plummeted from over $50,000 to under $20,000, shares of exchange Coinbase plunged more than 75% and the total market value of all cryptocurrencies halved, from about $2.2 trillion to under $1 trillion, according to data from CoinMarketCap. Last fall, a record seven crypto billionaires made The Forbes 400 list of the richest people in the U.S. This year , only four remain. The quartet are worth a collective $27.3 billion. Last year’s seven were worth $55.1 billion. Things weren’t supposed to go this way. Crypto asset values and public recognition of crypto reached new heights last year, as Bitcoin hit a high of $69,000 in November and capital … [Read more...] about Crypto Winter Knocks 3 People Off Forbes 400 List Of Richest Americans

A tenth of last year’s list failed to make the cut in 2022. A handful lost their billionaire status altogether. I t was a bit easier to make The Forbes 400 list of America’s richest people this year, with the minimum net worth dropping by $200 million, to $2.7 billion. Still, amid surging inflation and recoiling markets, 41 members of the 2021 Forbes 400 lost their spot among this elite set in 2022. Six lost their billionaire status altogether, while another five members of last year’s 400 passed away. In all, half of the 44 people who made the list for the first time in 2021 ended up falling off in 2022. Among them: Baiju Bhatt (now worth less than $700 million), cofounder of no-fee stock trading app Robinhood Markets; serial crypto entrepreneur Jed McCaleb ($2.5 billion), believed by some to be bitcoin creator Satoshi Nakamoto; and two cofounders of photo-bookmarking site Pinterest, Ben Silbermann ($1.4 billion) and Paul Sciarra ($1.3 billion). More than half of this … [Read more...] about Yahoo’s Jerry Yang, Rivian’s RJ Scaringe, The Winklevoss Twins: Here’s Who Fell Off The 2022 Forbes 400 List Of Richest Americans