Elon Musk is back on top of Bloomberg's ranking of the richest people on earth. The billionaire lost his position to Bernard Arnault, who helms French high-fashion conglomerate LVMH, in December of 2022, as Tesla's stock declined significantly amid a broader market downturn.
But as the stock has recovered in early 2023, Musk's fortune has risen with it.
Shares of Tesla are up around 95 percent since January 1, and Musk's net worth was $187.1 billion at the close of markets on Monday, placing Arnault in second place with his $185.3 billion.
Now the big question is whether Tesla will keep up the momentum. The stock is still down more than 80 percent over the past 12 months, and the headwinds it faced in 2022 remain.
In particular, Musk remains saddled with making Twitter financially viable. On Saturday night, the social media platform laid off at least 200 people, which is roughly 10 percent the remaining 2,000 who work for the company. There were around 7,500 employees when Musk started making cuts to reduce costs.
In addition, waning demand for electric vehicles has forced Tesla to cut prices to move inventory. While the cuts have boosted sales, they remain sluggish in key markets such as China.
An independent watchdog within the IRS reports that while taxpayer services have vastly improved, the agency is still too slow to resolve identity theft cases. And National Taxpayer Advocate Erin Collins says those delays are “unconscionable.” Erin M. Collins said in the report released Wednesday that overall the 2024 filing season went smoothly, though IRS delays in resolving identity theft victim assistance cases are worsening. It took nearly 19 months to resolve self-reported identity theft cases as of January, and Wednesday's report states that now it takes 22 months to resolve these cases.
Amazon.com Inc. surpassed $2 trillion in market value for the first time in afternoon trading on Wednesday. The push higher for Amazon’s stock market valuation comes a little more than a week after Nvidia hit $3 trillion and briefly became the most valuable company on Wall Street. Nvidia’s chips are used to power many AI application and its valuation has soared as a result. Amazon has also been making big investments in AI as global interest has grown in the technology. Most of the company’s focus has been on business-focused products.
Climate change doesn’t just mean more extreme weather – it also leads to billions of dollars in lost productivity, tourism, and stresses infrastructure.
It’s an annual tradition: the Fed’s banking ‘stress test.’ A year after the regional banking crisis, there are good reasons to make sure they’re prepped.
Summer is upon us, which means weddings, trips overseas, and trips to see Taylor Swift. Avoid a “Cruel Summer” with these budget-friendly tips and tricks.
While Nvidia's meteoric rise led it to briefly dethrone Microsoft as the world's biggest public company, there's a lot more going on in this market than A.I.
