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Elon Musk Is Now 3 Times Richer Than Warren Buffett, Worth More Than The GDP Of South Africa, His Home Country |RN

Bloomberg estimated Tesla CEO Elon Musk’s net worth at $335 billion after Tesla’s stock rose again.
Tesla’s stock has risen 65.6% this year, including an 8.5% gain on Monday.

Elon Musk

Just days after Elon Musk became the first person to hit $300 billion in wealth, the Tesla CEO is now worth three times as much as the investing wizard Warren Buffett.

That’s according to the Bloomberg Billionaires Index, which on Monday estimated the tech mogul’s fortune at $335 billion after a $24 billion single-day gain. In comparison, the Berkshire Hathaway CEO Buffett was worth an estimated $104 billion.

Musk’s wealth on the index is higher than the gross domestic product of his home country, South Africa, which totaled $301.9 billion last year, per data from the World Bank.

As tracked by Bloomberg, Musk’s net worth has soared by $165 billion this year. His gains Monday were driven by an 8.5% rise in Tesla’s share price, Bloomberg first reported. The multibillionaire owned about 22.4% of the company at the start of the year.

Last week, a 13% leap in Tesla’s stock price netted Musk $36 billion – the largest single-day surge Bloomberg had ever recorded – after news emerged that the car-rental firm Hertz ordered 100,000 Teslas.

Musk, 50, now sits at a comfortable $142 billion above the world’s second-richest man – Amazon’s founder, Jeff Bezos, whose net worth Bloomberg puts at $193 billion.

Tesla’s stock is up 65.6% this year, despite dips in March and May.

On Sunday, Musk tweeted that he was open to selling shares in the electric-car maker worth $6 billion to alleviate world hunger based on a plea from the director of the UN’s World Food Programme. (Business Insider)

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BREAKING: Elon Musk Becomes World’s Richest Person As Wealth Tops $185bn |The Republican News

Elon Musk and his signature brands

Elon Musk has become the world’s richest person, as his net worth crossed $185bn (£136bn).

The Tesla and SpaceX entrepreneur was pushed into the top slot after Tesla’s share price increased on Thursday.

He takes the top spot from Amazon founder Jeff Bezos, who had held it since 2017.

Mr Musk’s electric car company Tesla has surged in value this year, and hit a market value of $700bn (£516bn) for the first time on Wednesday.

That makes the car company worth more than Toyota, Volkswagen, Hyundai, GM and Ford combined.

Elon Musk’s six secrets to business success
Tech Tent: Is Tesla really worth $500 billion?
Mr Musk reacted to the news in signature style, replying to a Twitter user sharing the news with the remark “how strange”.

An older tweet pinned to the top of his feed offered further insight into his thoughts on personal wealth.

“About half my money is intended to help problems on Earth, and half to help establish a self-sustaining city on Mars to ensure continuation of life (of all species) in case Earth gets hit by a meteor like the dinosaurs or WW3 happens and we destroy ourselves,” it reads.

Elon Reeve Musk with his Tesla electric car

The tycoon’s fortunes have been buoyed by politics in the US, where the Democrats will have control of the US Senate in the forthcoming session.

Daniel Ives, an analyst with Wedbush Securities wrote: “A Blue Senate is very bullish and a potential ‘game changer’ for Tesla and the overall electric vehicle sector, with a more green-driven agenda now certainly in the cards for the next few years.”

Expected electric vehicle tax credits would benefit Tesla, “which continues to have an iron grip on the market today”, he added.

Mr Bezos is also using his personal wealth to fund space exploration
Mr Bezos has also seen his fortunes rise over the past year. The coronavirus pandemic has meant Amazon benefited from stronger demand for both its online store and cloud computing services.

However, he gave a 4% stake in the business to his ex-wife MacKenzie Scott after they split, which helped Mr Musk overtake him.

In addition, the threat of regulation has meant Amazon’s stock has not risen as high as it might otherwise have done.

Analysis box by Rory Cellan-Jones, technology correspondent

The owner of a business which has only just made its first annual profit and is still a minnow compared to the likes of Toyota – or Amazon – is now the world’s richest person.

It is the fact that Tesla’s share price has increased more than seven-fold in the past year that has sent Elon Musk’s fortune rocketing past that of Jeff Bezos.

To believe the electric car-maker’s worth could rise so rapidly in just 12 months is the ultimate example of irrational exuberance.

It means that Musk will have to show within the next five years that Tesla can make more profits than just about the whole of the rest of the motor industry combined to justify the valuation.

Mind you, his many fans will point out that the somewhat eccentric tycoon has constantly confounded the sceptics who bet that he would go bust.

And of course 20 years ago another tech visionary was staring disaster in the face when the dot com bubble burst and big profits seemed a distant dream – but Jeff Bezos went on to make those who bet on Amazon very rich indeed. (BBC)

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Nigerian Oil Mogul, Igho Sanomi Forfeits Private Jet, 3 London Homes To Swiss Bank Over $3m Debt

Igho Sanomi
Igho Sanomi, a Nigerian billionaire has forfeited his private jet and 3 London homes to a Swiss bank over a $3million debt. The Nigerian billionaire was a guarantor for a credit facility extended to one of his companies by Credit Suisse Group AG, the Swiss bank. It was further gathered that another bank, Banque Cantonale de Geneva has already made a freezing order against the London properties, just as ING Groep NV filed a suit against Sanomi for Taleveras’s unpaid debts.
 
A written submission to a London court last week by Andrew Brown, counsel to Credit Suisse, read in part;”Three properties owned by Sanomi, including apartments in Chelsea, West London, and Belgravia, in the heart of London’s diplomatic quarter, have already been identified as assets that may have to be forfeited if he loses”.
 
Though lawyers of Igho Sanomi, the Nigerian billionaire who has forfeited his private jet and 3 London homes didn’t respond to request for comments but affirmed knowledge of the case, however, the bank’s lawyer revealed that the billionaire “has not put in any defence or objection to the charging orders”.  
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