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Forbes' latest annual billionaires list reveals a record 3,028 billionaires, collectively worth $16.1 trillion, an increase of $2 trillion from last year. Elon Musk tops the list with $342 billion, followed by Mark Zuckerberg and Jeff Bezos. Public sentiment towards billionaires is mixed, reflecting both their growing influence and increasing scrutiny.
Elon Musk has invested over $20 million in Wisconsin's Supreme Court race, aiming to elect a Trump-aligned candidate, Brad Schimel, to flip the court's liberal majority. His involvement has turned the election into a personal referendum, with significant implications for abortion rights and redistricting. As early voting sets records, the outcome could bolster Musk's political influence or mark a setback for him and Trump.
SpaceX is set to establish its first Starlink ground station in Danang, Vietnam, with operations anticipated to start in May or June 2025. The initiative is part of a five-year pilot program allowing full foreign ownership, with plans for 10 to 15 stations nationwide. The initial investment is estimated at $3 million, though the project's future may be impacted by potential U.S. tariffs on countries with significant trade surpluses, including Vietnam.
Gold prices surged past $3,100 per ounce in March, marking a nearly 10% monthly increase and a 19% rise year-to-date, driven by strong investment demand and geopolitical concerns. In the first quarter of 2025, gold ETFs saw inflows of 130 to 150 metric tons, reversing last year's outflows, as central banks and private investors increased their gold holdings amid economic uncertainties. UBS maintains a price target of $3,200 per ounce, with a potential rise to $3,500 if geopolitical risks escalate.
Elon Musk's recent revelations at a Wisconsin town hall have sparked controversy, alleging that 5.5 million undocumented immigrants received Social Security numbers under Biden, with many illegally registered to vote. Musk criticized the federal bureaucracy's inefficiencies and outdated systems, advocating for modernization to prevent wasteful spending. His DOGE team, composed of experienced business leaders, aims to streamline government operations, countering accusations from Democrats who are reportedly resorting to vandalism against Tesla as tensions rise.
Elon Musk's DOGE is reportedly undermining the Social Security Administration (SSA) by causing significant operational issues, including long wait times and website crashes, which have particularly affected vulnerable groups like retirees and disabled Americans. Critics argue that staff cuts and proposed changes aimed at reducing fraud may be part of a broader agenda to privatize Social Security, raising concerns about the accessibility and effectiveness of benefits for millions. Musk claims that these efforts will ultimately enhance services and reduce federal spending, but skepticism remains regarding the impact on recipients.
Tesla is under pressure as its stock continues to decline, down 41% this year, amid public backlash against Elon Musk's political ties. Competitors like Hyundai and BYD are capitalizing on this instability, reporting significant sales growth in electric vehicles, while Tesla's dominance appears to be waning. Upcoming delivery numbers are expected to reveal the full impact of Musk's political involvement on the company's performance.
Elon Musk has announced he will fully fund the new United States Agency for International Humanitarian Assistance (USAIHA) using stock from his Generative AI startup, Xai, valued at $80 billion. This initiative aims to tackle global issues while replacing traditional communication methods with X tweets, despite concerns over information security. Additionally, Musk is rumored to collaborate with Jeff Bezos on a re-imagined USAID focused on intergalactic development.
Vivian Jenna Wilson, Elon Musk's estranged daughter, has controversially labeled Tesla a "Ponzi scheme" during a Twitch stream, citing its high P/E ratio compared to other car manufacturers. This statement has ignited debate, with critics arguing she provided no evidence to support her claim. Despite a significant drop in Tesla's stock, analysts remain divided on the company's future, with some expressing skepticism about a rebound.
Trump suggested that the influence of Musk and DOGE may be waning, as public concern grows over the chaos linked to the cryptocurrency and Tesla's declining sales. Despite Musk's temporary government role set to end in May, a White House official indicated he would remain involved. Meanwhile, Tesla's stock has dropped significantly, reflecting a shift in consumer sentiment.
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record number of billionaires amass unprecedented wealth in annual forbes list
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