Elon Musk, Mark Zuckerberg lead a RM3.97 trillion surge among world’s richest people

While Musk and Zuckerberg flirt with scheduling a cage match, Tesla Inc’s chief executive officer came out on top in dollar terms. Musk, the world’s richest person, added US$96.6bil (RM450.68bil) to his net worth this year through June 30, while Meta Platforms Inc CEO Zuckerberg gained US$58.9bil (RM274.79bil). — AP

The world’s 500 richest people added US$852bil (RM3.97 trillion) to their fortunes in the first half of 2023.

Each member of the Bloomberg Billionaires Index made an average of US$14mil (RM65.31mil) 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 Inc’s chief executive officer came out on top in dollar terms. Musk, the world’s richest person, added US$96.6bil (RM450.68bil) to his net worth this year through June 30, while Meta Platforms Inc CEO Zuckerberg gained US$58.9bil (RM274.79bil).

Gautam Adani’s net worth sank the most in the six-month period, losing US$60.2bil (RM280.86bil). Adani, chairman of Adani Group, also posted the biggest one-day loss of any billionaire, shedding about US$20.8bil (RM97.04bil) on Jan 27, after short seller Hindenburg Research accused his conglomerate of accounting fraud and stock manipulation – a claim Adani denies.

Hindenburg, founded by Nate Anderson, also knocked down the net worth of another billionaire: Carl Icahn. His Icahn Enterprises LP had its steepest one-day drop after Hindenburg disclosed it was shorting the shares, saying the stock was significantly overvalued relative to its holdings. Icahn’s net worth fell US$13.4bil (RM62.51bil), or 57% – the largest percentage drop of any member of the Bloomberg Billionaires Index in the period.

For Musk, the wealth gains spilled over into July as Tesla shares climbed 6.9% on Monday in New York, tacking on an additional US$13bil (RM60.65bil) to his fortune. – Bloomberg