Thanks to Tesla’s roaring stock, Elon Musk’s net worth has nearly quadrupled during the Covid-19 pandemic, racing from $24.6 billion in mid-March to a current $126.8 billion by Forbes’ estimate. But despite this meteoric rise, the 49-year-old is not the world’s second-richest person yet.
Forbes currently has Musk in the No. 3 spot, behind Jeff Bezos, who reigns supreme at $182.6 billion, and French luxury goods tycoon Bernard Arnault, worth $140.6 billion. With the surge in the value of Tesla shares this week, Musk surpassed Bill Gates, who is now in fourth place, worth $119.4 billion
Musk owns 21% of Tesla but has pledged more than half his stake as collateral for personal loans; Forbes applies a 25% discount to his shareholding to account for the loans. Musk’s net worth estimate includes $25 billion worth of options that he was awarded since May as part of a historic 12-tranche compensation plan.
Musk became eligible for the fourth tranche in late October after Tesla exceeded the cumulative EBITDA requirement, but Tesla has yet to confirm in public filings that it has certified the results. A representative for Musk did not reply to a request for comment from Forbes in time for publication. Until the receipt of the fourth tranche is confirmed, Forbes is only counting some 25 million options from the package towards Musk’s net worth.
Musk also owns an estimated 48% of SpaceX, the rocket company that recently made its first launch with astronauts on board. Investors valued SpaceX at $46 billion in August. After applying Forbes’ 10% private company discount, Musk’s SpaceX stake is worth just under $20 billion.
Tesla’s shares have risen 36% since Tuesday November 17 when S&P Global announced that the electric car company would be added to the S&P 500 index on December 21. The addition to the index means that more mutual funds tied to the S&P 500 will buy Tesla stock.
With a current market capitalization of $525 billion, Tesla is worth far more than Toyota ($198 billion) and GM ($66 billion) combined. In the first three quarters of 2020, Tesla delivered 318,000 cars, a small fraction of the number produced by the world’s larger automakers.
“I really couldn’t care less,” Musk emailed Forbes about his net worth in July. “These numbers rise and fall, but what really matters is making great products that people love.”
Meet The Donut King who went full circle – from rags to riches
The Donut King who went full circle – from rags to richesIf you walk into a doughnut shop in California, the chances are it’s owned by a Cambodian family. That’s because of a refugee who built up an empire, and became known as the Donut King, only to lose it all.
Ted Ngoy was a high school student in Phnom Penh when he first set eyes on Suganthini Khoeun, the daughter of a high-ranking government official.
“She was so beautiful,” he remembers. “You can’t find any prettier woman besides her.”
All the boys at his school were in love with her, and as a poor half-Chinese boy from a village near the Thai border he had no chance. “She was powerful, like your royal princess,” says Ted. And she was heavily chaperoned.
The Donut King
But then Ted discovered that the tiny room where he lodged, on the fourth floor of a walk-up apartment block, overlooked Suganthini’s villa. And he saw an opportunity. Every evening, he sat by his open window and played the flute. On hearing the music float across the quiet city, Suganthini’s mother remarked that whoever was playing must be in love.
One night, he saw Suganthini on her balcony, and decided it was time to make his move. He wrote a note, telling her that he lived in the building opposite and was the flute player. He wrapped the note around a stone, and threw it down.
His gesture went unreciprocated for days. But then one of Suganthini’s servants appeared at his door with a reply.
“The note said, ‘I appreciate you blowing the flute. It’s so amazing, so touching.’ And then we started communicating, bringing back and forth the messages,” Ted says
More on the The Donut King below
“What happens if I decide to jump into your room?” Ted wrote one day.
Suganthini replied, “Well be careful, if you don’t jump into my room, you’ll jump into my mum’s room.”
She thought Ted was joking, but he was serious. Despite the villa’s armed security guards and guard dogs, one rainy night Ted climbed up a coconut tree and over the barbed wire and made his way in through a bathroom window.
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He took a chance and opened a bedroom door – and there was Suganthini, fast asleep.
He woke her up and she was about to scream for help, when she realised it was her classmate.
“What are you doing here?” she asked.
“Well, it is because I’ve fallen in love with you,” Ted replied.
“But what shall we do in the morning? I have to go to school.”
“Don’t worry, I will hide under your bed,” said Ted. And that’s what he did.
Suganthini smuggled him food at night, and after many days she said she loved him too. They made a blood pact, promising to be forever faithful. He says he hid in her room for 45 days until he was discovered.
Suganthini’s family insisted Ted break it off by telling her he didn’t love her. He did as he was told, but then pulled out a knife and stabbed himself, declaring he would rather die than live without her. While he was recovering in hospital, Suganthini also made an attempt on her life. Faced with such determination, her family allowed the young lovers to be together.
“It’s a crazy story, but it’s true,” says Ted, now 78. “I had true love for her.”
But he admits he was also aware that conquering Suganthini’s heart held out the promise of a better life.
They married and started a family, and life was good until civil war broke out in 1970, between the government and the communist Khmer Rouge, led by Pol Pot.
Ted, who spoke four languages, was offered a post as liaison officer in Thailand by Suganthini’s brother-in-law, Gen Sak Sutsakhan. Instantly acquiring the rank of Major, Ted and his young family moved to Bangkok, and every month he travelled back to Cambodia to collect the wages for his soldiers.
But the situation at home was increasingly dangerous and on his last trip, in April 1975, the capital fell. Ted managed to escape on the last flight out of Phnom Penh but Suganthini’s parents were left behind. She later discovered that they were among the first to be executed by the Khmer Rouge.
The following month, US President Gerald Ford insisted the US should welcome 130,000 refugees from Vietnam and Cambodia, telling any critics: “We’re a country built by immigrants from all areas of the world, and we’ve always been a very humanitarian nation.”
Ted and Suganthini sold everything they had and arrived in California on one of the first refugee flights, with their three children, an adopted nephew and two nieces. The family were housed in a hastily erected refugee camp on a marine training base, Camp Pendleton. In order to be allowed to leave the camp and find work, they needed an American sponsor, who would find them a job and somewhere to live.
For weeks, they watched other families leave, until finally they, too, were sponsored by a pastor from a church in Tustin, Orange County, about 35 miles south of Los Angeles. Ted worked as the church janitor but he soon realised earning $500 a month wouldn’t be enough to support his family. With the pastor’s permission he went out and got two more jobs, as a sales person from 6pm to 10pm and petrol attendant from 10pm to 6am.
Next to the petrol station there was a doughnut shop called DK Donuts. It smelled delicious and when he first tasted one it reminded him of something from home – a fried pastry, also circular, called nom kong. “It made me homesick,” says Ted.
All night long Ted would watch people buying coffee and doughnuts, and he realised it was a good business. One night he asked the woman at the counter if saving $3,000 would be enough to buy a doughnut shop. She said he would be throwing his money away. Instead, she told him about a training programme run by the doughnut chain, Winchell’s. Ted became their first South East Asian trainee.
“I learned to bake, to take care of payroll, cleaning, sales – everything,” he says. One of the tricks he learned was to bake doughnuts in small batches throughout the day to keep them fresh – and because the smell of baking was the best form of advertising.
When he completed his three-month training, Winchell’s gave him a shop to run on Balboa Pier, a tourist spot on the Newport peninsula not far from Tustin. Suganthini became the smiling face behind the counter, even though she hardly spoke any English. Ted did a lot of the baking at night, with his youngest son, Chris, collecting a light dusting of flour as he slept beside him in the kitchen.
They saved money where they could, even washing and reusing coffee stirrers – until they were reprimanded by Winchell’s. When there was an overrun of pink doughnut boxes Ted bought them cut-price, and the pink boxes became his trademark.
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The family worked 12 to 17 hours a day, with all hands on deck. At the weekend the oldest children, Chet and Savy, then nine and eight, helped out by pouring coffee, packing doughnuts and folding boxes. During the week they went to school, where sometimes they were so hungry they stole snacks from other kids’ lunchboxes.
The Donut King
In a year Ted had saved enough to put down a deposit on a second doughnut shop, a “mom-and-pop” shop called Christy’s. Once again Suganthini was the friendly face welcoming customers, and when she became a US citizen she took the name Christy as her own.
After a year of running two shops they had saved $40,000 and Ted decided to expand. He bought a bigger doughnut shop, and offered to lease the original Christy’s to a family of Cambodian refugees, who had been working in fast food outlets on low wages. He trained them and handed over the keys.
Ted began to look for more doughnut shops to buy and lease to fellow refugees. “Using money to provide for others is a feeling as powerful as any drug,” he later wrote.
Working all hours, Ted and Christy knew very little about what was happening back home in Cambodia, but what they heard was bad. They cried and prayed for the family they had left behind.
Under the Khmer Rouge leadership of Pol Pot people were forced to work on communal farms, and those with money or education were tortured and killed. Over four years nearly two million Cambodians were either executed, or died of starvation, disease and overwork.
In 1978 Vietnamese troops invaded and in 1979 Pol Pot was overthrown, leading to another wave of Cambodian refugees. Ted’s parents and sisters fled across the border to Thailand, and Ted got a call from the US embassy there asking if he would sponsor them to live in the US. Naturally he agreed, and set his sisters up with doughnut shops.
More and more relatives came forward for sponsorship. “Some of them were cousins, uncles, nieces,” says Ted. “But many of them were not related, they just lived in the same village or heard of my name. I think there’s nothing wrong for them to lie to the embassy because everybody needs a chance to survive. So, I just did it. As many as I could.”
Over the years, Ted and Christy sponsored more than 100 families, often hosting them before setting them up with homes, loans, and doughnut shops. Ted encouraged others to do the same. “It went like fire on the hill, so fast,” says Ted.
The Cambodians worked hard and because the whole family pitched in, they did not have to pay out any wages. It provided a path for refugees to settle and was a profitable business model. Eventually Cambodians owned so many doughnut shops in California that they dominated the market, pushing Winchell’s into second place.
It’s something Ted feels a bit bad about. “They’re a good company and I owe them gratitude,” Ted says. “Cambodian people owe them a lot.”
y 1985, 10 years after arriving in the US as refugees, Ted and Christy were millionaires, owning around 60 doughnut shops. Ted became known as the Donut King – or Uncle Ted, because of the many Cambodian immigrants he’d sponsored. The couple had flash cars, bought a million-dollar mansion with a pool and an elevator, and went on holidays abroad.
“I achieved my American dream,” Ted says.
“We were happy – until the gambling came to wreck my life. The gambling is sad, the saddest part of my life.”
Ted’s downfall was Las Vegas.
The first couple of times he and Christy visited the casinos everything went well: they watched a magic show, they met Elvis. But then Ted had a go on the blackjack tables, and soon he was hooked on the glamour and the adrenaline.
“Before I’d never gambled, but like all the compulsive gamblers in the world, first you throw in a couple of bucks, $10, $20. When time goes by it gets into your blood and you just cannot get it out,” says Ted.
Because he was a high roller the casinos put him up in $2,000-a-night suites and offered him VIP tickets to the best shows.
He began to disappear off to Las Vegas for days, losing $5,000, $7,000 a game, and neglecting his family and his doughnut empire. “I did not have time to take care of business, so business was going down. I did not have time to expand. That’s a disaster,” he says.
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Christy would search for him in the casinos, the children in tow. Ted remembers hiding from her behind the slot machines.
Whenever Ted won, the family would rejoice with him. When he lost he would lash out, smashing doors, breaking furniture and frightening the children.
Then he would return to Vegas in an attempt to win back what he had lost. “The more you chase, the more it’s gone,” he says in a new documentary about his rise and fall, called The Donut King. “It’s a devil, it’s a monster. It’s a monster in me.”
Christy always forgave him, but word got around that Ted could no longer be trusted.
“I became a very, very bad man and borrowed money here and there,” he says.
Some of those he borrowed from were the people he had leased doughnut shops to. When he lost their money he would just sign over the shop to them – without telling Christy, whose signature he forged.
Ted did try to curb his habit. He joined Gamblers Anonymous but was back at the tables in no time. “I cry. Everybody cry,” he said. “After cry, go back gambling,” he told one interviewer.
Twice he joined a Buddhist monastery. He shaved his head and spent three months barefoot in Thailand, coming back emaciated and a changed man – or so he thought. But within weeks he was back on a plane to Vegas.
“It’s impossible to explain that money had nothing to do with it. I was addicted to a feeling, and money was simply the needle that delivered the toxic dose,” he writes in his autobiography, also called The Donut King.
Eventually he and Christy were left with just one doughnut shop, which they decided to sell. Their youngest son Chris drove them there to pick up the money – but it went horribly wrong.
Driving back with $85,000 cash in the boot of the car, they were stopped by the police; they had fallen behind with payments, so the car showed up as stolen. All three were taken to the police station but they were too scared to mention the cash in the boot. When they were released, the cash was gone.
“It’s a very very sad story,” says Ted.
In 1993 Ted and Christy moved back to Cambodia. They had lost their beautiful home and their chain of shops, but still had enough money to live comfortably. Ted now had a new passion – politics. Cambodia was having its first democratic elections since the war and he wanted to stand for office to help rebuild his country.
Besides, he reasoned, as a politician he would not be able to gamble. “If I need the vote, I cannot gamble. When people know about the bad reputation, people are not going to vote for me. So I decided to change.”
At the height of his success in the US he had been an ardent Republican, and an enthusiastic fundraiser for the party. He had met Richard Nixon, the former president, and Presidents Reagan and George HW Bush. So he named his own political party the Free Development Republican Party.
But the name was misleading. It led many voters to assume, incorrectly, that he was against Cambodia’s royal family, and he didn’t win a seat. He was, however, invited to become a government adviser on commerce and agriculture.
Cambodia was poor and under-developed after years of war. Inspired by the economic success of Taiwan, Ted decided to lobby the US for “most favoured nation” status, which would open the door to foreign investment. “I spent about $100,000 of my own money, my time, my everything,” he says. He lobbied his contacts in the Republican inner circle, including Senator John McCain, and MFN status was granted permanently in 1996.
While Ted was immersed in Cambodian politics, Christy flew to the US for the birth of a grandchild. But while she was gone Ted had an affair. Devastated that he had broken their pact, she filed for divorce.
By 2002 Ted was broke. He had spent all his money on electioneering and on a failed attempt to introduce a new type of hybridised rice, which he believed would improve yields. Then, after falling out with a powerful political rival he feared for his life and fled to the US.
He landed in LA with less than $100 in his pocket – all the money he had left. His family didn’t want to see him, and nobody offered him work, not even baking doughnuts.
He had lost the respect of his family and community. It was a humbling experience, and the lowest point in his life.
“Many times I try to commit suicide because I hate myself. And then I hate the gambling and then I hate that I treat Christy so badly, treat my children so badly, because of the gambling, so I hate myself,” he says.
He moved from church to church, until an elderly Cambodian woman allowed him to live on the covered porch of her mobile home.
“If I need to shower, I knock on the door, ‘Lady can I take a shower?’ And she let me in to take a shower. Then when dinner is ready, she knocks on the door and I open the door to have dinner.”
On Sundays he would go to the church where her son was the pastor and join in Bible studies. Ted became deeply religious.
Still penniless, after nearly four years of exile, Ted flew back to Cambodia. Still homeless, he moved to Kep, a poor rural area near the Thai border. He had no way of making a living until a Chinese contact from better days asked him to help out with a real estate deal. Ted negotiated well and got a good commission.
More land deals followed and he has now worked his way back to being a millionaire. He remarried and had four more children – the youngest two are still at school.
Ted kept a low profile until the LA filmmaker Alice Gu got in touch a couple of years ago. A child of immigrants herself, she had become curious why Californian doughnut shops were so often run by Cambodians, and why there were so many of them.
In most of America there’s an average of about one doughnut shop for every 30,000 people – in LA, there’s one for every 7,000 people. And of the 5,000 independent doughnut shops in California today, around 80% are still Cambodian, she says.
“This story sheds light on refugees in a positive way, about what happens when they’re given an opportunity,” she says.
“Ultimately, this is a story of a guy who came to the country with nothing, and with some hustle, and dreams, and a little luck, really made quite a charmed life for himself.”
Which he then threw away.
Alice found it hard to persuade Ted to return to California for filming. He had burned a lot of bridges and at the time his children hardly spoke to him. “He was afraid of being shunned and feeling lonely – but I forced him!” she says.
In the end, filming the documentary was a healing experience for Ted.
Although there is still some resentment towards him in the Cambodian community, whose hard-earned cash he gambled away, he is also revered by many. He enjoyed meeting the younger generation of doughnut makers, who are innovating and inventing new flavours. He also apologised to many of those he hurt.
Most importantly, the trip allowed him to mend relations with Christy, who has now remarried, and with their grown-up children.
“They forgive me fully. I told them I’m very sorry 1,000 times. Every time I met them I said, ‘Sorry son, sorry my daughter, sorry Christy.’
“If you could turn the clock around, I would do that. The past I cannot change, but I learned the heavy way.”
He communicates with them almost every day. “Everybody’s happy to see me now, because I changed from the bad guy to the good guy.”
Ted now sees that the same character traits that made him take bold risks in life also made it easy for him to fall prey to gambling.
“It is the purest form of risk-taking, the distilled anxiety and thrill behind every business decision and bold declaration of love,” he writes in his autobiography.
He credits his Christian faith with finally curing his gambling addiction, although he confesses he liked to bet on football games until last year.
“That’s why I want to tell the world, ‘Do not gamble.’ When you hook up with gambling, your life’s finished. You will end up destroying the whole family and no more relationship with the world, just finished. Gambling is a devil.”
But in the end, he says, he beat it. “I never back down. Never give up. Never surrender. Even in gambling. It took longer than 40 years. But I still win. At the end, I win.”
The Donut King
The Sad End Of Jack Ma Inc.
One year ago, Ma was the richest man in China. He was the creator of Alibaba – China’s largest tech company – and The Ant Group, the largest Fintech company in the world. His corporate empire had reached private-sector superpower status, on a par with the Western FANG-giants. Alibaba alone was worth more than any U.S. company except for Apple, Amazon and Google.
Ma was also a worldwide celebrity – the most famous living Chinese person. According to polls he was more well-known outside China than Xi Jinping. Jack Ma was Jeff Bezos, Elon Musk and Bill Gates all rolled into one. He was the front-man for the new China:
The abrupt reversal of his fortunes has been shocking to watch. Ma’s assets have been stripped, shorn, and degraded.
The Canceled Ant IPO
The last-minute quashing of the Ant Group’s Initial Public Offering was the opening shot . The offering would have set a world record. (In fact, Alibaba’s IPO in 2014 had been the largest ever at that time. Ant’s was to have surpassed it by 40%.)
The size of the deal itself doesn’t portray the scale of the financial phenomenon. The Ant IPO had become – by October 2020 – a true frenzy. The share price on the private market ran up 50% ahead of the effective date, and the offering was said to have been 80 times oversubscribed. The Wall Street Journal called it a “a $3 trillion scramble.”
Ma was triumphant. It would be, he said,
- “the biggest IPO in human history. Furthermore, for the first time ever, it is set in a city other than New York . . . A miracle is happening.”
The WSJ reported that order book exceeded “the value of all the stocks listed on the exchanges of Germany.”
Then — Beijing killed the deal.
Who is the current richest man in China?
Carving up the Company
Following the IPO fiasco, regulators began to disassemble Ant. Its consumer financing business was set to be restructured, with new “partners.”
- “The central bank ordered Ant to form a separate financial holding company that would be subject to the kind of capital requirements applied to banks. That could open a door for big state banks or other types of government-controlled entities to buy into the firm.”
The government also had its eye on one of Ant’s most valuable assets – its data, derived from billions of consumer transactions it processes. The tech-intensive analytics generated from this resource have been the basis of Ant’s competitive advantage over the less technologically sophisticated traditional banking sector in making consumer credit decisions. Beijing aimed to “rectify” that, too.
- “Ant will also be required to break an “information monopoly” on the vast and detailed consumer data it has collected, the central bank said.”
- “Hiving off the treasure trove of data on more than 1 billion people is a key part of Ant’s business overhaul in response to a regulatory crackdown.”
Neutering Ant’s Money Market Fund
Ant’s Group’s money market fund was perhaps its most amazing and explosive success story. In just four years, the fund became (briefly) the world’s largest, surpassing the American establishment giants like Fidelity and JP Morgan and “shocking banking executives around the world.” Ant built this fund up by inviting Chinese consumers to hold their spare cash (“leftover treasure” in Chinese) in these accounts.
Beijing took note. Ant’s business was thrown into reverse, shrinking 18% in the first quarter of this year, and down almost 50% from its peak.
Chinese authorities have piled on other penalties, which seem minor, or tangential, but in context they display Beijing’s animus even in petty matters.
For example, the company’s highly popular Internet browser – number 2 in the Chinese market with over 400 million active users – was deleted at Beijing’s insistence from the app stores of most mobile and Internet companies in March.
Closing Ma’s Hupan University
Also in April, Ma was removed as president of Hupan University, the ultra-elite business school he founded and endowed in 2015.
This is to my mind the saddest of all these injuries. The plan for Hupan was ambitious, bold, innovative. It promised a fresh approach to business education, in some respects going beyond anything done elsewhere.
Now, the worst of it –
It was reported last week that “regulators approved Jack Ma’s Ant Group to start running a new finance company.” It will absorb the most profitable part of Ant — the consumer lending business. Ant will contribute its massive portfolio of $155 Bn in outstanding loans.
Melinda French Gates Now A Billionaire After Stock Transfer From Bill Gates
Bill’s investment vehicle, Cascade Investment, transferred $1.8 billion in securities to Melinda on Monday, May 3, the same day the pair announced their surprise divorce, according to SEC filings. That makes Melinda worth at least $1.8 billion, while the stock transfer puts a slight dent in Bill’s net worth, which fell to an estimated $128.6 billion, from $130.4 billion. Even after the ten-figure transfer, the Microsoft cofounder remains the fourth-richest person in the world.
Melinda received 2.94 million shares of AutoNation and 14.1 million shares of Canadian National Railway Co., which are worth $309 million and $1.5 billion, respectively. (Bloomberg News first reported the transfer.) Bill uses Cascade Investment, a holding company based in Kirkland, Washington, to manage his money, including the proceeds from selling Microsoft shares. Bill at one point owned a significant slice of Microsoft, but has given away (to the Gates Foundation) or sold most of his stake over the years and now holds less than 1%.
The stock transfer is almost certainly part of Bill and Melinda’s divorce settlement. While it’s unclear if they signed a prenup, according to their divorce filing Bill and Melinda asked a judge in Washington State to divide their assets based on the terms of a separation contract—a document that is typically signed when spouses are living apart but have not yet divorced. The terms of the contract weren’t disclosed. Bill may have also transferred other assets to Melinda in nonpublic transactions.
Biden Appoints Nigerian-Born Adewale Adeyemo As US Deputy Treasury Secretary
US President-elect, Joe Biden has appointed Nigerian-born attorney, Adewale Adeyemo, as Deputy Treasury Secretary
“It’s official! Wale Adeyemo becomes the first-ever Nigerian American Deputy Secretary of the US Treasury, in the history of the country!! Congrats to Wale,” the Chairman of the Nigerians in Diaspora Commission (NIDCOM), Abike Dabiri-Erewa tweeted on Monday, confirming the appointment of the former senior international economic adviser during the Obama administration.
Adeyemo will serve under former Federal Reserve Chair Janet Yellen, who Biden plans to appoint to lead the US Treasury Department.
Born in Nigeria, Adeyemo was raised in California where he obtained a bachelor’s degree before proceeding to Yale Law School for his legal education.
Before his appointment into the Obama administration, Adeyemo worked as an editor at the Hamilton Project, then served as senior advisor and deputy chief of staff to Jack Lew in the United States Department of Treasury.
He later worked as the chief negotiator for the Trans-Pacific Partnership and also served as the first chief of staff of the Consumer Financial Protection Bureau under Elizabeth Warren.
In 2015, he was appointed to concurrently serve as Deputy National Security Advisor for International Economics and deputy director of the National Economic Council.
He went on to become the first president of the Obama Foundation.
According to Politico, Biden is also expected to name Cecilia Rouse, an African American economist at Princeton University, to lead the Council of Economic Advisers.
Nana Ama McBrown Falls and Breaks her Arm, Rushed to Hospital for Surgery
Nana Ama McBrown’s heavily watched Saturday night program United Showbiz has been notably off-air for the past couple of weeks.
The Kumawood star turned presenter has now come out to explain the reason why she’s been off-air to her fans.
According to McBrown, she fell down and broke her arm recently, the same arm which got injured in 2013 when she was involved in an accident and needed two surgeries to fix.
Metal supports which had been put in her arm after her 2013 accident had to be refixed due to her new injury.
McBrown said the procedure was very painful but she’s on the road to recovery now.
She assured everyone she would be back on United Showbiz very soon.
Saturday nights have not been the same without her show. We wish her a very speedy recovery!
Elon Musk’s advice to CEOs: Make your product ‘as awesome as possible’ and ‘seek negative feedback from all corners’
Tesla and SpaceX founder Elon Musk has some advice for CEOs: Make better products, seek negative feedback and ditch those PowerPoints presentations.
“Are CEOs from corporate America focused enough on product improvement? I think the answer is no,” Musk said Tuesday at the WSJ CEO Summit.
But that is vital, so CEOs should spend less time focusing on things like financials, according to Musk, and spend more time “just trying to make your product as amazing as possible.”
Musk urges CEOs to take a step back and say, ”‘Is our product as awesome at it could be?’ Probably not. What could you do to make it great?”
“I just honestly would recommend to anyone listening…just spend less time in meeting[s], less time on PowerPoint presentations, less time on spreadsheets and more time on the factory floor or time with customers,” Musk said at the WSJ summit.
The ultimate goal is to be an “absolute perfectionist about the product that you make or the service that is provided [and] seek negative feedback from all corners…from customers…from people who aren’t customers,” Musk said.
Even if an executive doesn’t specialize in product innovation per se, Musk said the skill is “learnable.” “It’s not some mysterious thing,” he said.
Because if you are only focusing on the bottom line, you are “barking up the wrong tree.”
In fact, the biggest problem with corporate America today may be that there are “too many MBAs running companies,” Musk said.
Elon Musk Is Back At No. 1 Richest Person In The World After Tesla Stock Rebounds
Tesla’s TSLA billionaire CEO and cofounder, Elon Musk, is again the richest person in the world after shares of his electric-vehicle maker rebounded on Tuesday. Just $1.4 billion below him is Jeff Bezos at No. 2 richest.
Tesla’s stock rose by 4.7% on Tuesday, pushing Musk’s net worth up by $7.8 billion, to $183.8 billion. That bumps him up to number one spot as the wealthiest person on the planet, according to Forbes’ estimates. Musk is now just ahead of Amazon AMZN +0.2% CEO Jeff Bezos, who has a net worth of $182.4 billion.
Musk first passed Bezos to claim the title of world’s richest person last Friday, but then dropped to the No. two spot on Monday as Tesla shares fell nearly 8%.
His fortune has grown at an unprecedented rate over the past year, rising by around $160 billion since March 2020, when he was worth $24.6 billion. Much of that increase is thanks to Tesla’s skyrocketing stock price (shares rose more than 720% in 2020). The electric-vehicle maker was added to the S&P 500 Index in late December 2020, a move that further drove up its share price.
As Tesla hit various milestones over the course of 2020, Musk received several tranches of options worth billions of dollars each. The Tesla board of directors typically has to first certify the award of each tranche, and then issue a statement in a regulatory filing with the Securities and Exchange Commission. Musk appears to be eligible for another tranche of 8.44 million options—worth nearly $6.6 billion as of Tuesday’s closing price—but Forbes hasn’t yet attributed these options to Musk because the board hasn’t publicly certified them. (Bloomberg appears to count Musk’s latest tranche of options in its net worth calculations for Musk.)
Musk initially passed Facebook CEO Mark Zuckerberg and Microsoft MSFT-1.2% cofounder Bill Gates to claim the title of world’s fourth-richest and third-richest person, respectively, in November 2020. Zuckerberg is now worth $92.4 billion and Gates $121.6 billion, according to Forbes. A month later, Musk leapfrogged French luxury tycoon Bernard Arnault (who is worth $151.4 billion) to become the second-richest person on the planet.
How Isabel Dos Santos, Once Africa’s Richest Woman, Went Broke
The daughter of Angola’s longtime former president accumulated riches through embezzlement and money laundering, an Angolan court claims. To recover what was looted, the government froze her assets. Then Portuguese authorities followed suit.
Eight years ago, Forbes declared Isabel dos Santos the richest woman in Africa, worth an estimated $3.5 billion. The daughter of Angola’s longtime former president grew immensely wealthy in a textbook case of how to loot a country. Now, with her father out of office, her empire is a shadow of what it once was, with corruption charges levied against her by her country, assets frozen by courts in three different nations and a lawsuit claiming hundreds of millions of dollars in unpaid debt in a fourth country. Forbes assumes she has no access and likely no chance to gain back control of the frozen assets—together worth about $1.6 billion if not frozen—so we give her no value for them and by our calculations she is no longer a billionaire. As a result, Forbes has dropped Dos Santos, who was worth an estimated $2.2 billion in January 2020, from our newly released 2021 list of Africa’s richest people.
The onetime African “princess” is by no means a pauper. She’s reported to have a home on a private island in Dubai, another residence in London and a $35 million yacht. She likely has bank accounts and assets that Forbes and legal authorities have yet to track. She is said to be splitting her time between Dubai—where her husband, Sindika Dokolo, died in a diving accident in October—and London, where Dokolo’s funeral was held in November at Westminster Cathedral. Through a spokesperson Dos Santos declined to comment.
The Road To Riches
As Forbes spelled out in an August 2013 article (co-written and reported by Angolan journalist Rafael Marques de Morais), Isabel dos Santos is the eldest daughter of former Angolan President Jose Eduardo dos Santos, who ruled the country from 1979 to 2017. While he ran the poverty-stricken but oil-rich country, she garnered significant stakes in Angola’s strategic industries—banking, cement, diamonds and telecom—making her the most influential businessperson in her homeland. More than half of her assets were stakes in Portuguese companies, adding international credibility. (Angola, a former Portuguese colony, achieved independence in 1975.) When Forbes outed her as a billionaire in January 2013, the government disseminated the news as a matter of national pride, living proof that the country had arrived.
As best we could trace, every major Angolan investment held by Dos Santos stemmed either from taking a chunk of a company that wanted to do business in the country or from a stroke of the president’s pen that cut her into the action. Her story was a rare window into the tragic kleptocratic narrative that grips resource-rich countries around the world.
In Portugal, the companies Dos Santos invested in—several banks, a cable TV company and an engineering firm—turned a blind eye to the questionable source of her investment funds, says Ana Gomes, a former member of the European Parliament and a member of Portugal’s Socialist Party (and currently a candidate for president in Portugal). “When she bought stakes in banks in Portugal . . . I kept saying, ‘What is the origin of the money? Why are you allowing her to launder money through our system?’” laments Gomes, who filed details of the alleged money laundering with Portuguese judicial authorities starting in 2016. No action was taken in response.
In early 2020 Dos Santos sued Gomes for defamation in a Portuguese court. She took issue with Gomes tweeting and going on TV saying that Dos Santos’ bank was a money laundering machine for her. Dos Santos lost the case, but her lawyers have appealed the ruling.
Source : Forbes
Revealed: How a CEO Went from Making $50k a Week to $50 k a Year
For most investors, their dream is to make a lot of money from their business before thinking about what to do with the excess. This was no the case with Australian CEO Ronni Kahn. She left her lucrative business that was paying her $50k a week to managing a charity that would pay her $50 k a year.
Before Ronni Kahn became the CEO of global food charity, OzHarvest, she owned an event management business – a role that would see her bring in around $50,000 a weekend.
Then, in 2009, she won Vodafone’s World of Difference award, which requires the recipient to work solely on a charity of their choice – in exchange for a salary of $50,000.
Having founded OzHarvest in 2003 and worked simultaneously on the charity and her business, she had to choose between a lucrative business, or a start-up charity.
“I decided it was time to dive without a parachute,” she revealed to The New Investors host, Sarah O’Carroll.
“I left a business that sometimes could have made $50,000 on a single weekend – but it was the best thing I ever did.”
Who is Ronni Kahn?
Ronni Kahn AO is an Australian social entrepreneur, best known for founding the food rescue charity OzHarvest.
Born in South Africa, Kahn moved to Israel where she lived on a kibbutz for many years before emigrating to Australia in 1998 and starting an events management business. On a vacation to South Africa, she was galvanised into action by a friend when visiting Soweto who told her that “she was responsible for electricity in Soweto”.
Kahn recalls that was the moment her life of purpose began. I knew I had to come back and do something meaningful for other people…”Building on her experience in corporate hospitality, she was shocked by the amount of food waste, although not initially aware of the relationship between food waste and environmental problems.
A Repurposed Life
Kahn’s memoir A Repurposed Life was released in 2020. Kahn said: “I didn’t grow up being ambitious about anything, but when you find your calling, then you are empowered by a force that is unstoppable.”
Ronni Kahn has been acknowledged as a leader in the fields of entrepreneurship, social impact and innovation. Her contributions have been widely recognised through numerous awards including:
- 2010 Australia’s Local Hero, Australian of the Year Awards, in recognition of her work founding OzHarvest.
- 2010 Enriched List, American Express
- 2011 InStyle Woman of Style Award – Community /Charity category
- 2012 Veuve Clicquot Award Business Woman Tribute Award for Innovation, Entrepreneurial Skill and Contribution to the Community
- 2012 Ernst & Young Social Entrepreneur of the Year
- 2017 BOSS magazine Top 21 True Leaders
- 2017 Gourmet Traveller Outstanding Contribution to Hospitality
- 2017 Griffith University Doctor of the University (honoris causa)
- 2018 The Australian Financial Review 100 Women of Influence award for social enterprise and not-for-profit
- 2019 Officer of the Order of Australia (AO). For distinguished service to social welfare, particularly through the development and delivery of innovative programs.
Rob Holding Net Worth
|Full name||Robert Samuel Holding|
|Net worth||1.8 Million Euro|
|Date of Birth||20 September 1995|
|Place of Birth||Stalybridge, Manchester,|
What is Rob Holding Net Worth?
Rob Holding Net Worth: Robert Samuel Holding is an English professional footballer who plays as a centre back for Premier League club Arsenal. Rob Holding net worth is 1.8 Million Euro.
Holding was born and raised in Stalybridge, Greater Manchester. He attended West Hill School in the town.
Holding played for Stalybridge Celtic Juniors before joining the Bolton Wanderers youth system at the age of seven. He joined League Two club Bury on loan on 26 March 2015 for rest of the 2014–15 season.
Holding signed for Premier League club Arsenal on 22 July 2016 for a fee of around £2 million. Following injuries to centre backs Per Mertesacker and Gabriel Paulista, he was called upon to make his Arsenal debut in the 2016–17 Premier League season opener on 14 August 2016 against Liverpool, which Arsenal lost 4–3 at home.
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In the final two months of the season, Holding became a regular member of Arsenal’s starting line-up, with the team winning all six of the matches he played in the Premier League.
He played the full 90 minutes in Arsenal’s 2–1 victory over Chelsea on 27 May in the 2017 FA Cup Final at Wembley Stadium.
Holding played in the 2017 FA Community Shield on 6 August which Arsenal won 4–1 penalty shoot-out to Chelsea after a 1–1 extra-time draw.
He scored his first Arsenal goal on 28 September 2017 with a close-range shot in their 4–2 away win over BATE Borisov in the UEFA Europa League. He signed a new long-term contract with the club on 1 May 2018.
Holding was called up to the England under-21 squad for the Toulon Tournament May 2016 as a replacement for Everton defender Brendan Galloway.
He made his debut for Gareth Southgate’s team when starting against Guinea on 23 May. England won the tournament with Holding making two appearances, and was an unused substitute in the final on 29 May as England beat France 2–1.
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He was selected for England’s squad for the 2017 UEFA European Under-21 Championship in Poland, but did not make an appearance with England eliminated in the semi-final. Holding made five appearances for the under-21s from 2016 to 2017.
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