Elon Musk’s losses for 2022 top $100 billion
The year 2022 is not the best time for billionaire and modern genius Elon Musk. According to Bloomberg, the businessman has lost slightly above $100 billion since the beginning of the year, the most of anyone on the Billionaires Index.
Despite a number of successful deals, including the takeover of the Twitter social network, it has been a challenging year for the entrepreneurial genius. The financial losses of the world’s richest person strike the imagination. On November 21st alone, he lost $8.6 billion as Tesla’s shares dropped to the lowest level in two years. The acquisition of Twitter is named the main risk factor for the billionaire’s assets. Investors suggest that Musk’s interest in the new venture has affected his devotion to other projects. Musk himself partially confirmed their assumption, speaking at a business forum in Indonesia. He says he is overworked. “I have too much work on my plate, that’s for sure. I’m working the absolute most that I can work – morning to night, seven days a week.”
Musk’s fortune of $170 billion allows him to stay at the top of the ranking although the gap between him and Bernard Arnault, the chief executive of Louis Vuitton Moët Hennessy, narrowed to $13 billion. In early November 2021, the billionaire was worth a whopping $340 billion, an absolute record, but then the capitalization of his assets began to decline.
Moody’s: bank profits at risk from digital currencies
The adoption and active usage of digital currencies, particularly central bank digital currencies (CBDC), threatens the role of commercial banks in the global financial system, Moody’s reported.According to the agency, cross-border digital transactions would demand new specialized infrastructure that would leave no place for intermediary banks.
14:12 2023-03-31 UTC+00
First Citizens to acquire Silicon Valley Bank
The failed Silicon Valley Bank (SVB) has been taken over by First Citizens, a North Carolina lender, according to the Federal Deposit Insurance Corporation (FDIC).The latter greenlighted the deal. First Citizens confirmed this information. Silicon Valley Bank had approximately $167 billion in total assets and about $119 billion in deposits and loans.
12:42 2023-03-31 UTC+00
US banks see outflow of nearly $100 billion in deposits
CNBC reported that US banks’ customers pulled nearly $100 billion in deposits a few days after the collapse of Silicon Valley Bank. Despite the ongoing turmoil in the US banking sector, regulators assure the public that the banking system is safe. Fresh US Fed data showed that bank customers collectively withdrew $98.4 billion from their accounts after the SVB crash.
11:52 2023-03-31 UTC+00
Harvard professor notices signs of turbulence in banking sector before SVB collapse
According to Harvard professor Kenneth Rogoff, the global banking sector has been showing signs of turbulence for quite a while. This bubble has burst, almost bringing down the entire financial system. The former chief IMF economist argues that the current crisis arose because banks have bet on loose long-term lending conditions.
11:34 2023-03-31 UTC+00
US Congress closer to TikTok ban
US House of Representatives Kevin McCarthy said that Congress would soon enact legislation empowering the US administration to impose a nationwide TikTok ban.According to the official, lawmakers are actively moving forward with the initiative. This ban is needed to "protect Americans from the technological tentacles of the Chinese Communist Party.
10:32 2023-03-31 UTC+00
Trump blames Biden for economic slump
US former president Donald Trump has admitted that all the forecasts about the US collapse are already coming true.Donald Trump honestly described the current state of affairs. He openly said that the country was diminishing in power and no longer set global trends. Donald Trump disclosed his view on the situation in Truth Social, a social network created by Trump Media & Technology Group.
13:58 2023-03-30 UTC+00