News
Jeff Bezos reclaims title of world’s richest person, surpassing previous No. 1 Elon Musk
Musk, who leads Tesla, SpaceX, and X, has seen a significant decline in his wealth by over $30 billion due to a 25% drop in Tesla’s share price in recent months.
In January, a court approved the cancellation of Musk’s $55.8 billion Tesla compensation agreement, which was initially agreed upon in 2018, adding to his financial woes.
On the other hand, Bezos, who is no longer involved in Amazon’s day-to-day operations, has seen a rise in his wealth due to the e-commerce giant’s soaring stock price.
Despite selling $8.5 billion in shares recently, Bezos remains the largest stockholder of the company. Bernard Arnault, the CEO of luxury group LVMH, still holds the third spot in the list of the world’s wealthiest individuals, with a net worth of $197 billion.
Jeff Bezos has once again secured the title of the world’s wealthiest individual, marking the first time since 2021 that he has surpassed Elon Musk on the Bloomberg Billionaires Index.
As per the index, Bezos, the visionary behind Amazon, boasts a net worth of $200 billion, while Musk, known for spearheading SpaceX, Tesla, and the social media platform X, trails closely behind with $198 billion.
The Bloomberg Billionaires Index provides a daily ranking of the globe’s richest individuals, with updates reflecting the close of trading in New York each day. The recent shift occurred following Tesla’s implementation of new price reductions in the U.S. and China, which led to a notable 7% drop in shares on Monday, as reported by Market Watch. Much of Musk’s wealth is tied to Tesla shares, according to Bloomberg.
In addition to the share price decline, Musk faced further setbacks when a Delaware court rejected his landmark $55.8 billion compensation package, which had been granted by Tesla’s board of directors in January.
According to the Bloomberg Billionaires Index, Musk has experienced a loss of approximately $31.3 billion over the past year, while Bezos has seen a gain of $23.4 billion. Bezos recently sold about 50 million Amazon shares valued at around $8 billion and retains a 9% stake in the company, as noted by Market Watch. Bernard Arnault, CEO of the French luxury goods conglomerate LVMH, holds the third position on the Bloomberg Billionaires Index with an estimated net worth of $197 billion.
The top-ranking trio of Bezos, Musk, and Arnault have frequently exchanged positions as the wealthiest individuals, often influenced by the stock performance of their respective companies.
This report originates from Cincinnati.
News
Is now the right time to invest in gold as prices have cooled?
The price of gold has climbed to record highs recently and has remained strong through much of April. And, that growth continued until the precious metal traded at around $2,390 per ounce on April 19, 2024. But since, growth in the price of the precious metal has cooled, with gold’s price now hovering around $2,300 per ounce.
This lull in gold’s price may represent an investment opportunity.
In general, investing is centered around buying assets when prices are low and selling them when prices are high – generating a profit on the difference between the two. So, considering the declines in gold’s price over the past few days, now may be the time to make your investment. But is buying gold during this lull in prices really a good idea?
Compare your gold investment options among leading brokers now.
Gold prices have cooled. Should you buy in now?
With gold’s price down from recent highs, you may be wondering if now is the right time to buy in. There are several reasons the dip in gold’s price may represent an opportunity to buy. Here are some of the biggest:
Prices may rise again
If looking at a gold price chart shows anything for certain, it shows that changes in the overall growth of the medal come in fits and spurts. Periods of price growth are typically followed by periods of declines and vice versa.
But with inflation rising in recent months – and with gold’s reputation as a safe-haven asset that can hedge against inflation – it only makes sense that the price of the precious metal will eventually start to head up again in the future. While attempting to time that directional change may be tricky, buying the precious metal while the price is down gives you the opportunity to take advantage of any upward movement that may be ahead.
Add gold to your portfolio now before prices have a chance to rise.
You may be able to make a quick profit
Gold isn’t known as an asset in which you can earn a quick return, but in today’s market, that may be the case. Don’t forget that in January, gold was trading at just $2,000 per ounce. And, by mid-April, the commodity’s price had climbed to around $2,400 per ounce. That’s about 20% growth in a matter of months, much of which happened since March 1 – an impressive climb for any investment asset.
Perhaps more importantly, gold’s price growth through the beginning of 2024 shows that the commodity doesn’t have to be a buy and hold style investment that you keep in a safety deposit box or precious metal depository for years to come. There’s also the possibility that the commodity’s price could climb further ahead, making it a compelling way to potentially generate a quick profit.
There are other benefits of investing in gold
There are other benefits of investing in gold that have little to do with the price growth seen thus far in 2024 – or the lull in prices seen over the past couple of days. Those benefits include:
- Inflation protection: Gold has long been considered an inflation hedge, and for good reason. When inflation drives the prices of consumer goods and services up – and the value of the dollar down – gold’s price tends to rise. So, it could be used to maintain the value of your portfolio during inflationary economic conditions. That’s important in today’s economic environment as stubborn inflation continues to weigh on the value of the dollar.
- Portfolio diversification: Gold’s price doesn’t always move in the same pattern that bonds or stocks do. So, mixing a reasonable amount of gold into your portfolio (up to 10% of your portfolio assets) as a diversifier could protect you from losses should one or more of your traditional portfolio assets fall in value. “If you have less than 5% – 10% of your net worth in commodities & FX (forex), you should absolutely consider adding exposure to gold and other precious metals,” says Vijay Marolia, money manager and managing partner at the wealth management firm, Regal Point Capital.
The bottom line
Gold’s price has fallen from recent highs – which may represent an opportunity to tap into growth ahead. However, gold isn’t simply a “buy while it’s low and sell while it’s a high” kind of investment opportunity. The commodity can also protect your portfolio from the stubborn inflation we’ve seen thus far in 2024 while acting as a diversification tool that could increase your risk-adjusted portfolio returns. So, consider adding gold to your portfolio today while it has the potential to grow in value.
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