Latest news with #BloombergBillionairesIndex
Yahoo
8 hours ago
- Business
- Yahoo
Nvidia becomes the world's first $4 trillion company
[Source] Nvidia became the first publicly traded company to close with a market capitalization above $4 trillion on July 10, driven by unprecedented demand for its graphics processing units. Surging demand Nvidia's stock climbed more than 2% during trading on Thursday, briefly pushing its market value past $4 trillion before finishing the day above that threshold. The company's shares have gained over 170% in 2025 as businesses around the world race to adopt artificial intelligence tools that depend on Nvidia hardware. Nvidia's processors are widely used for AI training and deployment by technology giants, cloud providers and research labs. The company's quarterly revenue has jumped more than 200% year over year, with the majority of that growth coming from data center and AI chip sales. Nvidia controls more than 80% of the market for high-performance chips used in large-scale AI computing. Trending on NextShark: Jensen Huang's rising wealth Nvidia's historic rally has also propelled the net worth of its Taiwanese American co-founder and CEO. According to the Bloomberg Billionaires Index, Jensen Huang's net worth reached $144 billion in July, making him one of the wealthiest people in the world and surpassing Buffett's $143 billion estimated net worth. Speaking at Nvidia's annual developer conference in June, Huang said, 'We are at the beginning of a new industrial revolution. The demand for accelerated computing and generative AI is growing exponentially.' Trending on NextShark: Industry impact and market reaction Nvidia's climb to a $4 trillion market cap places it ahead of other technology giants including Microsoft and Apple, which have traded near but have not closed above that milestone. The company's position as the dominant supplier of AI hardware has given it a significant advantage over competitors such as AMD and Intel. Major cloud service providers including Amazon Web Services, Microsoft Azure and Google Cloud continue to expand their purchases of Nvidia's high-performance H100 and Blackwell GPUs, leading to global supply shortages and premium pricing. Nvidia's performance has been a key factor in record gains for the S&P 500 and Nasdaq in 2024, prompting fund managers and index providers to increase the company's weighting in investment portfolios. Trending on NextShark: This story is part of The Rebel Yellow Newsletter — a bold weekly newsletter from the creators of NextShark, reclaiming our stories and celebrating Asian American voices. Subscribe free to join the movement. If you love what we're building, consider becoming a paid member — your support helps us grow our team, investigate impactful stories, and uplift our community. Trending on NextShark: ! Download the NextShark App: Want to keep up to date on Asian American News? Download the NextShark App today!
Time of India
13 hours ago
- Business
- Time of India
Bill Gates' net worth drops $51 billion in one week; here's why the Microsoft co-founder is happy to give it away
The Bloomberg Billionaires Index updated its ledger on July 13 and wiped $51 billion off Bill Gates' fortune in a single stroke. One week earlier, he sat on an estimated $175 billion; the revision puts him near $124 billion, nudging him down to twelfth place globally. Tired of too many ads? go ad free now The plunge isn't the result of bad bets or a Microsoft sell-off gone wrong. Instead, it reflects Gates' plan to empty his pockets long before the undertaker knocks. In a May blog post, he vowed that no obituary would say he 'died rich,' and he gave his foundation a deadline of 31 December 2045 to distribute almost everything he owns. Bloomberg simply caught up with how aggressively those transfers have already begun. So while headlines shout 'loss,' Gates sees progress toward a promise that reshapes both the billionaire rankings and the future cash flow of the world's largest private charity. Bill Gates' net worth drops $51 billion Between 3 July and 10 July, Gates' listed wealth slid from $175 billion to $124 billion, a 29 percent haircut. Most of the shift comes from updated accounting of shares he has already earmarked—or outright transferred—to the Bill & Melinda Gates Foundation and related philanthropic vehicles. Because he still holds about 3.5 percent of Microsoft through personal and family trusts, day-to-day market moves matter, but the big swing this month is bookkeeping catching up with his give-away schedule. Date Bloomberg estimate Change vs. prior year Jan 2022 $128 B — Jul 2023 $155 B 0.21 Jan 2024 $117 B −25 % 3 Jul 2025 $175 B 0.49 10 Jul 2025 $124 B −29 % (Rounded figures; source – Bloomberg Billionaires Index) Bill Gates' pledge to give away 99 % of his wealth by 2045 In a May 8 essay, Gates wrote, 'There are too many urgent problems to solve for me to hold on to resources that could be used to help people.' He set a 20-year window to donate at least 99 percent of his remaining assets and to wind down the foundation by 2045. The commitment formalises what observers have called 'the long goodbye' to his billionaire status—only now the timeline is public and the pace is accelerating. Tired of too many ads? go ad free now Philanthropy in action: where the money is going Global health : The foundation funds vaccine programs for preventable killers like polio and rotavirus, efforts Gates says have already saved 'tens of millions of lives.' : The foundation funds vaccine programs for preventable killers like polio and rotavirus, efforts Gates says have already saved 'tens of millions of lives.' Agricultural resilience : Grants flow to drought-resistant seed research for sub-Saharan Africa. : Grants flow to drought-resistant seed research for sub-Saharan Africa. Climate adaptation: Recent pledges back low-cost solar and methane-reduction projects. Since 2000, the organisation has granted more than $100 billion and still holds an endowment of $77 billion, even after the latest transfers. Market moves, donations and the billionaire rankings Gates' slide pushed him below former Microsoft CEO Steve Ballmer, now worth about $173 billion and sitting in fifth place. Amazon's Jeff Bezos and Tesla's Elon Musk still dominate the top slots. Analysts note the rankings may yo-yo as Gates continues to vest shares or as Microsoft's price wiggles, but the directional trend is clear: philanthropy is winning the tug-of-war with personal net worth. Why Gates says he won't die rich The 69-year-old argues that capital stuck in a brokerage account is 'opportunity cost incarnate.' He points to stalled humanitarian progress—especially cuts in Western foreign-aid budgets—and insists private capital must fill the gap. Critics worry about outsized influence from one donor, yet even they acknowledge his cash is now the lifeblood of several global-health campaigns once bankrolled by governments. Potential ripple effects for tech and philanthropy Signal to other moguls: When one of the most famous billionaires accelerates giving, peer pressure follows. Watch for fresh commitments from the likes of Larry Page or Michael Dell. When one of the most famous billionaires accelerates giving, peer pressure follows. Watch for fresh commitments from the likes of Larry Page or Michael Dell. Foundation sunset clause: By setting a close date, Gates challenges the idea of philanthropic capital sitting in perpetuity; that could push regulators to rethink payout rules. By setting a close date, Gates challenges the idea of philanthropic capital sitting in perpetuity; that could push regulators to rethink payout rules. Microsoft shares supply: As more stock transfers to charity, the Gates Foundation will likely sell portions to fund grants, adding liquidity—but not enough volume to unnerve markets, analysts say. Related FAQs 1. How much is Bill Gates worth after the $51 billion drop? Bloomberg now pegs him at about $124 billion, ranking twelfth in the world. 2. Did Microsoft's stock crash cause the decline? No. The sharp adjustment reflects wealth Gates has already shifted toward his foundation, not market volatility. 3. What is his timeline for giving away 99 % of his fortune? He plans to complete the donations and close the Gates Foundation by December 31, 2045. 4. How much has the Gates Foundation donated so far? Since 2000, the foundation has granted more than $100 billion to health, education and climate projects. 5. Could Gates fall out of the billionaire ranks entirely? Yes—if he sticks to the 99 % pledge, most of his current wealth will move to charities over the next two decades, potentially leaving him with 'just' hundreds of millions.
Business of Fashion
a day ago
- Business
- Business of Fashion
Zara Billionaire Ortega Buys Hotel in Paris for $113 Million
Fashion billionaire Amancio Ortega bought Hotel Banke in Paris for €97 million ($113 million), the Zara brand founder's second property acquisition in the French city in the past year. Ortega's family office Pontegadea acquired the building from Derby Hotels, a spokesman for the Spanish firm said, confirming a report in newspaper Expansion. The five-star hotel is located in central Paris, near the Palais Garnier opera theatre. Pontegadea holds Ortega's 59 percent stake in Zara-owner Inditex SA and reinvests its dividends, mainly in real estate. The family office also holds investments in infrastructure and energy assets. This year, Ortega had already acquired an apartment building in Fort Lauderdale for about €165 million and an office building in Barcelona for €250 million. It will be the first year Ortega, 89, receives more than €3 billion in dividends from Inditex, the company he founded more than 50 years ago in northwestern Spain. In 2024, Pontegadea acquired a commercial building in Paris for about €200 million. Pontegadea's strategy is to invest mainly in high-end commercial and residential real estate, mostly in a handful of cities in western Europe, as well as in the US and Canada. The firm rarely invests in hotels. Inditex, the world's largest clothing firm, has a market value of €136 billion. Ortega's personal fortune amounts to about €103 billion, making him Spain's wealthiest person and Europe's second richest, according to the Bloomberg Billionaires Index. By Rodrigo Orihuela Learn more: Zara Founder Ortega Buys Dutch Warehouse Leased to Primark for $110 Million The deal follows investments in logistics assets in the United States, including the acquisition in December of a warehouse in Florida.
Yahoo
3 days ago
- Automotive
- Yahoo
Carvana's Top Shareholder Files to Sell $245 Million in Stock
(Bloomberg) -- Carvana Co.'s largest shareholder, Ernie Garcia II, who is also the father of the auto retailer's founder and chief executive officer, extended his recent run of stock sales by filing to dispose of $245 million in shares this week. Singer Akon's Failed Futuristic City in Senegal Ends Up a $1 Billion Resort Why Did Cars Get So Hard to See Out Of? Are Tourists Ruining Europe? How Locals Are Pushing Back Can Americans Just Stop Building New Highways? How German Cities Are Rethinking Women's Safety — With Taxis Garcia's sales over the past six weeks have now reached $515 million, according to data compiled by Bloomberg, on top of the $1.4 billion in shares he sold between April and November last year. His son, CEO Ernest Garcia III, filed to sell his largest-ever stake at $192 million this past May. Trades by the Garcia family are closely watched by investors, who have seen the stock's value almost triple over the past 12 months. The shares have been on a rapid ascent since the company flirted with bankruptcy speculation in late 2022. Insider sales in high volumes can be viewed as a sign that the sellers believe the company's value may be nearing its peak. Short seller Jim Chanos has called out what he sees as 'a dramatic increase in insider selling' at Carvana. He wrote in a June report that company insiders sold $1.7 billion in shares in May. Chanos said he believes the recent run-up has left Carvana with a bloated valuation for an auto retailer and loan originator. A Carvana spokeswoman declined to comment. Since Carvana went public in 2017, the elder Garcia has amassed a net worth of $22.4 billion and his son's fortune has grown to $10.9 billion, according to the Bloomberg Billionaires Index. The two Garcias jointly control the company with 92% of Class B shares as of its most recent proxy filing, which gives them about 80% voting control. Garcia II's sales have been determined by a trading plan that dictates the timing and size of his sales ahead of time. After the planned sales, Garcia II still owns more than 44 million Carvana shares valued at almost $15.5 billion. The $175 million in shares he filed to sell Thursday represent just 1.1% of his stake in the company, according to data compiled by Bloomberg. His son, Garcia III, continues to hold a stake in the company valued at about $10.5 billion. In May, Garcia II sold call options to Citigroup Inc. on 4 million Carvana shares, or about 9% of his stake. The options allow Citigroup to purchase the shares anytime before April of next year for $400 apiece — a 16% premium over Thursday's closing price. A call option structured in this way is tantamount to a bet that Carvana shares won't reach $400 by April and means that Garcia, the seller, would benefit if the share price stays below that level. Trump's Cuts Are Making Federal Data Disappear Will Trade War Make South India the Next Manufacturing Hub? 'Our Goal Is to Get Their Money': Inside a Firm Charged With Scamming Writers for Millions Soccer Players Are Being Seriously Overworked 'Telecom Is the New Tequila': Behind the Celebrity Wireless Boom ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
NDTV
3 days ago
- Business
- NDTV
China Heiress In $2 Billion Inheritance Feud With Siblings
A $2 billion wealth tussle at one of China's largest beverage empires is unfolding in a Hong Kong courtroom. The battle pits three plaintiffs who say they are half-siblings of Hangzhou Wahaha Group Co.'s Kelly Zong in a lawsuit against the heiress of the drinks company. They are seeking an injunction preventing her from dealing with assets held in an HSBC Holdings Plc bank account. The three plaintiffs - Jacky, Jessie and Jerry Zong - were identified by their lawyer as Kelly's "half brothers and sister," revealing their connection to her for the first time. Known as the "Princess of Wahaha" in China, Kelly had been until now publicly regarded as the only child of the late Wahaha beverage tycoon, Zong Qinghou. The plaintiffs' lawyer stated that the three are also pursuing legal action in a Hangzhou court to secure rights to trusts - each valued at $700 million - which they claim were promised to them by their late father. When Qinghou died at the age of 79 in February last year, Kelly took charge of the privately-held group after spending months settling internal shareholder disputes. The plaintiffs say Qinghou asked his subordinates to help set up trusts for them at HSBC in Hong Kong and later also requested that the assistants convert yuan into US dollars when the funds proved insufficient. They are requesting that Kelly honor their father's will, pay millions in interest on their assets, and compensate them for losses incurred from the transfer of their funds. About $1.1 million had been transferred out of the HSBC account as of May last year, according to one of the legal filings. The plaintiffs are seeking to prevent Kelly from disposing of, dealing with or diminishing the value of the assets in the HSBC account that had about $1.8 billion in balance as of early 2024, their lawyer said. Kelly's lawyer said she doesn't accept the evidence and that Qinghou's directives were not given to her. She also has no idea where the yuan should be converted from. Judge Gary Lam said he was concerned that his order could interfere with the Hangzhou court case, adding that he would hand down the decision in about two month. Once China's richest man, the late Zong founded Wahaha in 1987. The beverage empire got its start from a milky nutrition drink, and later expanded into bottled water, tea and fruit juices nationwide. The Zong family has a fortune of at least $3.3 billion, according to the Bloomberg Billionaires Index. The 43-year-old heiress has had to navigate a challenging operating environment amid a broader Chinese economic slowdown. The company is facing increasing competition from rivals including Nongfu Spring Co. and new bubble-tea and coffee chains.
