Amazon founder Jeff Bezos is no longer world's third richest person, his net worth is…, spot now is taken by..., Zuckerberg's position also at risk
At the same time, the world's richest person – Elon Musk – added $10.7 billion to his net worth when Tesla's stock increased by 4.97%. Earlier, on Tuesday, Musk had lost more than $12 billion. Musk's net worth is now $361 billion. Musk has had the biggest loss so far this year of any billionaire at a total of $71.2 billion. Mark Zuckerberg, CEO of Meta Platforms (formerly Facebook) is now in second place at $252 billion. The gap between Zuckerberg and Larry Ellison is now just $6 billion.
Microsoft co-founder Bill Gates is 5th in the list of the wealthiest people in the world at $175 billion. Ex-Microsoft CEO Steve Ballmer comes in 6th at $170 billion. France's Bernard Arnault, who sells handbags, is 7th at $162 billion. Larry Page and Sergey Brin are on the list at $162 billion and $152 billion in 8th and 9th respectively while Warren Buffett is at 10th at $144 billion. India's richest and the richest in Asia, Mukesh Ambani is at 16th at $111 billion while Gautam Adani is at 20th at $85.2 billion.
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Microsoft shuts shop in Pakistan after 25 years amid instability, security concerns
Global tech giant Microsoft has decided to shut down its operations in Pakistan after 25 years of operating in the country. Former President Arif Alvi slams the current regime read more Global tech giant Microsoft has decided to shut down its operations in Pakistan after 25 years of operating in the country. The announcement came after the company went on to lay off 9,000 employees. In light of this, Pakistan's former President Arif Alvi argued that the closure indicates that Pakistan is now spiralling into a whirlpool of uncertainty. He went on to add that there is increasing joblessness, talent migration, and a reduction in purchasing power in the country. 'Pakistan now spirals into a whirlpool of uncertainty. There is increasing joblessness, our talent is migrating abroad, purchasing power has reduced, economic recovery in the 'awami' context feels like a distant & elusive dream," said Arif Alvi in a post on X. STORY CONTINUES BELOW THIS AD He emphasised that Microsoft's decision to shut down operations in Pakistan is a 'troubling sign" for the country's economic future. The former president went on to link the move to the regime change in Pakistan. 'Microsoft's decision to shut down operations in Pakistan is a troubling sign for our economic future. I vividly recall February 2022, when Bill Gates visited my office. On behalf of the people of Pakistan, I had the honour of conferring the Hilal-e-Imtiaz on him for his remarkable contributions to polio eradication in our country," he added. Alvi recalls his meeting with Bill Gates In his stern remarks on X, the former Pakistani president recalled his conversation with Microsoft founder Bill Gates. Alvi said they sat on the lawn outside his office and discussed numerous topics like AI, Quantum computing, gut microbiomes, longevity, and more. 'During our discussion, I asked him directly, 'Why isn't Microsoft investing in Pakistan?' He leaned in, sharing in confidence that he had just spoken with PM Imran Khan and arranged a call between the PM and Microsoft CEO Satya Nadella. In a hushed tone, he asked me to keep it quiet, revealing that 'all is set and within two months, the PM and I will announce a major Microsoft investment in Pakistan," Alvi wrote. STORY CONTINUES BELOW THIS AD However, he mentioned that soon after the meeting, things went downhill, and regime change upended those plans. 'By October 2022, Microsoft chose Vietnam for its expansion, a decision in which they had initially favoured Pakistan. The opportunity was lost,' he added. Meanwhile, Jawwad Rehman, who set up and led Microsoft's Pakistan unit, shared the news in a post on LinkedIn.
NDTV
an hour ago
- NDTV
Trump's Tariff Plans Would Cost US Employers $82.3 Billion: Analysis
Washington: An analysis finds a critical group of US employers would face a direct cost of $82.3 billion from President Donald Trump's current tariff plans, a sum that could potentially be managed through price hikes, layoffs, hiring freezes or lower profit margins. The analysis by the JPMorganChase Institute is among the first to measure the direct costs created by the import taxes on businesses with $10 million to $1 billion in annual revenue, a category including roughly a third of private-sector US workers. These companies are more dependent than other businesses on imports from China, India and Thailand - and the retail and wholesale sectors would be especially vulnerable to the import taxes being levied by the Republican president. The findings show clear trade-offs from Trump's import taxes, contradicting his claims foreign manufacturers would absorb the costs of the tariffs instead of US companies that rely on imports. While the tariffs launched under Trump have yet to boost overall inflation, large companies such as Amazon, Costco, Walmart and Williams-Sonoma delayed the potential reckoning by building up their inventories before the taxes could be imposed. The analysis comes just ahead of the July 9 deadline by Trump to formally set the tariff rates on goods from dozens of countries. Trump imposed that deadline after the financial markets panicked in response to his April tariff announcements, prompting him to schedule a 90-day negotiating period when most imports faced a 10% baseline tariff. China, Mexico and Canada face higher rates, and there are separate 50% tariffs on steel and aluminum. Had the initial April 2 tariffs stayed in place, the companies in the JPMorganChase Institute analysis would've faced additional direct costs of $187.6 billion. Under the current rates, the $82.3 billion would be equivalent on average to $2,080 per employee, or 3.1% of the average annual payroll. Those averages include firms that don't import goods and those that do. Asked Tuesday how trade talks are faring, Trump said simply: "Everything's going well." The president has indicated he'll set tariff rates given the logistical challenge of negotiating with so many nations. As the 90-day period comes to a close, only the United Kingdom has signed a trade framework with the Trump administration. Trump announced Wednesday he'd reached a deal with Vietnam, while India has signaled it's close to agreeing on a trade framework. Trump said on his social media site Vietnam will pay the US a 20% tariff on all goods sent "into our Territory" and a 40% tariff on any transshipping, which usually means exports that come from China but pass through Vietnam to dodge tariffs on Chinese goods. In return, Vietnam will grant the US "TOTAL ACCESS" to its market for trade, Trump said, meaning "we will be able to sell our product into Vietnam at ZERO Tariff." He added he thinks SUVs "will be a wonderful addition to the various product lines within Vietnam." There's a growing body of evidence suggesting more inflation could surface. The investment bank Goldman Sachs said in a report it expects companies to pass 60% of their tariff costs onto consumers. The Atlanta Federal Reserve has used its survey of businesses' inflation expectations to say companies could on average pass along roughly half their costs from a 10% tariff or a 25% tariff without reducing consumer demand. The JPMorganChase Institute findings suggest the tariffs could cause some domestic manufacturers to strengthen their roles as suppliers of goods. But it noted companies need to plan for a range of possible outcomes and wholesalers and retailers already operate on such low profit margins they might need to spread the tariffs' costs to their customers. The outlook for tariffs remains highly uncertain. Trump had stopped negotiations with Canada, only to restart them after the country dropped its plan to tax digital services. He similarly on Monday threatened more tariffs on Japan unless it buys more rice from the US. Treasury Secretary Scott Bessent said on Fox News Channel's "Fox & Friends" on Tuesday the concessions from the trade talks have impressed career officials at the Office of the US Trade Representative and other agencies. The treasury secretary said the Trump administration plans to discuss the contours of trade deals next week, prioritizing the tax cuts package passed on Tuesday by the Republican majority in the Senate. Trump has set a Friday deadline for passage of the multitrillion-dollar package, the costs of which the president hopes to offset with tariff revenues.
Hans India
an hour ago
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Microsoft Overhauls Sales Strategy, Replaces Roles with AI Engineers Amid 9,000 Job Cuts
In a bold move that reflects the intensifying AI race, Microsoft is overhauling its traditional sales structure, laying off nearly 9,000 employees—just under 4% of its global workforce—as it shifts focus to more technical, AI-centric roles. According to a report by Business Insider, the layoffs disproportionately affect traditional sales positions, many of which are being replaced by highly skilled 'solutions engineers.' These new hires won't just pitch Microsoft products—they'll demonstrate them in real time, reflecting a shift in customer expectations. 'The customer wants Microsoft to bring their technical people in front of them quickly,' the report quoted. 'We need someone who is more technical, much earlier in the cycle.' This evolution in Microsoft's sales approach comes as the company intensifies its focus on integrating Copilot—its AI assistant—across every product and user role. The strategy is part of a broader response to growing competition from AI leaders like OpenAI and Google. Microsoft's aim is to move away from traditional multi-layered sales teams and toward quicker, hands-on demos that deliver impact immediately. 'Fewer PowerPoint decks and more Python scripts' appears to be the new motto. In a memo shared just ahead of the layoffs, Judson Althoff, Microsoft's Chief Commercial Officer, laid out a vision for transforming Microsoft into 'the Frontier AI Firm.' He emphasized the need for agility and a revamped strategy within MCAPS (Microsoft Customer and Partner Solutions), the company's central sales and partner arm. Another major change includes streamlining its sales "solution areas." Previously organized into six distinct categories—Modern Work, Business Applications, Digital & App Innovation, Data & AI, Azure Infrastructure, and Security—the new structure now revolves around just three: AI Business Solutions, Cloud & AI Platforms, and Security. Internal documents and client feedback reportedly showed that customers were growing weary of extended sales processes involving too many representatives before reaching anyone technical. The revamped structure aims to simplify engagement and enhance customer experience by putting engineers directly at the forefront. While Microsoft's fiscal year shakeups are common each July, this year's downsizing coincides with a strategic reinvention and massive AI investment push. The layoffs, though difficult, are part of what appears to be a larger balancing act between innovation and operational efficiency. As Microsoft redefines how it engages customers, one thing is clear: in the AI-driven enterprise future, it's the engineers who are stepping into the spotlight.
