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Newsweek
5 days ago
- Business
- Newsweek
Russia's Richest Billionaires Are Getting Wealthier Fast
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Russia's richest individuals added more than $20 billion to their collective fortunes over the last year, with several sanctioned oligarchs—including Russia's wealthiest billionaire, Vladimir Potanin (net worth $30.6 billion)—leading the gains, according to Bloomberg's Billionaire Index. Why It Matters The rapid increase in wealth among Russia's billionaires is significant in the context of ongoing Western sanctions aimed at denting the country's economic power. Sanctions were imposed on dozens of Russian business figures following the 2022 invasion of Ukraine, a move intended to curb President Vladimir Putin's influence and dissuade Moscow's aggression. Photo-illustration by Newsweek/Getty/AP Newsroom However, data indicates these measures have not prevented Russia's ultra-rich from growing even richer, raising questions about the effectiveness of the sanctions regime. This trend is unfolding as the Kremlin touts economic resilience, and some tycoons are regaining assets amid an exodus of Western corporations from Russia. But Russia may face more sanctions soon, after President Donald Trump promised "severe" secondary tariffs on the country if Putin does not agree to a ceasefire in Ukraine. What To Know Russia's richest individuals tracked by the Bloomberg Billionaires Index have seen the following increases to their wealth in the year leading up to August 4: Pavel Durov — $3.27 billion — $3.27 billion Alisher Usmanov — $3.23 billion — $3.23 billion Viktor Vekselberg — $3.12 billion — $3.12 billion Suleiman Kerimov — $2.75 billion — $2.75 billion Vladimir Potanin — $2.74 billion — $2.74 billion Alexey Mordashov — $1.89 billion — $1.89 billion Victor Rashnikov — $1.57 billion — $1.57 billion Leonid Mikhelson — $1.38 billion — $1.38 billion Andrey Guryev — $1.30 billion — $1.30 billion Leonid Fedun — $1.25 billion — $1.25 billion Vagit Alekperov — $939 million — $939 million Roman Abramovich — $939 million — $939 million Gennady Timchenko — $835 million — $835 million Mikhail Prokhorov — $528 million — $528 million German Khan — $507 million — $507 million Alexander Abramov — $292 million — $292 million Andrey Melnichenko — $148 million The latest wealth increases have occurred in spite of international sanctions imposed since 2022. Key Russian billionaires, such as Potanin, Vagit Alekperov, and Alisher Usmanov, have seen new bans or asset freezes but continued to see their fortunes rise, largely because of sustained high global commodity prices and Russia's relative insulation from some foreign investment shifts. The main wealth drivers for Russia's billionaires remain the metal, mining, oil, gas, and chemical sectors. Individuals such as Potanin (Norilsk Nickel), Alekperov (Lukoil), and Leonid Mikhelson (Novatek) derive most of their net worth from these extractive and export-centric industries. Russia has made a total of 847 billion euros in fossil fuel revenue since the war in Ukraine began. Russian President Vladimir Putin is seen at the Kremlin in Moscow on August 4, 2025. Russian President Vladimir Putin is seen at the Kremlin in Moscow on August 4, 2025. AP What People Are Saying Kyle Haynes, an assistant professor at Purdue University's Department of Political Science said of Russia's fossil fuel revenue: "Sanctioned states always try to find workarounds using intermediaries, shell companies, smuggling, etc." President Donald Trump said last week of peace efforts in Ukraine: "We thought we had that settled numerous times, and then President Putin goes out and starts launching rockets into some city, like Kyiv, and kills a lot of people in a nursing home or whatever, you have bodies lying all over the street." He added: "I'm disappointed in President Putin. Very disappointed in him. So, we're going to have to look, and I'm going to reduce that 50 days that I gave him to a lesser number because I think I already know the answer [to] what's going to happen." What Happens Next The sustained growth of Russian billionaires' fortunes is seen as a challenge for Western policymakers seeking to use sanctions to limit Russian economic power. Analysts and observers expect continued scrutiny of both the sources of this wealth and the ability of international sanctions to restrict it.
Time of India
16-07-2025
- Business
- Time of India
Nvidia CEO Jensen Huang sells another $37 million in stock as China chip sales resume
Nvidia CEO Jensen Huang has sold an additional 225,000 shares of the chipmaker, amounting to approximately $37 million, as reported in a US Securities and Exchange Commission filing. Tired of too many ads? go ad free now A report said that this sale is part of a prearranged plan, adopted in March, allowing Huang to sell up to 6 million shares of the US-based GPU and artificial intelligence (AI)-chipmaking company. Huang began trading stock last month, and his most recent transaction, disclosed last Friday, also involved 225,000 shares, valued at around $36 million. According to CNBC, since Huang started selling stock this year, he has offloaded a total of 1.2 million shares, accumulating approximately $190 million, according to InsiderScore. In his prearranged plan from last year, he cashed in over $700 million. Huang wasn't the only stakeholder to sell Nvidia shares; board member Brooke Seawell also sold $16 million worth of stock. Increased demand for AI chips boosts Huang's net worth The soaring demand for AI and the graphics processing units (GPUs) that power large language models (LLMs) have boosted Huang's net worth and propelled Nvidia past a $4 trillion market capitalisation, making it the most valuable company globally. This surge has placed Huang's net worth above that of Berkshire Hathaway's Warren Buffett on Bloomberg's Billionaire Index. Nvidia to resume selling H20 chips in China The development comes days after Nvidia announced this week that it plans to soon restart sales of its H20 chips to China. The Trump administration indicated it would approve the necessary export licenses. Earlier this year, the administration had stated that Nvidia would require such licenses to ship these chips, which were specifically designed for the Chinese market.
CNBC
16-07-2025
- Business
- CNBC
Nvidia CEO Jensen Huang sells another $37 million worth of stock
Nvidia CEO Jensen Huang sold another 225,000 shares of the chipmaker, totaling about $37 million, according to a U.S. Securities and Exchange Commission filing. The sale comes as part of a plan adopted in March for Huang to sell up to 6 million shares of the leading artificial intelligence company. Huang began trading stock last month. His most recent sale, disclosed last Friday, totaled 225,000 shares, or about $36 million. Since he began selling stock this year, Huang has unloaded 1.2 million shares, totaling about $190 million, according to InsiderScore. In last year's prearranged plan, Huang cashed in over $700 million. AI demand and the need for graphics processing units powering large language models have spiked Huang's net worth and propelled Nvidia past a $4 trillion market capitalization, making it the most valuable company. That surge in value has put Huang above Berkshire Hathaway's Warren Buffett in net worth on Bloomberg's Billionaire Index. In another significant win, Nvidia said this week that it plans to soon restart sales of its H20 chips to China after the Trump administration indicated that it would approve export licenses. Earlier this year, the administration said Nvidia would need a license approval to ship the chips, designed specifically for China. "The U.S. government has assured NVIDIA that licenses will be granted, and NVIDIA hopes to start deliveries soon," the company said in a statement Tuesday. Huang said during a press conference on Wednesday in Beijing, China, that he wants to sell chips more advanced than the H20 to China at some point.
Time of India
25-06-2025
- Business
- Time of India
Elon Musk reveals the big mistake that lost him his first startup
Tesla CEO Elon Musk shared a costly lesson from his entrepreneurial beginnings this week, revealing how he lost control of his first company Zip2 despite selling it for $300 million in the late 1990s. Speaking to young founders at Y Combinator 's AI Startup School in San Francisco, Musk identified his critical error: ceding too much control to investors who didn't understand the internet. The mistake haunted what should have been a clear victory for the then-unknown entrepreneur. Musk's journey to Zip2 began with rejection. After Stanford University PhD dropout couldn't land a job at Netscape, his resume apparently never reached Marc Andreessen, he decided to build software himself. "I'm like man, this is ridiculous, so I'll just write software myself and see how it goes," Musk recalled. From YMCA showers to $300 million exit The early days were brutal. Musk and his co-founder slept in their office and showered at the YMCA to save money. In a desperate move to access internet service, Musk even drilled a hole through the office floor to reach the ISP downstairs. Despite the hardships, Zip2 became a success story, ultimately selling for $300 million. However, Musk's willingness to give investors significant control meant he couldn't steer the company according to his vision for the internet's potential. Lessons that shaped Elon Musk's philosophy The experience taught Musk to maintain control of his ventures and "keep the chips on the table." He invested nearly all of his $20 million from Zip2 into his next company, X .com, which eventually became part of PayPal . Now worth $366 billion according to Bloomberg's Billionaire Index, Musk emphasized to the young entrepreneurs that engineering demands truth while politics creates noise—wisdom earned through hard-fought experience in Silicon Valley's early internet days. AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Business Insider
24-06-2025
- Automotive
- Business Insider
Elon Musk got $19 billion richer after Tesla's robotaxi launch
Elon Musk's net worth soared by $19 billion on Monday, making him the biggest gainer of the day after Tesla's long-awaited robotaxi launch in Austin, according to Bloomberg's Billionaire Index. Tesla officially debuted its self-driving taxi service on Sunday to a select group of users in its hometown, charging a flat $4.20 per ride. The EV maker's employees still accompanied riders for safety, but the service, years in the making and repeatedly hyped by Musk, drove Tesla's stock. The stock jumped as much as 11% in Monday trading before closing up 8% at $348.68, trimming its year-to-date losses to just under 7%. That single-day rally translated into a $19 billion gain for Musk, who now commands a $385 billion fortune. This keeps him at the top of the world's richest list despite a $47.5 billion loss since the start of 2025. As of Tuesday morning, Musk is worth $139 billion more than the world's second richest person, Meta's Mark Zuckerberg, and $155 billion more than Amazon founder Jeff Bezos. In an X post on Sunday, Musk credited Tesla's internal AI and chip design teams for the launch, calling it the "culmination of a decade of hard work." Still, analysts remained cautious. In a Monday note, UBS analysts raised their target price on the stock by $25 to $215 while maintaining a "Sell" rating, warning that much of the robotaxi optimism is already priced into the stock. Other analysts cautioned that while Tesla's robotaxi vision is compelling, its success hinges on overcoming major hurdles in safety, operational infrastructure, sensor limitations, and real-world deployment — all of which remain unproven.
