Elon Musk is the world’s richest person, again
Elon Musk is the world’s richest person again after dethroning Bernard Arnault, the CEO of French luxury brand LVMH
Elon Musk is back in the black – becoming the world’s richest person once again.
The Tesla boss dropped to number two on Bloomberg’s real-time Billionaires Index – dethroned by Bernard Arnault, the CEO of French luxury brand LVMH.
But, as of Monday, a rally in Tesla stock lifted Musk back to the top.
His net worth is now sitting around $187.1 billion after markets closed, just above the $185.3 billion fortune of Arnault.
The drop was linked to a decline in Tesla’s stock, Musk’s problem-plagued acquisition of Twitter and a broader market downturn in tech.
But in 2023, shares for the electric vehicle maker have surged.
Musk also holds the record for the biggest fortune ever lost by anyone in history.
In late 2022, he became the first person ever to lose $200 billion in wealth, with his net worth sliding from $340 billion in November 2021 to $137 billion a year later. #trending #featured
Etihad Airways in trouble over emissions reduction plans
Australia’s consumer watchdog is considering action
Etihad Airways is in hot water over allegations it lied about its emissions reduction plans.
Australia’s consumer watchdog is now considering action against the airline as the body crackdown on so-called greenwashing.
It follows two Etihad advertisements that appeared on digital advertising banners during a football match at Melbourne’s AAMI Park on 15 February last year.
The ad had the words “net zero emissions by 2050” next to its logo.
In another commercial, the airline claimed “Flying shouldn’t cost the Earth”.
Flight Free Australia claims the ads convey the misleading impression that flying with Etihad does not have a significant environmental impact and Etihad intends to achieve net zero by 2050.
But the group says middle eastern airline has no credible path to net zero emissions by this date and it is not “technologically, practically, or economically feasible” to reach this goal.
Sports billion-airs: athletes living the high life
From flat screen TVs, endless snacks and more champagne than anyone could imagine.
It’s not quite business class, these are the private jets that are taking off more than ever before.
And some of the world’s biggest athletes are among those living life in the fast lane.
For these professionals at the top of their game, it makes perfect sense.
Janet Yellen admits banking system is stabilising
The U.S. Treasury Secretary admits more may need to be done, if runs on other regional banks occur
U.S. Treasury Secretary Janet Yellen said that the country’s banking system is stabilising, but further steps may be needed to protect depositors if runs on other regional banks threaten contagion.
“Our intervention was necessary to protect the broader U.S. banking system, and similar actions could be warranted if smaller institutions suffer deposit runs that pose the risk of contagion.”
Her comments came at an American Bankers Association conference, more than a week after the Federal Deposit Insurance Corporation, or FDIC, closed the failing Silicon Valley Bank and Signature Bank.
Yellen said she believed the actions of the FDIC, the Federal Reserve and the Treasury had reduced the risk of further bank failures that would have imposed losses on the bank-funded Deposit Insurance Fund.
“Let me be clear: the government’s recent actions have demonstrated our resolute commitment to take the necessary steps to ensure that depositors savings and the banking system remain safe.”
Yellen did not provide details on what further actions may be warranted.
She said that the current situation was “very different” from the 2008-2009 global financial crisis, when subprime mortgage assets put many banks under stress.
“We do not see that situation in the banking system today. Our financial system is also significantly stronger than it was 15 years ago.”
Yellen did, however, add that in coming weeks, regulators will examine the failures of SVB and Signature Bank, and reexamine whether current regulatory and oversight protocols are appropriate for the risks that banks face today.
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