Billionaire

Elon Musk writes to X employees, says company 'barely breaking even'

According to an internal email sent by Elon Musk to employees, X is 'barely breaking even,' citing stagnant user growth and underwhelming revenue

Global billionaire wealth soars three times faster by $2 trn in 2024: Oxfam

Billionaire wealth across the globe surged by USD 2 trillion in 2024 to USD 15 trillion at a rate three times faster than the previous year, a study showed on Monday here as the richest of the world began to assemble for their annual jamboree in this ski resort town. In its flagship inequity report released every year on the first day of the World Economic Forum Annual Meeting, Oxfam International contrasted the huge jump in the billionaire wealth with the number of people living in poverty barely having changed since 1990. Wealth of billionaires in Asia increased by USD 299 billion in 2024, Oxfam said while predicting that there will be at least five trillionaires within a decade from now. The year 2024 saw 204 new billionaires getting minted -- an average of nearly four every week. Asia itself got 41 new billionaires in the year. In its report titled 'Takers, not Makers', Oxfam said the richest 1 per cent in the Global North extracted USD 30 million an hour from the Global South

Thanks to India's IPO surge, seven entrepreneurs become billionaires

Saluja is one of the four entrepreneurs in the renewable energy space whose personal fortunes have soared after their companies listed on the stock exchanges last year

Indian billionaires: The rise of the few sparks concern about equality

The super-rich increasingly hold more of the national income; their wealth has grown by 263% to $905.6 bn in a decade

Malaysian bizman Ananda Krishnan, who once sponsored CSK in IPL, dies

Hailed as Malaysia's communication titan, Anand Krishnan was Malaysia's third-richest person, with a net worth exceeding Rs 40,000 crore (over $5 billion)

Essar Group founder Shashikant Ruia passes away at 81, PM expresses grief

The Essar Group is currently led by his younger brother Ravi and his sons Prashant and Anshuman

Waaree's Hitesh Doshi: The tycoon who began with $60 and is now worth $5 bn

With the listing of the group's solar cell manufacturing arm Waaree Energies Ltd. on Monday in Mumbai, Doshi and his family have joined the ranks of the world's richest people

UK govt mulling exit tax for millionaires moving to 'tax-paradise' UAE

Exit taxes are rarely big revenue raisers, especially as they often take the form of a levy on future capital gains if and when assets are sold

Bibles, crypto, Truth Social, gold bars: Trump's reported sources of income

Former US President Donald Trump owns more than $1 million worth of cryptocurrency and up to $250,000 in gold bars along with the portfolio of golf courses and real estate properties that have made him a billionaire, according to newly released financial disclosures. The details come from documents filed by Trump as part of his Republican presidential bid that were released Thursday night. The more than 200 pages of paperwork give a limited picture of the real estate developer-turned reality TV star-turned-president's money and investments. In accordance with federal law, most assets' values are listed in a range, though Trump reports the precise figure for some of his income. The document does not detail the former president's business losses, making it impossible to determine how much of a profit any of his myriad holdings provides. But it provides a glimpse at Trump's vast wealth and some new details about the unusual ways he makes money. UNUSUAL INVESTMENTS AND SOURCES OF ...

Hong Kong billionaire Adrian Cheng expects city to become top wealth hub

The semi-autonomous Chinese territory is trying to regain its stature as a global financial hub following years of draconian Covid-19 restrictions and a sweeping crackdown against political dissent

Temu owner's billionaire founder Colin Huang becomes China's richest person

Huang has mainly stayed out of the limelight after he stepped down as PDD's chief executive in 2020

Kumar Mangalam Birla to invest $50 mn to build new chemical plant in Texas

The project will involve a 'state-of-the-art advanced materials site' on 35 acres in Beaumont, Texas

Billionaire Peugeot family faces rare revolt by shareholders after losses

Peugeot Invest, controlled by the French clan and headed by eighth-generation scion Robert Peugeot, 74, is likely to face a group of disgruntled minority investors at an annual meeting on Friday

Nelson Peltz loses board room fight at Disney; changes may still be ahead

For his own investors at Trian, Peltz is delivering what they care about most - returns

A year after Hindenburg report, Adani's fortune hits $100 billion again

The Indian mogul has regained much of his wealth after a short-seller attack sent it plunging in early 2023. On Wednesday, Adani's net worth climbed $2.7 billion to $100.7 billion

Elon Musk's $55 billion pay package at Tesla voided, things to know

When the package was proposed in early 2018, the goals seemed like moonshots. The top threshold in each category required Tesla to grow by more than 11-fold

Here's how the world's most valuable learning app Byju's became a trap

The group is facing an acute liquidity crunch. Amid mass layoffs and deep losses, the former billionaire founder has sold his homes to pay salaries

Hong Kong billionaire Henry Cheng family's succession under spotlight

This month, his heir-apparent status at the $26 billion family empire was thrown into doubt after his father Henry Cheng said the conglomerate is still looking for a successor

Billionaire Gautam Singhania's separation erases $180 mn at Raymonds

The stock has tumbled 12 per cent since Nov. 13 when Singhania announced separation from Nawaz Singhania, his wife of 32 years and a Raymond board member

Former WeWork CEO Adam Neumann remains billionaire despite co's bankruptcy

"It has been challenging for me to watch from the sidelines as WeWork has failed to take advantage of a product that is more relevant today than ever before," Neumann, 44, said in a statement