THE WISE FORTUNES OF THE RICHEST IN THE WORLD
TAlthough the Dow Jones and S&P 500 remained flat during the week to Friday, the fortunes of 10 billionaires grew by a staggering $ 53.4 billion over the same period, which saw a symbolic milestone on Tuesday: The S&P 500 reached a very high point, marking a complete reversal of losses to the stock market in March.
The biggest winner of the week is Tesla founder and CEO Elon Musk, who on Monday reclaimed the title of the fifth richest person in the world after an upgrade of the analyst with indications of bullishness in Chinese demand for electric cars that send shares. In just the past week, the Tesla stock market has grown more than 24%, raising Musk’s net profit by $ 15 billion. He ended Friday with a fortune of $ 91.7 billion, a total for Musk. His Palo Alto, California-based company became the world’s most valuable automaker earlier this summer and even surpassed Walmart in the market cap on Friday.
Mortgage tycoon Dan Gilbert is the biggest winner of the week percentage wise. Just two weeks after a monster-public market debut that saw a six-fold increase in Gilbert’s net worth, shares of Rocket Companies – parent of the nation’s largest lender, Quicken Loans – continued to rise, this week climbed 37% and added $ 13 billion to Gilbert’s fortune, including $ 4 billion on Friday alone. The Detroit resident, who founded Rocket Companies (then called Rock Financial) in 1985, is now worth $ 53.5 billion; he finished Friday as the 20th richest person in the world, and went over the Mexican telecommunications Carlos Slim Helú, who was the richest person on the planet for several years, until he was officially taken over in 2013 by Bill Gates.
All of the 10 biggest winners of the week owe their fortunes to thriving tech stocks – most are S&P 500 components. Jeff Bezos and his ex-wife, MacKenzie Scott, for example, were the third and seventh biggest winners, respectively, $ 7.6 billion and $ 2.6 billion, respectively. Although Amazon stock closed on Friday, shares ended the week up 4% and even hit a new all-time high on Tuesday. Shares are up more than 70% in 2020, and Bezos’ fortune is now a staggering $ 196.3 billion.
Only two non-US billionaires are among this week’s top winners. One of them is Richard Liu, the Chinese e-commerce chief often referred to as “Jeff Bezos of China.” Beijing-based JD.com CEO Liu has added $ 2.6 billion to his fortune since last Friday. Shares of its Nasdaq-listed company rose 21% this week after a Monday report on revenue showed that revenue jumped more than 33% in the second quarter to $ 28.5 billion. The company attributed some of its stellar performance to the success of its shopping holiday 618, which spans the first 18 days of June. This year, the company handled nearly $ 40 billion in transactions, 30% more than last year. JD.com shares closed high on Friday and Liu is now worth $ 16.1 billion. Lei Jun, the co-founder and chairman of popular Chinese smartphone maker Xiaomi, is the single other biggest gainer coming from outside the US. The 50-year-old is worth $ 17.2 billion, up $ 2.6 billion this week.
HERE ARE THE 10 BILLIONAIRS WHEN FORTUNES JUMP THE MOST WEEK.
The change in net worth is from Friday 14 August to Friday 21 August.
NET WORTH | $ 91.7 BILLION, UP $ 15 BILLION
LÂN | UNITED STATES OF AMERICA
SOURCE OF WEALTH | TESLA MOTORS, SPACEX
NET WORTH | $ 53.5 BILLION, UP $ 13 BILLION
LÂN | UNITED STATES OF AMERICA
SOURCE OF WEALTH | QUICKEN LOANS
NET WORTH | $ 196.3 BILLION, UP $ 7.6 BILLION
LÂN | UNITED STATES OF AMERICA
SOURCE OF WEALTH | AMAZON
NET WORTH | $ 70.2 BILLION, UP $ 2.8 BILLION
LÂN | UNITED STATES OF AMERICA
SOURCE OF WEALTH | GOOGLE
NET WORTH | $ 16.2 BILLION, UP $ 2.7 BILLION
LÂN | SINA
SOURCE OF WEALTH | E-COMMERCE
NET WORTH | $ 68.3 BILLION, UP $ 2.7 BILLION
LÂN | UNITED STATES OF AMERICA
SOURCE OF WEALTH | GOOGLE
NET WORTH | $ 62.2 BILLION, UP $ 2.6 BILLION
LÂN | UNITED STATES OF AMERICA
SOURCE OF WEALTH | AMAZON
NET WORTH | $ 17.2 BILLION, UP $ 2.6 BILLION
LÂN | SINA
SOURCE OF WEALTH | SMARTPHONES
NET WORTH | $ 73.5 BILLION, UP $ 2.3 BILLION
LÂN | UNITED STATES OF AMERICA
SOURCE OF WEALTH | SOFTWARE
NET WORTH | $ 98.1 BILLION, UP $ 2.1 BILLION
LÂN | UNITED STATES OF AMERICA
SOURCE OF WEALTH | FACEBOOK
Photo by AFP / Getty Images.
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