This combo of file images shows Facebook CEO Mark Zuckerberg, left, and Tesla and SpaceX CEO Elon Musk. Elon Musk and Mark Zuckerberg are ready to fight, offline. In a now-viral back-and-forth seen on Twitter and Instagram, the two tech billionaires seemingly agreed to a “cage match” face off. Manu Fernandez, Stephan Savoia/ Associated Press
The world’s 500 richest people added $852 billion to their fortunes in the first half of 2023.
Each member of the Bloomberg Billionaires Index made an average of $14 million per day over the past six months, according to data compiled by Bloomberg. It was the best half-year for billionaires since the back half of 2020, when the economy rebounded from a COVID-induced slump.
The gains coincided with a broad stock market rally, as investors brushed off the effects of central bank interest rate hikes, the ongoing war in Ukraine and a crisis in regional banks. The S&P 500 rose 16% and the Nasdaq 100 surged 39% for its best-ever first half as investor mania over artificial intelligence boosted tech stocks.
Asia’s richest man, Gautam Adani, saw his companies shed tens of billions of dollars in market value after short-selling firm Hindenburg Research accused him of “pulling the largest con in corporate history,” triggering a massive sell-off of Adani stocks. Aijaz Rahi/ Associated Press
While Elon Musk and Mark Zuckerberg flirt with scheduling a cage match, Tesla Inc.’s chief executive officer came out on top in dollar terms. Musk, the world’s richest person, added $96.6 billion to his net worth this year through June 30, while Meta Platforms Inc. CEO Zuckerberg gained $58.9 billion.
Gautam Adani’s net worth sank the most in the six-month period, losing $60.2 billion. Adani, chairman of Adani Group, also posted the biggest one-day loss of any billionaire, shedding about $20.8 billion on Jan. 27, after short seller Hindenburg Research accused his conglomerate of accounting fraud and stock manipulation — a claim Adani denies.
Hindenburg, founded by Nate Anderson, also knocked down the net worth of another billionaire: Carl Icahn. His Icahn Enterprises LP had its steepest one-day drop after Hindenburg disclosed it was shorting the shares, saying the stock was significantly overvalued relative to its holdings. Icahn’s net worth fell $13.4 billion, or 57% — the largest percentage drop of any member of the Bloomberg Billionaires Index in the period.
For Musk, the wealth gains spilled over into July as Tesla shares climbed 6.9% on Monday in New York, tacking on an additional $13 billion to his fortune.
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