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It’s Official! Forbes declares Elon Musk world’s richest person, now worth $219bn after acquiring Twitter shares

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Billionaire Tesla chief executive Elon Musk, is now the richest man on earth with a net worth of $219 billion, according to the latest Forbes Billionaires List released on Wednesday.

With the net worth of the world’s wealthiest people slipping to $12.7tn due to the Russia-Ukraine crisis, Covid-19 and volatile stock markets caused wealth erosion, leading to 329 billionaires dropping out of the Forbes’ 2022 rich list, Musk’s recent acquisition of 73.4 million shares of Twitter, worth about $3 billion, making him the largest shareholder in the social media company, has shot him up the world billionaire list.

According to Forbes in its annual report, the present world billionaire listing of 2,668, is an all time-down from 2,755 last year.

Using stock prices and exchange rates from March 11 to calculate the net worth of the world’s richest people, it said it was not surprising that 329 people fell off the list.

“In all, 329 people fell off the billionaires list this year – the most since the 2009 financial crisis,” Forbes said in the report.

Musk, who has been appointed to Twitter’s board with his purchase of 9.2 percent stake in the microblogging platform, topped the Forbes list for the first time with a net worth of $219 billion, according to the report.

Amazon founder Jeff Bezos, fell to number two for the first time in four years due to a 3 percent drop in Amazon stock and increased charitable giving, which wiped $6bn from his net worth, the Forbes report said.

French luxury goods tycoon Bernard Arnault, who added $8bn to his fortune over the past year, remains the world’s third-richest person and rounding out the top five are Bill Gates and Warren Buffett with personal fortunes of $129bn and $118bn, respectively.

There were 236 newcomers added to the billionaire ranks this year, including pop star Rihanna, Lord of the Rings director Peter Jackson and venture capitalist Josh Kushner.

Though this is the first time Musk will be making the top of the Forbes’ list, the Bloomberg Billionaires Index had named him the world’s richest person at the end of 2021 with a personal fortune of $273.5bn.

These are the top 10 richest people in 2022, and their net worth

1. Elon Musk: $219bn

2. Jeff Bezos: $171bn

3. Bernard Arnault: $158bn

4. Bill Gates: $129bn

5. Warren Buffett: $118bn

6. Larry Page: $111bn

7. Sergey Brin: $107bn

8. Larry Ellison: $106bn

9. Steve Ballmer: $91.4bn

10. Mukesh Ambani: $90.7bn

Musings From Abroad

Months after acquisition, Tata Group to spend $400 million to refurbish Air India

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Following the acquisition of Air India by the conglomerate, Tata Group, the airline will spend more than $400 million to refurbish the interiors of its entire wide-body fleet.

The company on Thursday said the overhauling and upgrade to part of plans to attract more flyers.

“Air India has committed to attaining the highest standards of product and service befitting of a world-class airline. We know that, at present, the cabin product on our 40 legacy widebody aircraft falls short of this standard,”

The refurbishment will involve the introduction of a premium economy cabin, it said in a statement, adding that the first aircraft with refurbished interiors will enter service in mid-2024.

In November, Tata Sons and Singapore Airlines (SIA) revealed that they will merge Air India and Vistara to create India’s second-biggest carrier in a deal where SIA will hold a 25.1% stake in the entity with an equity infusion of Rs 2,058.50 crore. Tata will hold the rest.

The Tata Group paid nearly $2.4bn (£1.7bn) to take over debt-ridden India’s national carrier, Air India in January 2022.

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Musings From Abroad

25 far-right group supporters arrested as Germany foils coup attempt

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Germany on Wednesday foiled a violent overthrow of the state to install as national leader a prince who had sought backing from Russia.

German authorities have detained 25 members and supporters of a far-right group.

The attempted coup was according to the prosecutor influenced by the deep state conspiracy theories of Germany’s Reichsbuerger and QAnon, whose advocates were among those arrested after the storming of the US Capitol in January 2021.

An Interior Ministry spokesperson said security agencies were looking closely at any possible contact with Russia.

The Kremlin said there could be no question of any Russian involvement in an alleged far-right plot to overthrow the German state, with spokesman Dmitry Peskov saying that it “appears to be a German internal problem”.

The group had emulated the structure of the government, creating a “council” that had regularly met since November 2021 as an administration-in-waiting with different departments, such as foreign affairs and health, prosecutors said.

Interior Minister Nancy Faeser assured Germans that authorities would respond with the full force of the law “against the enemies of democracy”.

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