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
January 22,2025

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Israeli forces have killed at least eight Palestinians and injured 35 others in an attack on the occupied West Bank city of Jenin, prompting Hamas to call for full mobilization of Palestinian youths against the occupation forces.

Palestinian media reported that the regime’s forces, backed by helicopters, raided Jenin and its refugee camp on Tuesday morning following several drone strikes.

The spokesman for the Palestinian security forces, Anwar Rajab, said in a statement that Israeli forces had "opened fire on civilians and security forces, resulting in injuries to several civilians and a number of security personnel, one of whom is in critical condition".

Israel’s military also confirmed that its soldiers, police and intelligence services had begun an operation, which Benjamin Netanyahu, the prime minister, described as a "large and significant" operation to "eradicate terrorism.”

The attack on Jenin, where the regime’s forces have carried out multiple raids and large-scale incursions over the past year, comes only two days after the start of a long-awaited ceasefire between Israel and the Palestinian resistance movement Hamas.

Hamas said in a statement that people in Gaza “mourn the martyrs of Jenin who fell to the fire and bombardment of the occupation.”

The resistance group also urged Jenin’s “rebellious youth to mobilize and escalate confrontations with the Israeli army.”

Hamas said that the offensive “launched by the occupation in Jenin will fail, just like all its previous military operations against our people,” in Gaza.

The resistance group, which fought Israeli forces for 741 days in the besieged Gaza Strip, said its unprecedented operation against the occupied territories in October 2023, was “the final nail in the coffin of the collapsing Israeli regime.”

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News Network
January 24,2025

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Mangaluru, Jan 24: A high-level meeting to foster trade ties and attract Japanese companies to Mangaluru was held on Wednesday, focusing on leveraging the region’s robust infrastructure, skilled workforce, and strategic connectivity.

Hosted by Kanara Chamber of Commerce and Industry (KCCI) President Anand G. Pai, the session welcomed a Japanese delegation led by Prof. Gopal Mugeraya, Vice-President of Technical Education at NITTE, and included prominent figures such as Komatsu Shinya, Prefectural Assembly Member and Former Vice Chairman of Japan; Katsutoshi Seiwa, Director of Industrial Technology Innovation Division; and Kotaro Kurosaka, CEO of Sanyo Machinery Company, among others.

Anand G. Pai highlighted KCCI’s pivotal role in promoting trade and commerce, particularly the opportunities offered by the Mangalore Special Economic Zone Limited (MSEZL), which has already garnered interest from a multinational corporation. Pai assured the delegation of KCCI’s unwavering support to facilitate smooth business operations in the region. He also invoked Dakshina Kannada MP Capt. Brijesh Chowta’s "Back to Ooru" vision, urging Indians in Japan to invest in Mangaluru to spur local employment and boost MSMEs.

Capt. Chowta, who felicitated the Japanese delegates, pledged full support, including land allocation, streamlined compliance processes, and potential government grants. He emphasized plans to collaborate with Union Finance Minister Nirmala Sitharaman to secure additional funding for these initiatives.

Mangaluru City South MLA D. Vedavyas Kamath lauded Japan’s technological leadership and appreciated its interest in the region. He also commended MP Chowta’s advocacy for infrastructure development as a foundation for such collaborations.

KCCI Vice-President Ahmed Mudassar, Secretary Aditya Padmanabha Pai, and other key officials were also present at the meeting, which is expected to pave the way for enhanced trade relations and local economic growth.

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News Network
January 15,2025

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In a no-holds-barred attack on RSS chief Mohan Bhagwat for his remark that India got "true independence" after the Ram Temple in Ayodhya was consecrated, Congress leader Rahul Gandhi today said the comment amounted to "treason" and that Mr Bhagwat would be arrested and tried if he was in any other country.

Mr Gandhi was addressing an event to mark the inauguration of the new Congress headquarters in Delhi. "We are getting a new headquarters at a very particular time. I think it's quite symbolic that yesterday, the chief of the RSS said that India never achieved Independence in 1947. He said true Independence in India was achieved when the Ram Mandir was built. He says that the Constitution was not the symbol of our freedom."

"Mohan Bhagwat has the audacity to inform the nation every two or three days what he thinks about the Independence movement, what he thinks about the Constitution. What he has said yesterday is treason because it is stating that the Constitution is invalid, it is stating that everything (done) to fight against the British was invalid and he has the audacity to say this publicly," Mr Gandhi said, adding, "in any other country, he would be arrested and tried".

"To say that India did not get Independence in 1947 is an insult to every single Indian and it's about time we stop listening to this nonsense that these people think they can just keep parroting out and shouting and screaming," the Leader of the Opposition in Lok Sabha said.

Mr Bhagwat was in Indore on Monday to present the National Devi Ahilya award to Champat Rai, general secretary of Shri Ram Janmabhoomi Teerth Kshetra Trust. Addressing a gathering there, he said the day of the consecration of Ram Temple in Ayodhya should be celebrated as "Pratishtha Dwadashi" as it marks the "true independence" of Bharat. 

"India, which faced enemy attacks for centuries, witnessed its true independence that day. We had independence, but it had not been established. India got political independence on August 15, 1947, we also brought a Constitution but the country did not run in its spirit. How can we accept that dreams have been fulfilled and pain alleviated? Our swa (self) is Ram, Krishna and Shiva. Do they belong only to those who worship them? No. Ram connects people from north to south, Krishna from east to west and Shiva is in every particle of Bharat," he said.

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