Tesla CEO Elon Musk beats Mark Zuckerberg to become world's third richest person

News Network
September 1, 2020

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Elon Musk is now the third-richest person in the world.

Musk passed Facebook Inc. co-founder Mark Zuckerberg Monday as shares of Tesla Inc. continued their unrelenting rally after undergoing a forward stock split. Musk is now worth $115.4 billion compared with $110.8 billion for Zuckerberg, according to the Bloomberg Billionaires Index.

Also Monday, Jeff Bezos’s ex-wife MacKenzie Scott became the world’s richest woman, passing L’Oreal SA heiress Francoise Bettencourt Meyers. Scott, 50, who received a 4% stake in Amazon.com Inc. as part of her divorce from founder Bezos, is now worth $66.4 billion.

Musk, 49, has seen a meteoric rise in his wealth, with his net worth growing by $87.8 billion this year as Tesla shares surged almost 500%. Also helpful: an audacious pay package -- the largest corporate pay deal ever struck between a chief executive officer and a board of directors -- that could yield him more than $50 billion if all goals are met.

Tesla, a favorite among amateur investors on online trading firm Robinhood Financial, has been one of the largest beneficiaries of the boom in retail investing during pandemic lockdowns. At one point last month, almost 40,000 Robinhood accounts added Tesla shares during a single four-hour span. And the trend isn’t limited to the US: South Korean retail investors have piled into Tesla this year and hold about a 1% stake in the American auto maker.

Tesla’s $464 billion market value now exceeds that of retail behemoth Walmart Inc., the largest company in the US by revenue.

Last week, Musk joined Zuckerberg, Bezos and Microsoft Corp. co-founder Bill Gates in the rarefied centibillionaire club as tech stocks rose.

The heady pace of wealth accumulation in recent months 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. The brunt of economic pain has been borne by young and lower-wage workers, whose jobs are typically more vulnerable to Covid-related layoffs.

The rising income inequality has provoked sharp responses from many progressive politicians and critics on the left. US Senator Bernie Sanders this month introduced legislation to tax “extreme wealth gains” during the pandemic.

Musk still has a long way to become the world’s richest person. Bezos is worth more than $200 billion.

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News Network
September 15,2024

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New Delhi: Two days after he was granted bail and walked out of prison after six months, Delhi Chief Minister Arvind Kejriwal announced his shock resignation from the top post at a party meeting this afternoon. "Two days later, I will resign as Chief Minister. I will not sit on that chair till the people announce their verdict. Elections in Delhi are months away. I got justice from the legal court, now I will get justice from the people's court. I will sit on the Chief Minister's chair only after the order of the people," he said. 

"I want to ask the people of Delhi, is Kejriwal innocent or guilty? If I have worked, vote for me," he said, adding that a meeting of AAP MLAs will be held within the next two days to choose the new Chief Minister for the national capital.

The Aam Aadmi Party (AAP) leader said a member of the party will be named Chief Minister after his resignation. He said he would go among the people and ask for their support. Mr Kejriwal also demanded that the elections in the national capital, scheduled for February, be held in November along with the polls in Maharashtra.

In his address to the AAP workers, Mr Kejriwal launched an all-out attack against the Narendra Modi government and said it was more dictatorial than the British.

He said he did not resign as Chief Minister despite being arrested because he wanted to save democracy. "They have registered cases against (Karnataka Chief Minister) Siddaramaiah, (Kerala Chief Minister) Pinarayi Vijayan, (Bengal Chief Minister) Mamata didi (Banerjee). I want to appeal to non-BJP, do not resign if they register cases against you. This is their new game," he said.

Mr Kejriwal said he had also spoken to former Deputy Chief Minister Manish Sisodia about the issue. Mr Sisodia too was recently granted bail in connection with corruption allegations surrounding Delhi's now-scrapped liquor policy. "I spoke to Manish, he too has said that he will handle the post only after the people say we are honest. My and Sisodia's fate are in your hands now," he said.

Responding to the shocking development, BJP's Harish Khurana questioned why the AAP leader is creating a drama. "Why after 48 hours? he should resign today. In the past too, he has done this. People of Delhi are asking, he can't go to the secretariat, can't sign documents? What is the point then?" Asked if the BJP was ready for early polls, Mr Khurana replied, "We are ready, whether it is today or tomorrow. We will return to power in Delhi after 25 years."

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News Network
September 23,2024

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Nagpur: Union Minister Nitin Gadkari on Sunday teased his cabinet colleague Ramdas Athawale over his ability to hold onto his cabinet spot across multiple governments. "It may not be guaranteed that our government will return for a fourth term, but what is definitely guaranteed is that Ramdas Athawale will become a minister," he remarked at an event in Maharashtra's Nagpur.

The playful jibe, with Mr Athawale present on stage, was followed by Mr Gadkari clarifying that he was "just joking."

Mr Athawale, leader of the Republican Party of India (RPI), has served as a minister three times and expressed confidence in continuing his streak if the BJP returns to power.

Mr Athawale on Sunday said his party RPI (A), an ally in the ruling Mahayuti government in Maharashtra, should get to contest on at least 10 to 12 seats in the upcoming assembly elections. Addressing a press conference in Nagpur, Mr Athawale said the RPI-A will contest the election on its party symbol and ask for three to four seats in Vidarbha, including north Nagpur, Umred (Nagpur), Umarkhed in Yavatmal and Washim.

Mr Athawale's party is part of the Mahayuti alliance, comprising the BJP, Shiv Sena led by Chief Minister Eknath Shinde and Ajit Pawar's NCP.

The Union minister said, "The RPI-A has made a list of 18 probable seats, which it will be sharing with the Mahayuti partners in a few days and expects to get at least 10 to 12 seats in the seat-sharing pact." He said the BJP, Shiv Sena and NCP should give four seats each from their quota for his party.

In Palghar earlier this week, Mr Athawale claimed that due to the inclusion of the Ajit Pawar-led NCP in the Mahayuti government, the RPI (A) did not get any ministerial berth in the state despite a promise.

He claimed that the party was promised cabinet positions, chairmanship of two corporations, and roles in district-level committees, but all this could not happen because of Pawar's inclusion.

The elections to 288 assembly seats in Maharashtra are likely to be held in November.

In the current assembly, the BJP is the single largest party with 103 MLAs, followed by Shiv Sena 40, NCP 41, Congress 40, Shiv Sena (UBT) 15, NCP (SP) 13 and others 29. Some seats are vacant. 

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News Network
September 9,2024

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Mangaluru: The Unicode Consortium has announced the inclusion of Tulu script in its latest version, Unicode 16. This update adds 80 characters to the Unicode Standard, marking a significant milestone for the Tulu-speaking community.

According to officials, the journey to this achievement began in 2001 when a member of the Unicode Consortium helped fix the Kannada script in Unicode and simultaneously advocated for the inclusion of Tulu.

Despite initial misunderstandings with the Tulu Academy in Mangaluru, the groundwork was laid for future developments. Initially, three Tulu experts had worked on the subject, including S A Krishnaiah, a Tulu scholar.

"In 2014, efforts to create a Tulu Wikipedia gained momentum, leading to its launch on August 6, 2016. By 2017, the Tulu Academy recognised the need for Tulu Unicode, forming a committee to finalise the characters with technical guidance. Concurrently, another proposal for the Tilari script was submitted," Krishnaiah said.

After extensive correspondence, the script was officially added to Unicode under the name Tulu-Tigalari. While there are minor differences between the Tulu Academy's list and the finalised Unicode version, most characters have been included. Notably, Tulu digits and some diacritic marks necessary for writing Sanskrit in Tulu script were added, he said.

According to him, the inclusion of the Tulu script in Unicode will have a significant positive impact on digital communication for Tulu speakers, including enhanced digital presence. Tulu speakers can now use their native script across various digital platforms, including social media, websites, and messaging apps, fostering a stronger online presence.

The availability of Tulu in Unicode will facilitate the creation of educational materials, such as textbooks and online courses, in the Tulu script, supporting language learning and literacy, he said.

The development of Unicode-encoded fonts, keyboard software, and converters will streamline the use of Tulu in digital communication, making it easier for users to type and share information in their native script, he said.

Being part of the Unicode Standard gives Tulu global recognition, encouraging more software and application developers to support the script, thereby increasing its usability and visibility, the Tulu scholar said.

Overall, this will empower Tulu speakers to communicate more effectively and confidently in their language, both locally and globally.

It is estimated that over 1.8 million people worldwide speak Tulu. Most Tulu speakers live in the coastal areas of Karnataka and Kerala, India, in regions known as Tulu Nadu. There are also Tulu speakers in the Gulf countries and the United States, he said.

Tulu is a Dravidian language and is related to Kannada, the official language of Karnataka. Tulu has a rich oral tradition, but there isn't much written in the language. Tulu's script is similar to Malayalam and originated from the Grantha script.

A long-drawn fight is ongoing to include Tulu in the Eighth Schedule of the Constitution. The Dravidian University at Kuppam in Andhra Pradesh has a special Tulu chair, he added.

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