RELATED: Who are the world’s richest billionaires aged under 30?
It has been a week of highs and lows for multibillionaire Elon Musk, whose net worth plummeted 10.83 per cent — or $29 billion — to $239.2bn overnight after shares in his electric-vehicle maker Tesla plunged 12 per cent in New York trading, wiping about $126bn off the company's value, according to the Forbes Real-Time Billionaires List.
Tesla investors are concerned Mr Musk may have to sell shares to complete his $44bn takeover of Twitter, which was approved by the social media company's board of directors this week, Bloomberg reported on Wednesday.
On Tuesday, the 50-year-old founder and chief executive of Tesla and rocket company SpaceX had a net worth of $268.2bn, the Forbes data showed.
However, it isn't the first time Mr Musk's net worth has taken a beating.
On November 14, Mr Musk lost a record $50bn after Tesla shares plunged two days in a row.
“It is the biggest two-day decline in the history of the Bloomberg Billionaires Index and the highest one-day fall after [Amazon founder] Jeff Bezos’s $36bn decline after his divorce from MacKenzie Scott in 2019,” Bloomberg reported at the time.
Just two weeks earlier, on October 28, 2021, Mr Musk became the first person on the planet to be worth more than $300bn, with a personal fortune of $302bn, according to the Bloomberg Billionaires Index.
The drop in Mr Musk's current net worth narrows his lead over Mr Bezos — the world's second-richest person with a personal fortune of $165.2bn — to $74bn.
The Canadian-American businessman, who was born in South Africa and has seven children, owns about 17 per cent of Tesla, a February 2021 regulatory filing showed.
His stake in privately held SpaceX is valued at about $40.3bn, figures compiled by Bloomberg show.
Mr Musk made his first millions in the 1990s, when he sold his first company, Zip2, for more than $300 million. He then launched X.com, an online payment system that eventually became PayPal, which he sold to eBay for $1.5bn in 2002.
Meanwhile, Tesla’s stock price plunge comes amid a broader sell-off in equity markets around the world due to slower economic expansion and persistent inflation, according to Bloomberg.
This means Mr Musk wasn't the only billionaire to lose a sizeable slice of his personal fortune overnight, with the net worth of eight of the world's top 10 richest billionaires also falling a combined $51.7bn, according to the Forbes data.
However, there were two wealth-gainers in the top 10 list.
Self-made billionaire and Adani Group chairman Gautam Adani, now the world's fifth-richest person, added $4.7bn, or 3.86 per cent, to his net worth of $126.6bn, while Reliance Industries chairman Mukesh Ambani climbed two places in the Forbes Real-Time Billionaires List to become the seventh-richest person on the planet with a net worth of $105.6bn, up $4bn, or 3.94 per cent.
Top 10 richest people in the world
- Elon Musk: $239.2bn
- Jeff Bezos: $165.2bn
- Bernard Arnault: $157.4bn
- Bill Gates: $129.4bn
- Gautam Adani: $126.6bn
- Warren Buffett: $119.8bn
- Mukesh Ambani: $105.6bn
- Larry Ellison: $103.8bn
- Larry Page: $102bn
- Sergey Brin: $98.1bn
Source: Forbes Real-Time Billionaires List
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World's top 10 richest women in 2022 — in pictures
'Jurassic%20World%20Dominion'
%3Cp%3EDirector%3A%20Colin%20Trevorrow%3C%2Fp%3E%0A%3Cp%3EStars%3A%20Sam%20Neill%2C%20Laura%20Dern%2C%20Jeff%20Goldblum%2C%20Bryce%20Dallas%20Howard%2C%20Chris%20Pratt%3C%2Fp%3E%0A%3Cp%3ERating%3A%204%2F5%3C%2Fp%3E%0A
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
Farage on Muslim Brotherhood
Nigel Farage told Reform's annual conference that the party will proscribe the Muslim Brotherhood if he becomes Prime Minister.
"We will stop dangerous organisations with links to terrorism operating in our country," he said. "Quite why we've been so gutless about this – both Labour and Conservative – I don't know.
“All across the Middle East, countries have banned and proscribed the Muslim Brotherhood as a dangerous organisation. We will do the very same.”
It is 10 years since a ground-breaking report into the Muslim Brotherhood by Sir John Jenkins.
Among the former diplomat's findings was an assessment that “the use of extreme violence in the pursuit of the perfect Islamic society” has “never been institutionally disowned” by the movement.
The prime minister at the time, David Cameron, who commissioned the report, said membership or association with the Muslim Brotherhood was a "possible indicator of extremism" but it would not be banned.
Company%20profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Letswork%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202018%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EOmar%20Almheiri%2C%20Hamza%20Khan%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20co-working%20spaces%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20%242.1%20million%20in%20a%20seed%20round%20with%20investors%20including%20500%20Global%2C%20The%20Space%2C%20DTEC%20Ventures%20and%20other%20angel%20investors%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%20about%2020%3C%2Fp%3E%0A
The years Ramadan fell in May
THE DETAILS
Director: Milan Jhaveri
Producer: Emmay Entertainment and T-Series
Cast: John Abraham, Manoj Bajpayee
Rating: 2/5
The%20trailblazers
%3Cp%3ESixteen%20boys%20and%2015%20girls%20have%20gone%20on%20from%20Go-Pro%20Academy%20in%20Dubai%20to%20either%20professional%20contracts%20abroad%20or%20scholarships%20in%20the%20United%20States.%20Here%20are%20two%20of%20the%20most%20prominent.%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EGeorgia%20Gibson%20(Newcastle%20United)%3C%2Fstrong%3E%0D%3Cbr%3EThe%20reason%20the%20academy%20in%20Dubai%20first%20set%20up%20a%20girls%E2%80%99%20programme%20was%20to%20help%20Gibson%20reach%20her%20potential.%20Now%20she%20plays%20professionally%20for%20Newcastle%20United%20in%20the%20UK.%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMackenzie%20Hunt%20(Everton)%3C%2Fstrong%3E%0D%3Cbr%3EAttended%20DESS%20in%20Dubai%2C%20before%20heading%20to%20the%20UK%20to%20join%20Everton%20full%20time%20as%20a%20teenager.%20He%20was%20on%20the%20bench%20for%20the%20first%20team%20as%20recently%20as%20their%20fixture%20against%20Brighton%20on%20February%2024.%0D%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
The%20pillars%20of%20the%20Dubai%20Metaverse%20Strategy
%3Cp%3EEncourage%20innovation%20in%20the%20metaverse%20field%20and%20boost%20economic%20contribution%3C%2Fp%3E%0A%3Cp%3EDevelop%20outstanding%20talents%20through%20education%20and%20training%3C%2Fp%3E%0A%3Cp%3EDevelop%20applications%20and%20the%20way%20they%20are%20used%20in%20Dubai's%20government%20institutions%3C%2Fp%3E%0A%3Cp%3EAdopt%2C%20expand%20and%20promote%20secure%20platforms%20globally%3C%2Fp%3E%0A%3Cp%3EDevelop%20the%20infrastructure%20and%20regulations%3C%2Fp%3E%0A
Scores in brief:
- New Medical Centre 129-5 in 17 overs bt Zayed Cricket Academy 125-6 in 20 overs.
- William Hare Abu Dhabi Gymkhana 188-8 in 20 overs bt One Stop Tourism 184-8 in 20 overs
- Alubond Tigers 138-7 in 20 overs bt United Bank Limited 132-7 in 20 overs
- Multiplex 142-6 in 17 overs bt Xconcepts Automobili 140 all out in 20 overs
The%20specs
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Company profile
Company: Rent Your Wardrobe
Date started: May 2021
Founder: Mamta Arora
Based: Dubai
Sector: Clothes rental subscription
Stage: Bootstrapped, self-funded
Players Selected for La Liga Trials
U18 Age Group
Name: Ahmed Salam (Malaga)
Position: Right Wing
Nationality: Jordanian
Name: Yahia Iraqi (Malaga)
Position: Left Wing
Nationality: Morocco
Name: Mohammed Bouherrafa (Almeria)
Position: Centre-Midfield
Nationality: French
Name: Mohammed Rajeh (Cadiz)
Position: Striker
Nationality: Jordanian
U16 Age Group
Name: Mehdi Elkhamlichi (Malaga)
Position: Lead Striker
Nationality: Morocco
Most%20polluted%20cities%20in%20the%20Middle%20East
%3Cp%3E1.%20Baghdad%2C%20Iraq%3Cbr%3E2.%20Manama%2C%20Bahrain%3Cbr%3E3.%20Dhahran%2C%20Saudi%20Arabia%3Cbr%3E4.%20Kuwait%20City%2C%20Kuwait%3Cbr%3E5.%20Ras%20Al%20Khaimah%2C%20UAE%3Cbr%3E6.%20Ash%20Shihaniyah%2C%20Qatar%3Cbr%3E7.%20Abu%20Dhabi%2C%20UAE%3Cbr%3E8.%20Cairo%2C%20Egypt%3Cbr%3E9.%20Riyadh%2C%20Saudi%20Arabia%3Cbr%3E10.%20Dubai%2C%20UAE%3C%2Fp%3E%0A%3Cp%3E%3Cem%3ESource%3A%202022%20World%20Air%20Quality%20Report%3C%2Fem%3E%3C%2Fp%3E%0A
MOST%20POLLUTED%20COUNTRIES%20IN%20THE%20WORLD
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Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
UAE - India ties
The UAE is India’s third-largest trade partner after the US and China
Annual bilateral trade between India and the UAE has crossed US$ 60 billion
The UAE is the fourth-largest exporter of crude oil for India
Indians comprise the largest community with 3.3 million residents in the UAE
Indian Prime Minister Narendra Modi first visited the UAE in August 2015
His visit on August 23-24 will be the third in four years
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, visited India in February 2016
Sheikh Mohamed was the chief guest at India’s Republic Day celebrations in January 2017
Modi will visit Bahrain on August 24-25
Fixtures:
Thursday:
Hatta v Al Jazira, 4.55pm
Al Wasl v Dibba, 7.45pm
Friday:
Al Dhafra v Al Nasr, 5.05pm
Shabab Al Ahli Dubai v Al Wahda, 7.45pm
Saturday:
Ajman v Emirates, 4.55pm
Al Ain v Sharjah, 7.45pm
CHATGPT%20ENTERPRISE%20FEATURES
%3Cp%3E%E2%80%A2%20Enterprise-grade%20security%20and%20privacy%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Unlimited%20higher-speed%20GPT-4%20access%20with%20no%20caps%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Longer%20context%20windows%20for%20processing%20longer%20inputs%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Advanced%20data%20analysis%20capabilities%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Customisation%20options%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Shareable%20chat%20templates%20that%20companies%20can%20use%20to%20collaborate%20and%20build%20common%20workflows%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Analytics%20dashboard%20for%20usage%20insights%3C%2Fp%3E%0A%3Cp%3E%E2%80%A2%20Free%20credits%20to%20use%20OpenAI%20APIs%20to%20extend%20OpenAI%20into%20a%20fully-custom%20solution%20for%20enterprises%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
