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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

US Supreme Court abolishes abortion right after almost 50-year precedence

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The US Supreme Court on Friday reversed a nearly half century old constitutional right to abortion.

Justice Samuel Alito who wrote for the Majority argued that the 1973 Roe v. Wade ruling which had favoured abortion right “must be overruled” because they were “egregiously wrong,” the arguments “exceptionally weak” and so “damaging” that they amounted to “an abuse of judicial authority.”

The ruling comes after leaked draft of Roe vs Wade ruling which guaranteed abortion rights across the country has caused outrage last month.

The Roe vs Wade, ruling was a landmark decision of the U.S. Supreme Court in which the Court ruled that the Constitution of the United States protects a pregnant woman’s liberty to choose to have an abortion without excessive government restriction.

Although the supreme court declined comment at the time of the leak in May, the Friday ruling perhaps confirmed the fears of many.

Elizabeth Warren, the Democratic senator from Massachusetts, in a series of tweets while reacting to the leak stressed that “an extremist Supreme Court is poised to overturn #RoeVWade and impose its far-right, unpopular views on the entire country. It’s time for the millions who support the Constitution and abortion rights to stand up and make their voices heard. We’re not going back—not ever

Meanwhile, the Supreme Court has drawn reactions from top politicians in the US. One of such is veteran congressman and Democrat, Benie Sanders who tweeted that “overturning Roe v. Wade and denying women the right to control their own bodies is an outrage and in defiance of what the American people want. Democrats must now end the filibuster in the Senate, codify Roe v. Wade, and once again make abortion legal and safe.”

American singer, Taylor Swift, also reacted against the overturning of Roe v. Wade. “I’m absolutely terrified that this is where we are – that after so many decades of people fighting for women’s rights to their own bodies, today’s decision has stripped us of that.” The singer said on twitter.

Also reacting to the ruling is US former president, Barrack Obama, who said “today, the Supreme Court not only reversed nearly 50 years of precedent, it relegated the most intensely personal decision someone can make to the whims of politicians and ideologues—attacking the essential freedoms of millions of Americans.”

Meanwhile, there have also been reactions in support of the abolishing of the nearly 50 years of precedent, notably Americans with ideological sentiment with Republicans.

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Musings From Abroad

Elon Musk’s transgender child sever ties with father, seeks name change

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The 18-year-old transgender daughter of billionaire owner of electric car manufacturing company, Tesla, Elon Musk, has severed ties with her rich father and has filed a request to change her name in accordance with her new gender identity.

The petition for both a name change and a new birth certificate reflecting her new gender identity was filed with the Los Angeles County Superior Court in Santa Monica in April.

Christened Xavier Alexander Musk at birth, the billionaire’s child who recently turned 18 which is the age of consent in California, has asked the court to legal authority to change her gender recognition from male to female and to register her new name.

While filing the petition, Xavier said he took the decision because “I no longer live with or wish to be related to my biological father in any way, shape or form.”

Xavier’s name, according to media reports, was redacted in documents to reflect his mother’s name which is Justine Wilson, who divorced Musk in 2008.

However, there was no further explanation of the rift between Musk’s daughter and her father, as lawyers for both parties refused to make further comments.

The Tesla and SpaceX CEO has been a vocal opponent of sex change and had spoken about the practice in the past.

In 2020, Musk weighed in on the issue of transgender people choosing their preferred pronouns in a tweet by saying, “I absolutely support trans, but all these pronouns are an esthetic (sic) nightmare.”

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