New York CNN — It may seem surprising that First Republic, a midsize bank catering to wealthy clients in coastal states, became such a danger to the American banking system that the government had to cudgel the industry to stage an intervention. The reason has a lot to do with the high-net-worth people who bank […]
New York CNN — Tesla CEO Elon Musk gave 11.5 million shares of his stake in the electric automaker to an undisclosed charity last year, shares worth about $1.9 billion at the time they were donated. The donation would make him the second largest charitable donor in 2022, according to a ranking of the Chronicle […]
London CNN — One of Gautam Adani’s biggest international partners, TotalEnergies (TOT), said Friday that his Indian conglomerate is preparing to appoint a global accounting firm to conduct a “general audit” of its business. In a statement detailing what it described as its “limited” exposure of $3 billion to Adani Group businesses, the French company […]
Editor’s Note: A version of this story appeared in CNN Business’ Nightcap newsletter. To get it in your inbox, sign up for free, here. New York CNN — Asia’s richest man is in the crosshairs of a research firm whose very name evokes panic. Hindenburg Research — named after the 1937 airship disaster — is […]
New York CNN — The world’s wealthiest residents have been getting far richer, far faster than everyone else over the past two years. The top 1% have captured nearly twice as much new wealth as the rest of the world during that period, according to Oxfam’s annual inequality report, released Sunday. Their fortune soared by […]
London CNN — Bernard Arnault, the chairman of French luxury goods giant LVMH (LVMHF), has just become the first European to top Bloomberg’s list of the world’s richest people, relegating Elon Musk to second place. Now worth $171 billion, Arnault’s wealth eclipsed the Tesla CEO’s $164 billion fortune on Tuesday, according to the Bloomberg Billionaires […]
Washington, DC CNN — Tesla and CEO Elon Musk will spend this week in court to defend the massive compensation package that helped make him the world’s richest man. The week-long trial in Delaware Court of Chancery will examine the 2018 compensation plan that the automaker’s board of directors created for Musk. The automaker said […]
London CNN — A London court on Wednesday rejected an appeal from Indian billionaire Nirav Modi against his extradition from the United Kingdom to India to face charges of fraud and money laundering. British police arrested the diamond dealer in 2019 in London over his alleged involvement in a bank fraud that could be worth […]
China’s super-rich saw their wealth tumble by the most in over two decades this year, as the Russia-Ukraine war, Beijing’s zero-Covid measures and falling mainland and Hong Kong stock markets pummeled fortunes, according to an annual rich list. The Hurun rich list, which ranks China’s wealthiest people with a minimum net worth of 5 billion […]
CNN — A Thai media tycoon and transgender rights advocate has bought the Miss Universe Organization for $20 million, according to her company, which will now host the international beauty pageant. Anne Jakkaphong Jakrajutatip is the CEO of JKN Global Group PCL, a Thailand-based media distribution company, though she’s perhaps better known for her role […]
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