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French fashion tycoon, Bernard Arnault on Monday became the world's richest man after his net worth climbed to $186.3billion. The 72-year-old CEO of Moët Hennessy Louis Vuitton (LVMH) saw his luxury goods firm stock increase by 0.4 per cent during the first hours of trading on Monday, May 24. The rise pushed Arnault's personal stake up by more than $600million and...
Office-sharing startup WeWork said it lost over $2 billion in the first quarter of 2021. The announcement comes as the company prepares for its stock market debut. WeWork's first attempt to go public was in 2019, but failed over concerns about its business model and the then CEO and co-founder Adam Neumann's leadership style. Since Neumann’s resignation in September, 2019, the...
Robinhood announced on Thursday it will give amateur investors access to initial public offering shares, a move in its quest to "democratize" retail investing. “We’re starting to roll out IPO Access, a new product that will give you the opportunity to buy shares of companies at their IPO price, before trading on public exchanges. With IPO Access, you can now...
Zhang Yiming, the Chinese billionaire co-founder of ByteDance the parent company of TikTok, announced on Thursday he will step down as CEO of the multi-billion dollar company. "The truth is, I lack some of the skills that make an ideal manager”, Zhang said in an unusually candid open memo by one of Asia's billionaires. "I'm more interested in analyzing organizational and market...
Investors are estimated to have lost $930 million on their short positions in meme stocks GameStop and AMC Entertainment over the last five trading days, new data from Ortex shows. AMC shorts lost $210 million and GameStop shorts lost $227 million on Monday alone, the data shows. ORTEX co-founder Peter Hillerberg told Insider in an email that Short positions in the stocks remains...
Legendary billionaire investor, Warren Buffet has got rid of a more than 31-year-old investment in Wells Fargo after selling nearly all of his company’s holding in the San Francisco-based bank. In a regulatory filing on Monday, Berkshire Hathaway Inc, a company owned by Warren Buffet, said it now owns just $26.4 million of shares in Wells Fargo, the fourth-largest U.S....
Indian government health employee was fired on Wednesday, days after a viral video showed him collecting bribes from people to provide negative Covid test results. Vijay Pal, 50, who worked at Nawabganj community health center in Farrukhabad, UP, was accused of charging Rs 200 - about $3 for the fake test report. He was also heard saying that the money...
After 27 years managing a company he founded, Jeff Bezos announced on February 2, 2021, that he would step down as the CEO of Amazon sometime in the third quarter of 2021, and transition into the role of executive chairman. He said he would be replaced as CEO by Andy Jassy, the chief of Amazon's cloud computing division. Bezos wrote his...
Indian Medical Doctors have warned against the new practice by some Indians of using cow dung to treat coronavirus, stating there is no scientific evidence for its effectiveness and that it risks spreading other diseases. The coronavirus pandemic has struck a devastating blow on Indians, with 22.66 million cases and 246,116 deaths reported as of May 11.  Experts believe the...
Billionaire investor Charlie Munger is clearly not a fan of Robinhood. Munger, Warren Buffett’s long-time business partner and the vice chairman of Berkshire Hathaway has lambasted Robinhood at different times, accusing the trading app and similar apps, of encouraging amateur investors to gamble on stocks and dabble with risky options trading. "It's just god-awful that something like that would draw...
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