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Musk, Zuckerberg Lead $852 Billion Wealth Surge Among World Rich

4Jul

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Technology

Musk, Zuckerberg Lead $852 Billion Wealth Surge Among World Rich

[ad_1] The world's 500 richest people added $852 billion to their fortunes in the first half of 2023.Each member of the Bloomberg Billionaires Index made an average of $14 million per day over the past six months, according to data compiled by Bloomberg. It was the best half-year for billionaires since the back half of 2020, when the economy rebounded from a Covid-induced slump. The gains coincided with a broad stock market rally, as investors brushed off the effects of central bank interest rate hikes, the ongoing war in Ukraine and a crisis in regional banks. The S&P 500 rose 16% and the Nasdaq 100 surged 39% for its best-ever first half as investor mania over artificial intelligence boosted tech stocks. While Elon Musk and Mark Zuckerberg flirt with scheduling a cage match, Tesla...

Elon Musk to testify at trial over his $50 bn Tesla compensation

[ad_1] Tesla tycoon Elon Musk will take the stand on Wednesday as part of a trial over his $50 billion pay package as CEO. Tesla tycoon Elon Musk will take the stand on Wednesday as part of a trial over his $50 billion pay package as CEO of the electric car giant.Musk will testify in the same Delaware court where he faced a lawsuit by Twitter to make sure he went through with his buyout of the social platform. The $44 billion purchase of Twitter has put Musk under a deluge of scrutiny after he conducted massive layoffs, scared advertisers and opened the platform to fake accounts. The unrelated Tesla case is based on a complaint by shareholder Richard Tornetta, who accused Musk and the company's board of directors of failing in their duties when they authorized the pay plan.Tornetta al...

Elon Musk Says $50 Billion Tesla Pay Package Is JUSTIFIED!

[ad_1] Tesla Inc.’s decision to give CEO Elon Musk a pay package that could be worth more than $50 billion wasn’t excessive. Find out why. Tesla Inc.'s decision to give Chief Executive Officer Elon Musk a pay package that could be worth more than $50 billion wasn't excessive given the electric-car maker's stratospheric rise in value over the last decade, his lawyers said in a court filing. Musk, the world's richest person, must face a Delaware judge at a trial Nov. 14 to counter accusations he steamrolled Tesla directors in 2018 to award him what may turn out to be one of the corporate world's biggest pay deals ever. Tesla investor Richard Tornetta argues directors let the billionaire entrepreneur craft his own compensation plan because of conflicts-of-interest that left them beh...