For the first time in more than nine months, Elon Musk is no longer the world’s richest person.
Mr Musk lost his position on top of the Bloomberg Billionaires Index to Jeff Bezos after shares in Tesla fell 7.2 per cent on Monday, wiping $17.6 billion from his fortune.
Mr Musk now has a net worth of $197.7 billion, while Mr Bezos’ fortune is $200.3 billion, making him the sole member of the exclusive $200 billion club.
It’s the first time that Mr Bezos, 60, the founder of Amazon.com, has topped Bloomberg’s ranking of the richest people since 2021.
The gap between Mr Musk, 52, and Mr Bezos, which at one point was $142 billion, has been shrinking as Amazon and Tesla shares move in opposite directions.
While both are among the so-called Magnificent Seven stocks, Amazon shares have more than doubled since late 2022 and are nearing a high.
Tesla is down about 50 per cent from its 2021 peak.
Tesla shares fell after preliminary data showed shipments from its factory in Shanghai fell to the lowest in more than a year. Amazon, meanwhile, is coming off its best online sales growth since the Covid-19 pandemic.
Mr Musk’s wealth could take a further hit after a US judge struck down his $55 billion pay package at Tesla, where he’s chief executive. The decision took the side of an investor who’d challenged Mr Musk’s compensation plan, which had been the largest in history.
Options that were included in the plan are one of Mr Musk’s largest assets, alongside his stakes in Tesla and SpaceX. The Bloomberg Billionaires Index continues to include them in its calculations of his wealth.
The majority of Mr Bezos’s fortune comes from his 9 per cent stake in Amazon. He is the online retailer’s largest shareholder, even after unloading 50 million shares worth about $8.5 billion last month.
Mr Bezos has been top of the wealth rankings previously. He first overtook Microsoft co-founder Bill Gates as the world’s richest person in 2017.
However, a rise in Tesla shares left Mr Bezos jockeying with Mr Musk for much of 2021 for the top spot. Late that year, he fell way behind until now.
Bernard Arnault, 74, chairman of LVMH Moet Hennessy Louis Vuitton, the world’s largest luxury goods maker, is ranked as the third-wealthiest person in the world with a net worth of $197 billion.
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
Company%20profile
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Naga
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Scores:
Day 4
England 290 & 346
Sri Lanka 336 & 226-7 (target 301)
Sri Lanka require another 75 runs with three wickets remaining
More from Aya Iskandarani
Normcore explained
Something of a fashion anomaly, normcore is essentially a celebration of the unremarkable. The term was first popularised by an article in New York magazine in 2014 and has been dubbed “ugly”, “bland’ and "anti-style" by fashion writers. It’s hallmarks are comfort, a lack of pretentiousness and neutrality – it is a trend for those who would rather not stand out from the crowd. For the most part, the style is unisex, favouring loose silhouettes, thrift-shop threads, baseball caps and boyish trainers. It is important to note that normcore is not synonymous with cheapness or low quality; there are high-fashion brands, including Parisian label Vetements, that specialise in this style. Embraced by fashion-forward street-style stars around the globe, it’s uptake in the UAE has been relatively slow.
T20 World Cup Qualifier
October 18 – November 2
Opening fixtures
Friday, October 18
ICC Academy: 10am, Scotland v Singapore, 2.10pm, Netherlands v Kenya
Zayed Cricket Stadium: 2.10pm, Hong Kong v Ireland, 7.30pm, Oman v UAE
UAE squad
Ahmed Raza (captain), Rohan Mustafa, Ashfaq Ahmed, Rameez Shahzad, Darius D’Silva, Mohammed Usman, Mohammed Boota, Zawar Farid, Ghulam Shabber, Junaid Siddique, Sultan Ahmed, Imran Haider, Waheed Ahmed, Chirag Suri, Zahoor Khan
Players out: Mohammed Naveed, Shaiman Anwar, Qadeer Ahmed
Players in: Junaid Siddique, Darius D’Silva, Waheed Ahmed
Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
FINAL SCORES
Fujairah 130 for 8 in 20 overs
(Sandy Sandeep 29, Hamdan Tahir 26 no, Umair Ali 2-15)
Sharjah 131 for 8 in 19.3 overs
(Kashif Daud 51, Umair Ali 20, Rohan Mustafa 2-17, Sabir Rao 2-26)
Scoreline:
Everton 4
Richarlison 13'), Sigurdsson 28', Digne 56', Walcott 64'
Manchester United 0
Man of the match: Gylfi Sigurdsson (Everton)
The story in numbers
18
This is how many recognised sects Lebanon is home to, along with about four million citizens
450,000
More than this many Palestinian refugees are registered with UNRWA in Lebanon, with about 45 per cent of them living in the country’s 12 refugee camps
1.5 million
There are just under 1 million Syrian refugees registered with the UN, although the government puts the figure upwards of 1.5m
73
The percentage of stateless people in Lebanon, who are not of Palestinian origin, born to a Lebanese mother, according to a 2012-2013 study by human rights organisation Frontiers Ruwad Association
18,000
The number of marriages recorded between Lebanese women and foreigners between the years 1995 and 2008, according to a 2009 study backed by the UN Development Programme
77,400
The number of people believed to be affected by the current nationality law, according to the 2009 UN study
4,926
This is how many Lebanese-Palestinian households there were in Lebanon in 2016, according to a census by the Lebanese-Palestinian dialogue committee
Killing of Qassem Suleimani
Zayed Sustainability Prize
Yahya Al Ghassani's bio
Date of birth: April 18, 1998
Playing position: Winger
Clubs: 2015-2017 – Al Ahli Dubai; March-June 2018 – Paris FC; August – Al Wahda
German plea
Ukrainian President Volodymyr Zelenskyy told the German parliament that. Russia had erected a new wall across Europe.
"It's not a Berlin Wall -- it is a Wall in central Europe between freedom and bondage and this Wall is growing bigger with every bomb" dropped on Ukraine, Zelenskyy told MPs.
Mr Zelenskyy was applauded by MPs in the Bundestag as he addressed Chancellor Olaf Scholz directly.
"Dear Mr Scholz, tear down this Wall," he said, evoking US President Ronald Reagan's 1987 appeal to Soviet leader Mikhail Gorbachev at Berlin's Brandenburg Gate.
Empire of Enchantment: The Story of Indian Magic
John Zubrzycki, Hurst Publishers
Killing of Qassem Suleimani
The%20specs
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EMERGENCY PHONE NUMBERS
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
