Jeff Bezos, Elon Musk: World’s richest people smashed wealth records this week

News Network
August 29, 2020

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It’s been one of the most lucrative weeks in history for some of the world’s wealthiest people.

The net worth of Amazon.com Inc. founder Jeff Bezos topped the once-unfathomable amount of $200 billion. Entrepreneur, inventor, provocateur Elon Musk added the title of centibillionaire when his fortune soared past $100 billion fueled by Tesla Inc.’s ceaseless rally. And by Friday, the world’s 500 wealthiest people were $209 billion richer than a week ago.

Musk’s surging wealth expanded the rarefied club of centibillionaires to four members. Facebook Inc. co-founder Mark Zuckerberg, the world’s third-richest person, joined Bezos and Bill Gates among the ranks of those possessing 12-figure fortunes earlier this month. Together, their wealth totals $540 billion, according to the Bloomberg Billionaires Index.

This week marked just the latest boon for the personal fortunes of the richest of the rich, whose red-hot growth has been largely driven by surging markets, particularly for tech shares. US stocks reached fresh highs on Friday as investors took confidence in the Federal Reserve’s new inflation approach.

Pay Package

Musk’s net worth has grown by $76.1 billion this year, propelled by Tesla’s stock price and a boosted valuation of Space Exploration Technologies Corp., or SpaceX. Also helpful: an audacious pay package -- the largest corporate pay deal ever struck between a CEO and a board of directors -- that could yield him more than $50 billion if all goals are met.

Still, Musk’s gain is second to that of Bezos, whose fortune has grown by $84.9 billion in 2020 as pandemic-induced lockdowns spur demand for Amazon deliveries. Bezos’s fortune has doubled since he crested the $100 billion mark in late 2017, even after ceding a quarter of his Amazon stake to ex-wife MacKenzie Scott in a divorce last year.

Scott is now $700 million shy of surpassing L’Oreal SA heiress Francoise Bettencourt Meyers as the world’s richest woman.

The heady pace of wealth accumulation is in stark contrast to the state of the global economy. Growth has slumped sharply since the pandemic began with companies laying off millions of workers and consumer demand cratering.

Income Inequality

The brunt of economic pain has been borne by young and lower-wage workers, whose jobs are typically more vulnerable to Covid-related layoffs.

“There is little doubt that the pandemic will exacerbate inequality in incomes and wealth, both in the short term and in the longer term,” said Miles Corak, an economics professor who studies income inequality at the Graduate Center of the City University of New York.

The world’s 500 richest people have collectively grown their fortunes by $871 billion this year, a 15% increase, according to the billionaires index.

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News Network
December 16,2024

The Supreme Court on Monday while hearing a petition against the stand of Karnataka High Court's view that shouting 'Jai Sriram' inside a mosque was not an offence, sought the stand of the State of Karnataka in the matter.

A bench of Justices Pankaj Mithal and Sandeep Mehta was hearing the matter.

"Alright, they were shouting a particular religious slogan. How is that an offence?" Justice Mehta asked, as bench posted the matter for January 2025.

The bench asked if the accused persons had been identified. Kamat replied that CCT visuals had been collected and the police identified the accused persons, as recorded in the remand report. The bench asked if merely spotting the accused near the mosque would mean that they shouted the slogans.

"Are you able to identify the actual accused? What material you have brought?" the Court asked. Kamat clarified that he was only representing the complainant (caretaker of the mosque) and it is for the police to conduct the investigation and collect the evidence. The FIR need only give information about the offence and need not be an 'encyclopedia' containing all evidence, he added.

This comes after a petition was filed in the Supreme Court questioning the Karnataka High Court's order of September 13, 2024 which quashed an FIR lodged against two men for raising the 'Jai Shri Ram' slogan within mosque premises.

The high court's single judge bench of Justice M Nagaprasanna had said, "It is ununderstandable as to how if someone shouts 'Jai Shri Ram' it would outrage the religious feeling of any class, when the complainant himself states that Hindu - Muslims are living in harmony in the area".

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News Network
December 22,2024

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Prime Minister Narendra Modi was on Sunday awarded Kuwait's highest honour ‘The Order of Mubarak Al Kabeer’. It is the 20th international award bestowed upon him by a country.

‘The Order of Mubarak Al Kabeer’ is a knighthood order of Kuwait. It is awarded to Heads of State and foreign Sovereigns and members of foreign royal families in sign of friendship.

“I am honoured to be conferred the Mubarak Al-Kabeer Order by His Highness the Amir of Kuwait, Sheikh Meshal Al-Ahmad Al-Jaber Al Sabah. I dedicate this honour to the people of India and to the strong friendship between India and Kuwait,” PM Modi posted on X.

It has been previously awarded to foreign leaders like Bill Clinton, Prince Charles and George Bush.

Last month, PM Modi was conferred with the highest national award of Guyana, 'The Order of Excellence' during his visit to nation.

“I express my heartfelt gratitude to my friend President Irfaan Ali for conferring upon me Guyana's highest award. This is a living proof of your deep commitment to our relations which will continue to inspire us to move forward in every field,” PM Modi had said.

The prime minister was also conferred the "Dominica Award of Honour" by President Sylvanie Burton of Dominica.

"Honoured to be conferred with highest national award by Dominica. I dedicate it to the 140 crore people of India," Modi said in a post on X.

Guard of Honour 

The prime minister received a grand ceremonial welcome in Kuwait during his state visit to the Gulf nation. He was accorded a ceremonial guard of honour at the Bayan Palace, Kuwait. The Amir of Kuwait, Sheikh Meshal Al-Ahmad Al-Jaber Al Sabah also present during the ceremony.

The details of the meeting were also shared by the Spokesperson of the Ministry of External Affairs on X. "A special welcome on historic visit! PM @narendramodi arrives at the Bayan Palace in Kuwait to a ceremonial welcome and Guard of Honour. Warmly received by HH Sheikh Ahmed Abdullah Al-Ahmed Al-Sabah, PM of Kuwait. Extensive talks with HH the Amir, Crown Prince and PM of Kuwait lie ahead."

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News Network
December 26,2024

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The UN agency for Palestinian refugees (UNRWA) says the northern part of the Gaza Strip has been going through “the hell of the hell" amid Israel's bombing campaign on civilian facilities and blockade of aid for almost three months.

In an interview with Irish state media RTE on Wednesday, UNRWA Communications Director Juliette Touma said northern Gaza has witnessed “heavy, heavy bombardment," as well as loss of life among civilians and attacks on hospitals and shelters.

She was also asked about the situation in the Kamal Adwan hospital, which is still barely functioning in northern Gaza despite an Israeli order to shut down and evacuate.

Touma said the evacuation orders of medical centers and raids on them "have become commonplace in Gaza" since last October, when Israel unleashed its genocidal war on the Palestinian territory.

“We shouldn’t become numb, though, to the fact that this happens all the time. Because, at the end of the day, this is a violation of international law," she added.

"This is crossing a very thick red line and way too many times the rules of war have been broken in Gaza, and those responsible must be held accountable."

Over the past few months, Israel has used tanks, snipers and quadcopters to attack the Kamal Adwan hospital, where over 400 civilians have sought medical care and shelter.

On Wednesday, Physicians for Human Rights - Israel (PHRI), an Israeli NGO that advocates for medical rights, filed an urgent petition with the regime's top court to end the ongoing attacks on the Kamal Adwan hospital.

The petition calls for the establishment of a humanitarian corridor to deliver medical supplies, fuel, and for the safe evacuation of patients and staff.

“The relentless attacks on Kamal Adwan hospital have caused catastrophic harm to medical infrastructure, claimed the lives of patients and staff, and denied access to essential healthcare services," it said.

"Under international law, Israel is obligated to protect the safety and security of patients, medical personnel, and healthcare facilities—even in times of conflict.”

Israel launched its brutal Gaza onslaught on October 7, 2023, after the Palestinian Hamas resistance group carried out a historic operation against the usurping entity in retaliation for its intensified atrocities against the Palestinian people.

So far, the occupying regime has killed at least 45,361 Palestinians, mostly women and children, and injured 107,803 others, in Gaza. 

Since early October, Israel has intensified its attacks in the northern Gaza Strip, cut the area off from the rest of the territory, and blocked nearly all food aid from entering the region.

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