Connect with us

Musings From Abroad

It’s Official! Forbes declares Elon Musk world’s richest person, now worth $219bn after acquiring Twitter shares

Published

on

Billionaire Tesla chief executive Elon Musk, is now the richest man on earth with a net worth of $219 billion, according to the latest Forbes Billionaires List released on Wednesday.

With the net worth of the world’s wealthiest people slipping to $12.7tn due to the Russia-Ukraine crisis, Covid-19 and volatile stock markets caused wealth erosion, leading to 329 billionaires dropping out of the Forbes’ 2022 rich list, Musk’s recent acquisition of 73.4 million shares of Twitter, worth about $3 billion, making him the largest shareholder in the social media company, has shot him up the world billionaire list.

According to Forbes in its annual report, the present world billionaire listing of 2,668, is an all time-down from 2,755 last year.

Using stock prices and exchange rates from March 11 to calculate the net worth of the world’s richest people, it said it was not surprising that 329 people fell off the list.

“In all, 329 people fell off the billionaires list this year – the most since the 2009 financial crisis,” Forbes said in the report.

Musk, who has been appointed to Twitter’s board with his purchase of 9.2 percent stake in the microblogging platform, topped the Forbes list for the first time with a net worth of $219 billion, according to the report.

Amazon founder Jeff Bezos, fell to number two for the first time in four years due to a 3 percent drop in Amazon stock and increased charitable giving, which wiped $6bn from his net worth, the Forbes report said.

French luxury goods tycoon Bernard Arnault, who added $8bn to his fortune over the past year, remains the world’s third-richest person and rounding out the top five are Bill Gates and Warren Buffett with personal fortunes of $129bn and $118bn, respectively.

There were 236 newcomers added to the billionaire ranks this year, including pop star Rihanna, Lord of the Rings director Peter Jackson and venture capitalist Josh Kushner.

Though this is the first time Musk will be making the top of the Forbes’ list, the Bloomberg Billionaires Index had named him the world’s richest person at the end of 2021 with a personal fortune of $273.5bn.

These are the top 10 richest people in 2022, and their net worth

1. Elon Musk: $219bn

2. Jeff Bezos: $171bn

3. Bernard Arnault: $158bn

4. Bill Gates: $129bn

5. Warren Buffett: $118bn

6. Larry Page: $111bn

7. Sergey Brin: $107bn

8. Larry Ellison: $106bn

9. Steve Ballmer: $91.4bn

10. Mukesh Ambani: $90.7bn

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Musings From Abroad

US bans four former Malawian officials over bribery

Published

on

The United States State Department said on Wednesday that four former government officials from Malawi were not allowed to come to the US because they were involved in major crime.

“The United States stands with Malawians working towards a more just and prosperous nation by promoting accountability for corrupt officials, including advocating for transparency and integrity in government procurement processes,” department spokesman Matthew Miller said in a statement.

The people named are Reyneck Matemba, who used to be solicitor general and secretary of justice, John Suzi-Banda, who used to be director of public procurement and disposal of assets, Mwabi Kaluba, who used to be an attorney for the Malawi Police Service, and George Kainja, who used to be inspector general of the Malawi Police Service.

The State Department said that the four “abused their public positions by accepting bribes and other articles of value” from a private businessperson in exchange for a grant to work on government policy.

In the past few years, Malawi’s President Lazarus Chakwera has been fighting crime hard. In January 2022, he got rid of the whole Cabinet because three ministers were being accused of corruption.

Later that same year, Malawi’s Anti-Corruption Bureau caught and charged Saulos Klaus Chilima, the vice president of the country, with graft. According to the group, public officers in Malawi stole money from the government by trying to change how contracts were awarded through the country’s public procurement system.

A lot of people in Malawi live on less than $2 a day, making it one of the most fragile places in the world. The population density puts it in the top 10 in Africa, even though it is a small country.

Continue Reading

Musings From Abroad

Again, British parliament’s upper house frustrates Rwanda migrant plan

Published

on

Rishi Sunak’s plans to send asylum seekers to Rwanda have suffered another setback as it has been rejected again by Britain’s upper house of parliament.

The parliament suggested changes that would delay the policy, but not stop it. The prime minister hopes that this will help his party’s chances in the next election.

Ahead of general elections later this year, Sunak has put a lot of political capital into the Rwanda plan, saying that it will help him keep his promise to stop thousands of people from coming to Britain illegally in small boats.

The House of Lords, which is Britain’s unelected upper house, tried to change the new laws a third time after Monday when the House of Commons turned down its second set of plans. But the move probably won’t stop the bill from being approved this week, which means it will become law.

Sunak wants to go to Rwanda as soon as possible, but the plan could still be thrown out of court. The House of Lords agreed with four ideas. One of them was an amendment to make sure the law follows international law.

The bill returned to the House of Commons on Wednesday as Conservative members are likely to vote against the changes that are being suggested. If that didn’t happen, the upper house might decide it wasn’t possible to get elected lawmakers to make any changes and pass it.

Asylum seekers who come to Britain illegally will be sent back to their home country. This is because of a policy made two years ago that aims to stop dangerous Channel crossings in small boats and end the business model of people smugglers.

The European Court of Human Rights (ECHR) stopped the first planned removal flight in June 2022. Last year, the UK Supreme Court said the plan was illegal.

Sunak’s new law, which doesn’t follow some existing human rights laws, is meant to go against the Supreme Court’s decision by saying that British courts should treat Rwanda as a safe place to visit and that people can only appeal in very rare cases.

Nowadays, Europe is worried about people coming in illegally from Africa and the Middle East. In June 2023, a record 45,000 people had flown across the English Channel in small boats.

Continue Reading

EDITOR’S PICK

Culture4 hours ago

Survey ranks Egypt, Ethiopia, Morocco, South Africa among 15 ‘cheap countries’ for family trips

A recent survey carried out by Insider Monkey, an investment website that tracks corporate insiders and hedge funds, has ranked...

Sports4 hours ago

Nigerians drum support for chess master Tunde Onakoya as he attempts to break world record

Nigerians from all walks of life, including politicians, captains of industry and celebrities, have drummed up support for chess master,...

Tech5 hours ago

SA internet service provider Kaya Konekta launches data access for underserved communities

South Africa’s leading Internet Service Provider (ISP), Kaya Konekta (KaKo), has launched new operations aimed at reaching underserved communities in...

Metro5 hours ago

Zambian opposition party decries rise in tribalism, corruption, calls for national dialogue

One of Zambia’s main opposition party, the Socialist Party (SP), has decried what it calls the rising tribalism, repression and...

Metro15 hours ago

‘Reconsider your anti-people policies, they are causing hardship, insecurity in Nigeria’— PDP tells Tinubu

Nigeria’s main opposition party, the Peoples Democratic Party (PDP), has called on President Bola Tinubu to consider what it calls...

Sports1 day ago

Top European, Asian clubs on alert as Super Eagles keeper set to make contract decision

Some top clubs in Europe and Asia have been put on alert as Super Eagles and Chippa United goalkeeper, Stanley...

VenturesNow1 day ago

IMF says South Africa needs to do more to cut spending, lower debt-to-GDP ratio

A top official from the International Monetary Fund has revealed that South Africa needs to do more to cut spending...

Politics1 day ago

Burkina Faso expels 3 French diplomats over ‘subversive activities’

According to a letter quoted by Reuters on Thursday, three French diplomats have been sent back to France by Burkina...

Tech1 day ago

Nigeria’s MAX partners Ghana’s Kofa in e-bike financing deal

Nigeria’s electric vehicle solutions provider, MAX, has announced striking a partnership deal with Ghana’s innovator in energy networks, Kofa, that...

Metro1 day ago

Zambia asks EU to help strengthen its democratic initiatives ahead of 2026 elections

The Zambian government has called on the European Union (EU) to help in strengthening democratic initiatives in the country as...

Trending