Jeff Bezos, Elon Musk: World’s richest people smashed wealth records this week

News Network
August 29, 2020

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It’s been one of the most lucrative weeks in history for some of the world’s wealthiest people.

The net worth of Amazon.com Inc. founder Jeff Bezos topped the once-unfathomable amount of $200 billion. Entrepreneur, inventor, provocateur Elon Musk added the title of centibillionaire when his fortune soared past $100 billion fueled by Tesla Inc.’s ceaseless rally. And by Friday, the world’s 500 wealthiest people were $209 billion richer than a week ago.

Musk’s surging wealth expanded the rarefied club of centibillionaires to four members. Facebook Inc. co-founder Mark Zuckerberg, the world’s third-richest person, joined Bezos and Bill Gates among the ranks of those possessing 12-figure fortunes earlier this month. Together, their wealth totals $540 billion, according to the Bloomberg Billionaires Index.

This week marked just the latest boon for the personal fortunes of the richest of the rich, whose red-hot growth has been largely driven by surging markets, particularly for tech shares. US stocks reached fresh highs on Friday as investors took confidence in the Federal Reserve’s new inflation approach.

Pay Package

Musk’s net worth has grown by $76.1 billion this year, propelled by Tesla’s stock price and a boosted valuation of Space Exploration Technologies Corp., or SpaceX. Also helpful: an audacious pay package -- the largest corporate pay deal ever struck between a CEO and a board of directors -- that could yield him more than $50 billion if all goals are met.

Still, Musk’s gain is second to that of Bezos, whose fortune has grown by $84.9 billion in 2020 as pandemic-induced lockdowns spur demand for Amazon deliveries. Bezos’s fortune has doubled since he crested the $100 billion mark in late 2017, even after ceding a quarter of his Amazon stake to ex-wife MacKenzie Scott in a divorce last year.

Scott is now $700 million shy of surpassing L’Oreal SA heiress Francoise Bettencourt Meyers as the world’s richest woman.

The heady pace of wealth accumulation is in stark contrast to the state of the global economy. Growth has slumped sharply since the pandemic began with companies laying off millions of workers and consumer demand cratering.

Income Inequality

The brunt of economic pain has been borne by young and lower-wage workers, whose jobs are typically more vulnerable to Covid-related layoffs.

“There is little doubt that the pandemic will exacerbate inequality in incomes and wealth, both in the short term and in the longer term,” said Miles Corak, an economics professor who studies income inequality at the Graduate Center of the City University of New York.

The world’s 500 richest people have collectively grown their fortunes by $871 billion this year, a 15% increase, according to the billionaires index.

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Agencies
November 22,2025

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New York/Washington: US President Donald Trump has again claimed to have solved the conflict between India and Pakistan, repeating his assertion during a meeting with New York City Mayor-elect Zohran Mamdani in the Oval Office.

Mamdani flew to Washington DC for his first meeting with Trump in the White House on Friday. Trump said he “enjoyed” the meeting, which he described as “great.”

During remarks in the Oval Office, with Mamdani standing next to him, Trump repeated his claim that he solved the May conflict between India and Pakistan.

"I did eight peace deals of countries, including India and Pakistan,” he said.

On Wednesday, Trump had said he threatened to put 350 per cent tariffs on India and Pakistan if they did not end their conflict, repeating his claim that he solved the fighting between the nuclear-armed neighbours and that Prime Minister Narendra Modi had called him to say “we're not going to go to war.”

Since May 10, when Trump announced on social media that India and Pakistan had agreed to a “full and immediate” ceasefire after a “long night” of talks mediated by Washington, he has repeated his claim over 60 times that he “helped settle” the tensions between India and Pakistan.

India has consistently denied any third-party intervention. India launched Operation Sindoor on May 7, targeting terror infrastructure in Pakistan and Pakistan-occupied Kashmir in retaliation for the April 22 Pahalgam attack that killed 26 civilians. India and Pakistan reached an understanding on May 10 to end the conflict after four days of intense cross-border drone and missile strikes.

Mamdani emerged victorious in the closely-watched battle for New York City Mayor, becoming the first South Asian and Muslim to be elected to sit at the helm of the largest city in the US.

He had been the front-runner in the NYC Mayoral election for months and defeated Republican nominee Curtis Sliwa and political heavyweight former New York State Governor Andrew Cuomo, who ran as an independent candidate and was officially endorsed by Trump just hours before the elections.

Indian-descent Mamdani is the son of renowned filmmaker Mira Nair and Columbia University professor Mahmood Mamdani. He was born and raised in Kampala, Uganda and moved to New York City with his family when he was 7. Mamdani became a naturalised US citizen only recently, in 2018.

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Agencies
November 22,2025

indiapak.jpg

New York/Washington: US President Donald Trump has again claimed to have solved the conflict between India and Pakistan, repeating his assertion during a meeting with New York City Mayor-elect Zohran Mamdani in the Oval Office.

Mamdani flew to Washington DC for his first meeting with Trump in the White House on Friday. Trump said he “enjoyed” the meeting, which he described as “great.”

During remarks in the Oval Office, with Mamdani standing next to him, Trump repeated his claim that he solved the May conflict between India and Pakistan.

"I did eight peace deals of countries, including India and Pakistan,” he said.

On Wednesday, Trump had said he threatened to put 350 per cent tariffs on India and Pakistan if they did not end their conflict, repeating his claim that he solved the fighting between the nuclear-armed neighbours and that Prime Minister Narendra Modi had called him to say “we're not going to go to war.”

Since May 10, when Trump announced on social media that India and Pakistan had agreed to a “full and immediate” ceasefire after a “long night” of talks mediated by Washington, he has repeated his claim over 60 times that he “helped settle” the tensions between India and Pakistan.

India has consistently denied any third-party intervention. India launched Operation Sindoor on May 7, targeting terror infrastructure in Pakistan and Pakistan-occupied Kashmir in retaliation for the April 22 Pahalgam attack that killed 26 civilians. India and Pakistan reached an understanding on May 10 to end the conflict after four days of intense cross-border drone and missile strikes.

Mamdani emerged victorious in the closely-watched battle for New York City Mayor, becoming the first South Asian and Muslim to be elected to sit at the helm of the largest city in the US.

He had been the front-runner in the NYC Mayoral election for months and defeated Republican nominee Curtis Sliwa and political heavyweight former New York State Governor Andrew Cuomo, who ran as an independent candidate and was officially endorsed by Trump just hours before the elections.

Indian-descent Mamdani is the son of renowned filmmaker Mira Nair and Columbia University professor Mahmood Mamdani. He was born and raised in Kampala, Uganda and moved to New York City with his family when he was 7. Mamdani became a naturalised US citizen only recently, in 2018.

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News Network
November 29,2025

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New Delhi: Karnataka chief minister Siddaramaiah and deputy CM DK Shivakumar on Saturday put up a dramatic display of unity at a closely watched joint press briefing, firmly dismissing weeks of speculation about a power-sharing tussle within the Congress. With the high command nudging both leaders to sit together and settle the dust, the meeting became a political spectacle, ending with the duo declaring that there was “no confusion, no differences.”

Calling the reports of a rift “manufactured confusion,” Siddaramaiah said the talks had gone smoothly, even joking about their breakfast. “Breakfast was very good. All three of us enjoyed it,” he said. “We want to end this confusion once and for all. For local elections and for 2028, our mission is clear — Congress must return to power. There is no difference between me and DKS, not now, not before.”

He blamed the media for fuelling rumours and reiterated absolute adherence to the party leadership. “From tomorrow, let there be no confusion. What the high command says, we will follow.”

Siddaramaiah also assured that the Assembly session starting December 8 would run smoothly and vowed that Congress would take on the BJP and JD(S) “together.”

Shivakumar echoed the chief minister word for word, stressing loyalty and discipline. “People have given us a massive mandate. It is our duty to deliver,” he said. “This government was formed under Siddaramaiah’s leadership. We both have complete trust in the high command. If they tell me to wait, I will wait.”

He added that the two leaders had discussed strategy for the 2028 Assembly elections. “Whatever the CM says, I agree. We are loyal soldiers of the party. The party may be facing challenges nationally, but we will keep it strong in Karnataka.”

Shivakumar also said Siddaramaiah would soon visit his home for lunch or dinner — another symbolic gesture meant to underline their unity.

Both leaders later posted on social media describing the breakfast meeting as “productive” and focused on “Karnataka’s priorities.”

The BJP, however, rejected the show of camaraderie as “pure bunkum,” accusing Congress of trying to paper over an internal power struggle. But Siddaramaiah and Shivakumar insisted their united front would continue — and that there was “no confusion” within the state leadership.

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