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.
US Treasury Department warns banks against sanctions overcompliance
Top US Treasury Department officials addressed what they saw as a troubling pattern when it came to sanctions and other forms of risk as banks were being overcautious and turning away customers who may have needed them the most. Swamped with red tape, US financial institutions often cripple the entire financial system.
14:52 2023-01-26 UTC+00
Brazil and Argentina to create common currency
According to the Financial Times, Brazil and Argentina are in early talks to create a common currency.In the coming week, South America’s two biggest economies are set to announce the start of preparatory work on a common currency. The authorities’ initial efforts will be focused on analyzing the possibilities of a new means of payment.
13:28 2023-01-26 UTC+00
SNB records biggest loss in its history
The Western financial system continues to come apart at the seams. Even Switzerland, which has always been famous for its reliable banks, cannot boast of good results.Citing preliminary figures, the Swiss National Bank posted an annual loss of 132 billion Swiss francs ($143 billion) in 2022, the biggest one in its 116-year history.
11:59 2023-01-26 UTC+00
Bank of Japan to keep ultra-loose policy this year
Unlike most of its counterparts, the dovish Bank of Japan said it would maintain an ultra-loose monetary stance this year.Governor Haruhiko Kuroda presented a list of events scheduled for 2023. He said the central bank would continue with monetary easing to bring inflation to the 2% target in a stable manner and trigger wage growth.
08:26 2023-01-26 UTC+00
First tanker with US LNG arrives in Germany
The German energy market, which was earlier dominated by Russia, is now under control of the US and suppliers from the Middle East. The beginning of the new year saw the first tanker with US liquefied natural gas (LNG) arrive in the German port of Wilhelmshaven.While Russia now desperately looking to sell its gas to new buyers at a big discount, US suppliers are taking advantage of the situation.
17:17 2023-01-25 UTC+00
Twitter stuck with endless lawsuits
Throughout its existence, the Twitter social media platform has had to deal with a plethora of lawsuits. Interestingly, the world’s wealthiest person Elon Musk settled his takeover deal in court. The latest twist in the saga is that the landlord of Twitter’s headquarters filed a lawsuit against Elon Musk’s company. The real estate company sues Twitter for $136K in unpaid rent.
15:55 2023-01-25 UTC+00