Billionaire Musk’s net worth zooms past Warren Buffett’s

Tesla’s Elon Musk is now the seventh richest person in the world. (Reuters)
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Updated 12 July 2020

Billionaire Musk’s net worth zooms past Warren Buffett’s

  • Tesla’s shares have surged 500 percent over the past year as the company increased sales of its Model 3 sedan

NEW YORK: Elon Musk’s net worth has soared past Warren Buffett as the chief executive officer of Tesla became the seventh richest person in the world, according to the Bloomberg Billionaires Index.

Musk’s fortune rose by $6.07 billion on Friday, Bloomberg News said, following a 10.8 percent jump in the electric carmaker’s stock.

Buffett’s net worth dropped earlier this week when he donated $2.9 billion in Berkshire Hathaway stock to charity, the report added.

Tesla’s shares have surged 500 percent over the past year as the company increased sales of its Model 3 sedan.

The blistering rally also puts Musk in reach of a payday potentially worth $1.8 billion, his second jackpot from the electric car maker in about two months.

The stock is up about 38 percent since the close on July 1, a day before the company reported its quarterly delivery numbers.

Tesla’s solid delivery numbers heightened expectations of a profitable second quarter, which would mark the first time in its history that it would report four consecutive quarters of profit. 

Tesla will hold its annual shareholder meeting in person on Sept. 22 at its Fremont factory in California, the electric carmaker said on Friday.

The company’s “Battery Day,” where it is expected to reveal significant advances in battery technology will also be held on the same day, Tesla said.


Proposals to cut expats in Kuwait reviewed by National Assembly committee

Updated 10 August 2020

Proposals to cut expats in Kuwait reviewed by National Assembly committee

  • One of the seven plans submitted by members of parliament calls to set a percentage for each migrant community in the country
  • The Kuwaiti government’s plan calls to replace about 160,000 expat working in the public sector with nationals

DUBAI: Thousands of expats in Kuwait are expected to leave the country as talks over the decision have started between the government and the National Assembly human resources committee.
The government and parliamentary proposals are being reviewed by the committee, national daily Kuwait Times reported.
One of the seven plans submitted by members of parliament calls to set a percentage for each migrant community in the country.
The Kuwaiti government’s plan also calls to replace about 160,000 expat working in the public sector with nationals, but did not provide a timeframe.
The proposal also suggests that about 370,000 expats who show a “negative impact” on the country or are illegal residents can be dismissed by taking short-term measures.
The government added in its plan that “marginal” workers should be reduced by 25 percent. It also expects to lower temporary employment contracts by 30 percent in government jobs.
The government also discussed the massive increase in the expat population in the country between 2005 and 2019, as it went up to 4.42 million. It added that during this time, the citizens’ population increased from 860,000 to 1.335 million.