• A secretary bought three shares of her company's stock for $60 each in 1935.
• Grace Groner reinvested her dividends for 75 years, and her stake ballooned to $7.2 million.
• Her employer, Abbott, shared Groner's story in a recent website post.

A secretary paid $180 in 1935 for three shares of her employer's stock. By the time she died in 2010, her investment had mushroomed to $7.2 million.

Abbott, a pharmaceutical company, gave a shout-out to the former employee in a recent post on its website.

"As we celebrate 101 years of dividend payouts, we're remembering one of the earliest Abbott investing success stories, that of Grace Groner, who worked as a secretary at Abbott for over 40 years," the post reads.

"In 1935, Groner bought three shares of Abbott stock for $60 each. She consistently reinvested her dividend payments and quietly amassed a $7.2 million fortune. Groner passed away in 2010, at the age of 100, and it was only then that her multimillion-dollar estate was discovered."

She gifted her entire fortune to a foundation she'd established in support of her alma mater, Lake Forest College. She earmarked the money to finance internships, international study, and service projects for students.

Groner hung onto her Abbott shares for over 75 years without selling a single one, despite several stock splits, and used her dividends to bolster her stake.

She was likely able to leave her nest egg intact for so long because of her simple lifestyle. She lived in a one-bedroom house, bought her clothes at rummage sales, and didn't own a car, the Chicago Tribune reported in 2010.

Her shares would be worth north of $28 million today, excluding dividends, given that Abbott's stock price has roughly quadrupled since 2010. The drugmaker's market value has risen to around $200 billion, meaning it now rivals Disney, PepsiCo, and Morgan Stanley in size.

• Elon Musk has had a big year with Tesla and SpaceX soaring in value, supercharging his net worth.
• He helped Donald Trump win reelection and intends to transform the US government in 2025.
• Scroll down for seven charts showing how Musk's 2024 played out.

Elon Musk has had a year for the record books.

His businesses have taken off, with Tesla, SpaceX, xAI, and Neuralink all touching new valuation highs. Their success has boosted Musk's net worth to above $450 billion for the first time, putting him over $200 billion ahead of the world's second-richest person, Amazon's Jeff Bezos.

Musk has also become a power player in US politics after wielding his cash and clout to help win Donald Trump a second term in office. As one of the president-elect's closest advisors, he's now gearing up to overhaul the US government.

The situation seems worse at X, formerly Twitter, after Musk's $44 billion takeover and reshaping of the platform sparked an advertiser exodus.

Take a look at Musk's 2024 in charts (all data is accurate as of Friday, December 20):

1. Charging ahead

Tesla shares have shot up as much as 85% this year, driving the electric vehicle maker's market value above $1.4 trillion for the first time. They've since retreated but continue to trade near record levels.

The automaker has benefited from market buzz around artificial intelligence — which it's harnessing to develop self-driving cars and humanoid robots — plus a robust US economy and the Federal Reserve cutting interest rates.

Investors are also betting that Musk's businesses will benefit from his close ties to Trump, which could translate into less stringent regulations, government subsidies, tariff exemptions, and more.

2. Reaching for the stars

SpaceX's valuation nearly doubled from $180 billion at the end of last year to $350 billion this month, based on the price paid by the company and its backers for employee shares in its latest tender offer.

Musk's rocket, spacecraft, and satellite communications company made several technological breakthroughs this year. For example, it plucked the first-stage booster of its new Starship out of the air using a massive pair of mechanical "chopsticks" in October.

3. Shifting fortunes

Musk's net worth slumped in the spring as Tesla stock tumbled, dropping below $170 billion at its nadir.

But it rebounded by over $300 billion to touch an unprecedented $486 billion on December 17, as Tesla hit fresh highs and SpaceX notched a $350 billion valuation.

4. Rise of the robots

Musk's artificial intelligence company, xAI, was only founded in July 2023.

Yet it notched a post-money valuation of $24 billion in May following its Series B funding round. That rose to $50 billion in November, reports say, meaning the maker of the Grok chatbot is worth roughly as much as Monster Beverage.

5. X marks the drop

It remains tricky to gauge the health of X, the social media company formerly known as Twitter that Musk took private in 2022. One way is to use Fidelity's monthly estimates of the value of its stake in the business.

The mutual fund giant's figures imply that X's valuation has crashed since Musk's purchase. The tech billionaire laid off a large part of the company's workforce and relaxed content moderation in support of greater free speech, triggering an advertiser exodus that hammered the company's revenues.

Regardless, Musk recently posted on X that the platform has roughly 1 billion active users, although around 40% of them only log on during important world events.

6. Trump train

Musk was one of the biggest spenders in the US presidential election, deploying over $270 million to back Trump's race for president, run ads against Democrats, and promote conservative viewpoints.

His starring role in Trump's victory and emergence as one of the president-elect's closest advisors and a co-chief of the new Department of Government Efficiency suggests that his investment in the election has paid off.

7. Building brainpower

Neuralink, Musk's neurotechnology company, was valued at $8 billion this summer, up from about $2 billion three years earlier.

The developer of brain-computer interfaces wants to allow people with quadriplegia to control computers with their thoughts. Musk released footage this spring of the first patient to receive one of its brain implants.

• Bernie Sanders says Elon Musk is using his wealth and political clout to undermine US democracy.
• Musk lambasted a government funding deal and said a shutdown would be the Democrats' fault.
• "Are Republicans beholden to the American people? Or President Musk?" Sanders asked on X.

Elon Musk is wielding his immense wealth and political power to pressure US lawmakers, shifting America from democracy to oligarchy, Sen. Bernie Sanders says.

In two recent X posts, the Vermont senator called out Musk's influence over Republicans and his warnings to legislators if they don't vote the way he wants.

"The US Congress this week came to an agreement to fund our government," he wrote late Wednesday. "Elon Musk, who became $200 BILLION richer since Trump was elected, objected. Are Republicans beholden to the American people? Or President Musk? This is oligarchy at work."

"Elon Musk, the richest man in the world, is threatening to unseat elected officials if they do not follow his orders to shut down the government during the holidays," he said in a Thursday post. "Are we still a democracy or have we already moved to oligarchy and authoritarianism?"

Musk blasted the funding bill in question as bloated and overcomplicated and wrote on X that "any member of the House or Senate who votes for this outrageous spending bill deserves to be voted out in 2 years!"

He threw his weight behind Republicans' alternative bill, hailing it as cleaner and simpler. Moreover, he posted that it would be the Democratic Party's fault if an agreement isn't reached and the government shuts down.

Both Trump's team and Musk have pushed back against the idea that he's pulling Republicans' strings. Musk has said he's only bringing things to the attention of his followers, and they're free to voice their support.

The Tesla and SpaceX CEO's net worth hit a record $486 billion on Tuesday, up $257 billion from the start of the year — a figure that exceeds the fortune of the world's second-richest man, Amazon founder Jeff Bezos. Tesla stock has slid since then, but Musk was still worth $455 billion at Thursday's close.

As Sanders wrote, Musk's wealth surged after President Trump's election victory as Tesla stock rode a broader market rally, and investors wagered the automaker would benefit from Musk's close ties to the White House. Additionally, SpaceX was valued at a record $350 billion this month, boosting the worth of Musk's stake in the rocket company.

Sanders has called out Musk several times in his criticisms of wealth inequality, which often single out billionaires for having too much influence and paying too little in taxes.

"Never before in American history have so few billionaires, so few people had so much wealth and so much power," he said in a clip from "Meet the Press" that he recently shared on X.

"We can't go around the world saying, 'Oh well, you know in Russia, Putin has an oligarchy," Sanders continued. "Well, we've got an oligarchy here, too."

The progressive lawmaker has also clashed with Musk's Big Tech peers. Sanders recently told Bill Gates that he was a "very innovative guy" who deserved to be financially rewarded for his contributions to society as Microsoft's cofounder — but not to the tune of billions of dollars.

"How much do you deserve? Can you make it on a billion? Think you could feed the family? Probably. Pay the rent? Maybe," Sanders quipped.

In response to Sanders saying billionaires shouldn't exist in 2019, Meta CEO Mark Zuckerberg, now the world's third-richest person, agreed that "some of the wealth that can be accumulated is unreasonable."

• The Federal Reserve cut its benchmark interest rate to between 4.25% and 4.5% on Wednesday.
• The central bank also projected two cuts next year instead of four, sending stocks tumbling.
• Here's how analysts, economists, and other experts reacted to the Fed decision and market reaction.

The Federal Reserve cut its benchmark interest rate on Wednesday to a range of 4.25% to 4.5%, bringing its decline since mid-September to 100 basis points.

Wall Street usually celebrates rate cuts as lowering borrowing costs drives spending, investing, and hiring. Reducing rates also signals inflation is under control, and makes risk assets like stocks relatively more attractive by trimming yields on safer assets like Treasuries.

Yet stocks tanked because Fed officials projected two cuts next year, down from four previously. Fed Chair Jerome Powell also said the central bank expects to ease its monetary policy more slowly in the months ahead.

Here's a roundup of how analysts, economists, strategists, investors, and other experts reacted to the latest Fed decision in their morning research Thursday.

Matt Britzman, senior equity analyst at Hargreaves Lansdown

"US markets played the part of Scrooge on Wednesday, tumbling as the Federal Reserve's hawkish tone dampened holiday cheer.

Investors should see this as a healthy spot of profit-taking rather than an end to the party, after what's been a fantastic run for markets since the US election."

Russ Mould, investment director at AJ Bell

"Markets are normally good at reading the signs, but the sell-off on Wall Street last night would suggest investors had started on the Christmas sherry a bit early and were caught out by the Fed's announcement about where rates might go in 2025.

The 3% drop in the S&P 500 is a wake-up call that US markets are not a one-way ticket to the moon.

The fact futures prices are showing a rebound in the main US equities on Thursday would suggest we are not at the start of a full-blown market correction. Instead, it's more likely that investors are now sitting up and paying more attention to what could go wrong, rather than only focusing on the positives. That's long overdue and a healthy development."

David Rosenberg, founder and president of Rosenberg Research

"This is a Fed that really has no faith in its view at any time and is willingly reactive as opposed to proactive even though its actions affect the economy with long lags.

You would have thought that between the commentary and forecast changes that the world has changed dramatically since the jumbo rate cut just three months ago. It clearly does not take much to cause this Fed to swing its view around. I can guarantee that it will shift again."

Stephen Koopman, senior macro strategist at Rabobank

"'We had a year-end inflation forecast, and it's kind of fallen apart.'

Not exactly the confidence-inspiring line you'd expect from a Fed chair. But Jerome Powell's performance at yesterday's press conference wasn't his finest hour. In what might have been the most uncomfortable showing of his tenure, Powell ceded the stage to the hawks, visibly strained as he tried to sell a strategy he didn't fully appear to endorse.

Powell flagged inflation 'moving sideways' and 'higher uncertainty' around its trajectory. These admissions reveal a central bank increasingly unsure of its footing, with rates markets now expecting just one cut for 2025 (as we do), and with no real consensus on when that final cut would arrive."

Jamie Cox, managing partner for Harris Financial Group

"Markets have a really bad of habit of overreacting to Fed policy moves. The Fed didn't do or say anything that deviated from what the market expected — this seems more like, I'm leaving for Christmas break, so I'll sell and start up next year.

The good news is that this 10-day sell-off should lay the path for a Santa Rally leading into next week."

Chris Zaccarelli, chief investment officer for Northlight Asset Management

"Santa came early and dropped a 25-bps rate cut in the market's stocking but accompanied it with a note saying that there would be coal next year."

The market is forward-looking and ignored the good news of today's rate cut and instead focused on the paucity of rate cuts for next year."

Jochen Stanzl, chief market analyst at CMC Markets.

"What was heard last night from the Fed as an accompaniment to the interest rate cut is a showstopper for the stock market.

The Fed is sending a clear signal that it has almost completed the phase of interest rate cuts. The year 2025 will be a significant break in the Fed's rate-cutting cycle.

The Trump blessing could quickly turn into a curse. If the market expects yields to rise further, it is unlikely that the Fed will intervene against these forces. If inflation data continues to rise in January and February, then that could be it for the interest rate cuts."

Adam Turnquist, chief technical strategist for LPL Financial

"While the Fed is taking all the heat for today's sell-off, a reality check from overbought conditions, deteriorating market breadth, and rising rates was arguably overdue.

Overall, today's FOMC meeting brought back some unwanted clouds of uncertainty over monetary policy next year. At a minimum, market expectations have shifted toward a shallower- and slower-than-anticipated rate-cutting cycle. Technically, the near-term risk remains to the upside for 10-year Treasury yields, creating a likely headwind for stocks."

Jean Boivin, head of the BlackRock Investment Institute

"The Fed has poured cold water on already dwindling market hopes for generous rate cuts in 2025.

Given the risk of resurging inflation from potential trade tariffs and a slowdown in immigration that has been cooling pressure in the labor market, market expectations of only two more cuts in 2025 now seem reasonable.

We expected this policy outcome, so it doesn't change our recently upgraded view on US equities. US stocks can still benefit from AI and other mega forces, from robust economic growth and from broad earnings growth — and we see them outperforming international peers in 2025."

Isaac Stell, investment manager at Wealth Club

"With an economy that's going gangbusters and an incoming president with a fiscally loose agenda, you wonder why the Fed felt it necessary to cut.

Is this to curry favor with the incoming administration or is there a bump in the road the Fed can see that the rest of us are missing."

Michael Brown, senior research strategist at Pepperstone

"The FOMC delivered about as hawkish a cut as they could muster up yesterday, and market participants were not particularly pleased about what they heard.

It was, though, a little perplexing to see such a violent market reaction to Powell's remarks, particularly considering how 'every man and his dog' had been expecting this sort of a pivot in the run up to the meeting.

It feels, though, as if markets have overreacted to Powell's message, and that we may have reached something of a hawkish extreme here

Consequently, I'd be a dip buyer of equities here, as strong earnings and economic growth should see the path of least resistance continuing to lead to the upside, offsetting the fading impact of the 'Fed Put.'"

• Michael Dell is one of the world's wealthiest people, with a net worth of more than $100 billion.
• The Dell Technologies founder made his fortune by democratizing the PC and striking shrewd deals.
• Here's a look at his background, career, and how he spends his fortune.

Michael Dell, the tech entrepreneur who helped bring the personal computer to the masses, ranks among the world's wealthiest people with a net worth of $122 billion, per the Bloomberg Billionaires Index.

From his early career as one of the youngest CEOs of a Fortune 500 company until now, Dell is used to getting his way. He was only 23 when his company had its IPO in 1988. Dell took the PC maker private in 2013 only to relist it five years later, and has now shifted the company's focus toward serving the artificial intelligence boom.

Dell lives the extravagant life of a successful business figure as well, complete with all of the private planes, summer homes, and sweet rides you'd expect from a billionaire.

Michael Dell was born on Feb. 23, 1965, in Houston, Texas.

Dell was fascinated with gadgets from a young age. When he was 15, he bought one of the first Apple computers and disassembled it to see if he could put it back together.

Source: Academy of Achievement

When Dell was in high school, he got a job selling newspaper subscriptions.

After figuring out how to target an untapped customer base, he made $18,000 in just one year.

Source: Academy of Achievement

Though he was really only interested in computers, Dell entered the University of Texas at Austin as a pre-med student in 1983.

He spent his spare time upgrading PCs and selling them from his dorm room, making $180,000 in his first month of business. Though Dell never came back for his sophomore year, he returned to his dorm for a photo opp in 1999.

Source: Entrepreneur

In 2018, Dell tweeted out the first financial statement from his dorm PC company.

Dell used the statement to convince his parents that he didn't have to go back to college.

He sold nearly $1 million worth of computers and, after paying salaries and expenses, made over $198,000 in gross profit.

He officially launched his company in 1984, under the name PC's Limited.

It soon became one of the fastest-growing companies in the country, raking in more than $6 million in sales in its first year of business.

Source: Entrepreneur

He changed the company's name to Dell Computer Corp. in 1987, and sales continued to soar.

It went public in 1988, raising $30 million. Dell made about $18 million from the deal, and by 1992, the 27-year-old CEO was the youngest person to lead a Fortune 500 company.

Source: Entrepreneur, Academy of Achievement

In 1988, he went on a blind date with Susan Lieberman, a fashion designer from Dallas.

The two had an instant connection. "Most men I dated talked about themselves a lot and tried to impress me," Susan told Texas Monthly. "He was the nicest guy I'd ever met."

They were married in October 1989 and have four children.

In 2001, Susan Dell designed the inaugural ball gowns for Jenna and Barbara Bush.

She operated a successful boutique in Austin and even had two labels of her own before opening a new fashion brand, Phi, in New York City, which she closed in 2009.

Source: Austin Business Journal, Texas Monthly, New York Magazine

His son, Zack Dell, started following in his dad's footsteps.

In 2014, at age 17, Zach cofounded his own dating startup Thread. Thread later became a photo-sharing app but is no longer around.

The family's 33,000-square-foot home outside Austin is called "the Castle" because of its hilltop perch and heavy security presence.

The house boasts eight bedrooms, 13 bathrooms, a tennis court, indoor and outdoor pools, and gorgeous views of Lake Austin.

Source: The Independent

 

Dell also owns a 6,380-square-foot contemporary ranch house in the nearby hills, where the family keeps Arabian horses.

Source: Mother Jones, The Nation

The Dell family has spent vacations at the "Raptor Residence," a seven-bedroom, 18,500-square-foot compound in Kukio, Hawaii.

Source: Business Insider and The Pinnacle List

Dell loved the resort area of Hualalai so much that in 2006, with the help of Walmart heir Rob Walton, he bought the hotel and resort through his investment company, MSD Capital

Dell started MSD Capital in 1998 to manage his family's wealth. The firm has made investments in a number of companies, including IHOP and Applebee's parent company, apparel company Phillips-Van Heusen, and offshore oil drilling company Independence Contract Drilling.

Source: Bloomberg, Pitchbook, SEC filings.

Through MSD Capital, Michael Dell also invested in real estate in Hawaii, Mexico, and California.

The company invests in luxury hotels, commercial and multifamily properties, and land development, and it participates in other real-estate-development funds.

Dell has his fair share of hot wheels as well.

His car collection at one point included a 2004 Porsche Boxster, a Porsche Carrera GT, and a Hummer H2.

Source: MSN 

He's also owned private jets including a Gulfstream V.

Private planes come in handy when Michael and Susan Dell travel for their nonprofit.

Since 1999, the Michael & Susan Dell Foundation has given billions to nonprofits and social enterprises in the US, India, and South Africa.  

 

Dell is friends with other tech billionaires.

Salesforce CEO Marc Benioff is a particular buddy. The two of them did a public Fitbit walking challenge in 2014 and Benioff's team won. But Dell is so competitive (and also a fitness fanatic), that Benioff jokingly suspected that Dell put his Fitbit on his dog to help him score more steps.

Source: Fitbit, Business Insider

CEO to chairman and back again

In 2004, Dell left the helm of his PC company and became chairman. But in 2007, with Dell's share of the PC market declining, he shook up management, took the reins as CEO, and never let go again. As the PC market continued to decline, he expanded into new markets through new products and acquisitions.

In 2013, the Texan won a long battle to take Dell private, fighting off legendary activist investor Carl Icahn, who wanted to stop the deal, replace the board, and fire Dell.

 

Two years after winning that battle, Dell announced plans to buy EMC for $67 billion.

The financing of a deal this huge was complicated, and at first, skeptics thought it would fall apart, citing everything from tax complications to pushback from investors in VMware, a company EMC mostly owned.

Dell didn't lose.

Instead, he catapulted his company into a much bigger one with the purchase of EMC. He became the leader of what was then the largest private company in the tech industry.

After five years as a private company, Dell went public again in late 2018 through a complex arrangement that involved buying back shares in VMware, the software business in which it held an 80% stake.

He received a huge windfall in November 2023, when Broadcom closed its $69 billion takeover of VMware.

The PC tycoon owned nearly 40% of the cloud-computing business before it was sold to the microchip giant. As a result, he received well over $20 billion in Broadcom stock and cash in exchange for his stake, filings show.

Dell stock has surged by over 300% over the past two years, as investors bet it will be a key player in the AI revolution.

Dell shares have soared from below $34 in September 2022 to around $115, valuing the company at about $79 billion.

The stock surge likely reflects the company's pivot to providing a broad suite of AI solutions to corporations, selling everything from servers and data storage to AI PCs, networking, and services.

Dell trumpeted AI's potential in an interview published this September, saying it would "accelerate and advance scientific discovery" and "make humans happier, healthier, and more successful."

"I'm incredibly excited about it," he added. "As with any new thing, there are all sorts of uncertainties and questions, including how's it all going to happen. Nobody knows, and we love being in the middle of it."

Source: McKinsey

 

Dell's net worth has soared to more than $100 billion.

Dell's surging stock has supercharged its founder's net worth, raising it from about $45 billion two years ago to $122 billion.

Dell is now one of the dozen or so centibillionaires, and ranks 11th on the Bloomberg Billionaires Index.

• Billionaire investor Ray Dalio wants people to give charity gift cards instead of material gifts.
• Recipients can decide which charity they want the money to go to.
• An expert in billionaire philanthropy said it could be good for wealthy people who donate to charity anyway.

Wall Street billionaire Ray Dalio is asking you to consider ditching buying gifts and instead give charity cards.

His "#RedefineGifting" campaign encourages his followers to give charity gift cards to their loved ones and request them in return.

Since 2020, Dalio, who founded Bridgewater Associates, has partnered with the nonprofit TisBest to give away 90,000 charity gift cards worth $5 million. The purchaser decides the amount, and the recipient chooses one of the 1.8 million US-registered charities on Tisbest's platform to donate the money.

"The shopping season has begun — a month-long compulsion to buy something, for everyone. We're pressed. We're stressed. And we waste time and money on gifts that might have little meaning," Dalio posted on X.

"Consider giving people donations to their favorite charities. And request that they give a donation to your favorite charity," he added.

A November Gallup poll found that US shoppers plan to spend an average of more than $1,000 on gifts this year for Christmas and other holidays.

Dalio has said in previous posts that he's given charity gift cards to his friends and colleagues for more than 10 years and has enjoyed learning about their favorite charities.

Dalio has pitched the "infectiously joyous and healthy" cards as simpler, easier, and different from material gifts that might be unwanted.

But charity cards may not go down well with those who — struggling financially amid historic inflation and heightened interest rates — would prefer a material gift.

Hans Peter Schmitz, a North Carolina State University professor researching billionaire philanthropy, told Business Insider that gift cards seemed a particularly good idea for wealthy people who might donate to charities anyway.

He advised ensuring everyone was on the same page and giving a more conventional gift alongside a card to avoid disappointing the recipient.

"It may be best to first ask and agree with family and friends that this is what everyone wants," Schmitz said. "It may also be worthwhile adding such a charitable gift along with something more personal."

"Any gift should still signify a personal connection and express more than just an expected transaction," he added.

• The elite group worth more than $100 billion includes Elon Musk, Jeff Bezos, and Bill Gates.
• The 16 members have grown almost $900 billion richer this year and are jointly worth $2.8 trillion.
• Walmart heirs Jim, Rob, and Alice Walton joined the club for the first time in September.

Elon Musk, Jeff Bezos, and Mark Zuckerberg are among the handful of people on the planet with a net worth above $100 billion.

Members of this elite group have amassed 12-digit fortunes by owning huge amounts of stock in some of the world's most valuable companies. Most are founders and either current or former CEOs, and some, such as Warren Buffett, would be much richer if they didn't give billions to charity.

The 16 people in this very exclusive club have a combined wealth of about $2.8 trillion, according to the Bloomberg Billionaires Index. They're worth more than Amazon or Google owner Alphabet, which command market values of around $2.4 trillion each.

All but one of them have grown richer this year, adding a net $890 billion to their collective fortunes. Walmart ($762 billion), Eli Lilly ($740 billion), and JPMorgan ($675 billion) are all worth significantly less than that.

Walmart heirs Jim, Rob, and Alice Walton joined the exclusive group in September, thanks to their net worths surging by upward of $43 billion this year.

Here's the list of individuals worth at least $100 billion, showing Bloomberg's estimate on December 16, how much it's changed this calendar year, and the source of their wealth.

1. Elon Musk

Net worth: $474 billion

YTD change in wealth: +$245 billion

Source of wealth: Tesla and SpaceX stock

Elon Musk is the CEO of the electric-vehicle maker Tesla and the spacecraft manufacturer SpaceX. He's also the owner of X, the social network formerly known as Twitter. His other businesses include The Boring Company, Neuralink, and xAI.

Musk's wealth has nearly doubled this year — surging by $245 billion or almost Jeff Bezos' entire net worth — because Tesla stock has jumped by over 85% and SpaceX's valuation has surged to $350 billion, per Bloomberg.

2. Jeff Bezos

Net worth: $251 billion

YTD change in wealth: +$74.5 billion

Source of wealth: Amazon stock

Jeff Bezos is the founder, executive chairman, and former CEO of Amazon, the e-commerce and cloud-computing giant.

He also founded the space company Blue Origin and owns The Washington Post.

3. Mark Zuckerberg

Net worth: $221 billion

YTD change in wealth: +$92.6 billion

Source of wealth: Meta stock

Mark Zuckerberg is the cofounder, chairman, and CEO of Meta Platforms, the social-media titan behind Facebook, Instagram, WhatsApp, and Threads.

Meta's Reality Labs division makes virtual-reality and augmented-reality headsets and experiences.

4. Larry Ellison

Net worth: $194 billion

YTD change in wealth: +$70.9 billion

Source of wealth: Oracle and Tesla stock

Larry Ellison is the cofounder, chief technology officer, and former CEO of Oracle, an enterprise software company specializing in cloud computing and database platforms.

He invested in Tesla prior to joining the automaker's board in 2018 and made more than 10 times his money on paper by the time his term as a director ended in August 2022.

5. Bernard Arnault

Net worth: $178 billion

YTD change in wealth: -$29.3 billion

Source of wealth: LVMH stock

Bernard Arnault is the founder, chairman, and CEO of LVMH Moët Hennessy Louis Vuitton. His conglomerate owns a bevy of luxury brands, including Dior, Fendi, Dom Pérignon, Sephora, and Tiffany & Co.

LVMH stock has struggled this year, falling over 10% and eroding Arnault's net worth in the process.

6. Larry Page

Net worth: $175 billion

YTD change in wealth: +$48.2 billion

Source of wealth: Alphabet stock

Larry Page cofounded Google with his Stanford University classmate Sergey Brin in a friend's garage in 1998 and served as CEO until 2001.

He took the reins again between 2011 and 2015 after Google was restructured as a subsidiary of Alphabet alongside other businesses such as YouTube and Waymo.

7. Bill Gates

Net worth: $165 billion

YTD change in wealth: +$23.9 billion

Source of wealth: Microsoft stock

Bill Gates is the cofounder and former CEO of Microsoft, which makes the Office application suite, the cloud-computing platform Microsoft Azure, and Xbox consoles.

He's renowned for his philanthropic work at the helm of the Bill & Melinda Gates Foundation, one of the world's largest charitable entities.

8. Sergey Brin

Net worth: $164 billion

YTD change in wealth: +$44.3 billion

Source of wealth: Alphabet stock

Sergey Brin cofounded Google with Page in 1998 and served as the search-and-advertising titan's first president.

He and Page stepped down from their respective roles as Alphabet's president and CEO in 2019.

9. Steve Ballmer

Net worth: $156 billion

YTD change in wealth: +$25.4 billion

Source of wealth: Microsoft stock

Steve Ballmer served as Microsoft's CEO between 2000 and 2014. He joined the company in 1980 as Bill Gates' assistant, initially negotiating a profit share, which he later swapped for an equity stake when it became excessively large.

Ballmer retired as CEO in 2014 with a 4% stake — a position now worth more than $130 billion. He promptly bought the Los Angeles Clippers for $2 billion and remains the basketball team's owner.

10. Warren Buffett

Net worth: $143 billion

YTD change in wealth: +$23 billion

Source of wealth: Berkshire Hathaway stock

Warren Buffett acquired Berkshire Hathaway when it was a failing textile mill in 1965 and has since grown it into one of the world's largest companies. His nearly 15% stake is worth around $141 billion.

The famed investor's conglomerate owns scores of businesses, including GEICO, See's Candies, and BNSF Railway, and holds multibillion-dollar stakes in public companies such as Apple and Coca-Cola.

Buffett has gifted about half his Berkshire shares to the Gates Foundation and his four family foundations since 2006.

11. Michael Dell

Net worth: $130 billion

YTD change in wealth: +$51.4 billion

Source of wealth: Dell stock

Michael Dell is the founder, chairman, and CEO of the eponymous computer maker. Dell stock has roughly tripled since March last year to $119, valuing the company at over $80 billion, as investors wager it will be a key beneficiary from the AI boom.

Dell owns about 46% of his company, and pocketed well over $10 billion from the sale of Dell-backed VMware to Broadcom last year.

12. Jim Walton

Net worth: $117 billion

YTD change in wealth: +$44.5 billion

Source of wealth: Walmart stock

Jim Walton is the youngest son of Walmart founder Sam Walton, who gave each of his four children a 20% stake in the budding retail business over 70 years ago. Jim and his two surviving siblings, Rob and Alice, each still own over 11% of the company.

Jim's net worth crossed $100 billion in September following an 80% surge in Walmart stock this year.

13. Jensen Huang

Net worth: $115 billion

YTD change in wealth: +$71.4 billion

Source of wealth: Nvidia stock

Jensen Huang cofounded Nvidia in 1993, but the microchip maker has become a market darling within the past two years as its semiconductors have proven pivotal to developing artificial intelligence.

Nvidia's stock price has skyrocketed from under $15 at the end of 2022 to $132. That has boosted the company's value to $3.2 trillion — meaning it now rivals Apple as the world's most valuable company —and bolstered Huang's superrich status in the process.

14. Rob Walton

Net worth: $115 billion

YTD change in wealth: +$43.3 billion

Source of wealth: Walmart stock

Rob Walton, Sam Walton's eldest, sat on Walmart's board for more than 40 years before retiring this June.

His net worth passed $100 billion for the first time in September, making him the second Walton to join the club after his younger brother, Jim.

15. Alice Walton

Net worth: $114 billion

YTD change in wealth: +$43.8 billion

Source of wealth: Walmart stock

Alice Walton is Sam Walton's only daughter, and the world's richest woman after overtaking L'Oréal heiress Françoise Bettencourt Meyers earlier this year.

She joined her brothers, Jim and Rob, in the $100 billion club in September.

16. Amancio Ortega

Net worth: $104 billion

YTD change in wealth: +$16.9 billion

Source of wealth: Inditex stock

Amancio Ortega is the founder and former chairman of Inditex, a fashion retail group home to brands such as Zara, Bershka, and Massimo Dutti.

The billionaire philanthropist and real-estate investor stopped running Inditex in 2011. His daughter Marta Ortega Pérez was appointed chair at the end of 2021.

• Elon Musk fixes the biggest problems at his companies every week, Marc Andreessen says.
• Musk quickly tackles pressing issues by working directly with engineers and coders, the VC said.
• The Tesla and SpaceX CEO's method attracts great talent and inspires deep loyalty, Andreessen said.

Elon Musk has built some of the world's most valuable companies, from Tesla to SpaceX. A key driver of his success is a relentless focus on solving problems fast, often by working directly with the engineers or coders who've gotten stuck, Marc Andreessen says.

The legendary venture capitalist shared his insights from working closely with Musk on X, xAI, and SpaceX during a recent episode of the "Modern Wisdom" podcast.

Unlike many CEOs, Musk is devoted to understanding every aspect of his businesses, the Andreessen Horowitz cofounder and general partner said. He's "in the trenches and talking directly to the people who do the work," and acting as the "lead problem solver in the organization."

Musk's businesses include Tesla, SpaceX, Neuralink, xAI, The Boring Company, and X — formerly Twitter. Andreessen said that every week at each of his companies, Musk "identifies the biggest problem that the company is having that week and he fixes it. And then he does that every week for 52 weeks in a row. And then each of his companies has solved the 52 biggest problems that year, in that year."

In contrast, the bosses of most large corporations spend months or years holding meetings, watching presentations, and conducting legal and compliance reviews before they address their most pressing issues, Andreessen told host Chris Williamson.

Musk sees his businesses almost like assembly lines, and he focuses on removing bottlenecks and speeding up the conveyer belt a little more every week, the billionaire VC and Netscape cofounder said.

His laser focus on fixing problems attracts exceptionally talented people to his companies who want to work extremely hard and meet exacting standards, fueling further success for his businesses, Andreessen said.

Straight to the source

When Musk spots a bottleneck, he cuts through the layers of management to talk to the people actually working on the line or writing the code, Andreessen said.

"So he's not asking the VP of engineering to ask the director of engineering to ask the manager to ask the individual contributor to write a report that's to be reviewed in three weeks," the early-stage investor said. "He would throw them all out of the window."

Andreessen said Musk's approach of finding the person grappling with a particular issue, and then working with them to solve it, inspires deep loyalty.

The person thinks "if I'm up against a problem I don't know how to solve, freaking Elon Musk is going to show up in his Gulfstream, and he's going to sit with me overnight in front of the keyboard, or in front of the manufacturing line, and he's going to help me figure this out," the tech guru said.

Musk's strategy of tackling problem after problem has a "catalytic, multiplicative effect" that helps his businesses power ahead of rivals, Andreessen added.

In the past, Musk has been criticized for spreading himself too thin and not allocating enough time, energy, and resources to any one business like Tesla.

The world's wealthiest man has also said at points that he's working too hard and juggling too much, and his "hardcore" management style has been slammed as brutal and mercurial.

But in terms of technical progress and value generation, Musk's approach of getting involved quickly to fix things appears to be paying off.

• Michael Dell says humor is vital and workers need to laugh and play and relax sometimes.
• The Dell Technologies chief said people shouldn't always listen to their parents' advice.
• Dell said he goes to sleep early, works out around dawn, and enjoys Texas barbecue.

Laugh and play pranks, balance work with downtime, and don't always listen to your parents' advice, Michael Dell says.

The Dell Technologies founder and CEO shared the colorful life advice during a recent episode of the "In Good Company" podcast. Dell, 59, ranked 13th on the Bloomberg Billionaires Index with a $115 billion fortune at Thursday's close.

The personal-computing pioneer said humor plays a key role at his company.

"If you can't laugh, joke around, play tricks on people, you're doing it wrong, right?" he said. "You have to be able to laugh at yourself."

Dell said he toiled tirelessly as a young man to build his company, which generated $88 billion of revenue last year. But he warned against overworking and burnout.

"I learned a long time ago that there's a diminishing return to the number of hours worked in any given day, " he said. "And if you're going to do something for a long time, you better find the [right mixture of] working and playing and relaxing."

Dell said he goes to bed at about 8:30 or 9 p.m. each night and wakes up around 4 or 5 a.m. to exercise.

"You won't find me at the nightcap," he said. "I'll be asleep."

Barbecue and bad advice

The Texan businessman also voiced his love for one of his home state's delicacies, even if he doesn't prepare it himself.

"I believe in the theory of labor specialization, so I personally am not cooking a lot of barbecue, but I'm definitely eating barbecue," he said.

Dell also offered some general advice for young people: "Experiment, take risks, fail, find difficult problems, do something valuable, don't be afraid, and, you know, be bold."

He recalled his parents encouraging him to become a doctor and urging him to set aside his passion for building computers. On the other hand, he remembered his mother telling him and his two brothers when they were little to "play nice but win," which became his company's guiding philosophy and the title of his 2021 book.

"Well, yeah, your parents aren't always right, but they're not always wrong either," he said, adding people's "mileage may vary on the parents."

The offers and details on this page may have updated or changed since the time of publication. See our article on Business Insider for current information.

• Esther Perel says couples should talk about money, know their finances, and see value beyond income.
• The psychotherapist said wealth is a fundamental aspect of every relationship.
• Earning an income is just one of many ways to contribute to a relationship, Perel says.

Couples should talk openly about money, regularly review their finances, and recognize that earning an income is just one of many ways to contribute to a relationship, Esther Perel says.

The famed psychotherapist is known for speaking nine languages, hosting the "Where Should We Begin" podcast, and writing "Mating in Captivity: Unlocking Erotic Intelligence."

She spoke to Emily Luk, the cofounder and CEO of Plenty, a financial management platform for couples, in an episode of the "Love & other assets" podcast released Thursday.

Perel laid out how money shapes everything from people's values and identities to the power dynamics in their relationships. It can be "one of the biggest stressors" in any relationship, she said, but couples who manage financial issues well can escape that pain.

Here are the three big takeaways from her conversation.

1. Talk things over

Couples should openly discuss money matters from the outset, Perel said.

"Money is an inherent piece of what the making of a relationship will involve," she said. "It's important, but it doesn't have to be precious, hidden, taboo, queasy. Like any other topic, if you start from the beginning, then it's integrated in the system."

Perel underscored that relationships are both romantic and practical, encompassing love and trust as well as partnership and economic support. Money is a core part of that and financial decisions are inevitable, she said.

"This is about the present, the past, the future, the legacy, what people left behind, what they never left behind, what they had, what they lost," she said. "It's not just how much do you make and what do you want to do with it. "

Money can shape the power dynamic in a couple, but Perel said that's "not a dirty word for me" as all relationships have one. Couples with a healthy attitude toward money can "bring it up and talk about it" without becoming defensive and throwing blame around, she said.

Just as you might ask a prospective partner if they want kids, you should ask them about their feelings around money too, the relationship guru said.

She recommended asking them how important it is to them to earn money, what the money culture was in their family, how much money they ultimately want to make, and how they've navigated any major financial shifts in their lives.

2. Check in regularly

Even when one partner trusts the other to manage their money, that partner should still occasionally check in on their joint finances, Perel said.

Once a year, they should "sit down and have a sense of what's what," she said. "I've met too many people who, when things became problematic, didn't have a clue and it didn't bode well for them. Don't put yourself in that kind of vulnerable position."

Many couples divide roles, but "it's good to not be completely ignorant on some things that have such a direct effect on you," she added.

The psychotherapist and author gave another reason for an annual check-in: a couple's financial situation changes over time, whether a costly health issue crops up, inheritance is paid out, or shares in a company vest.

"Money is not a static thing, and the relationship needs to be flexible around that," Perel said, adding that "the conversation around money needs to evolve as the relationship evolves."

Just as a couple might plan home improvements and vacations, "once a year you should sit with your finances and say, 'Where are we at?" Perel said. "And not, 'what do we have?' but, 'how are we managing relationally? What would you like to change in the way we've been managing the money?' Why, just asking that question to your partner will go a long way."

3. Recognize value in all forms

Perel told Luk about the moment her thinking completely changed around what it means to provide and contribute to a relationship.

An artist told her they'd renovated their home by themselves, raising the property's value and the couple's quality of life by improving the room layout. It would have cost a year's salary to get the project completed externally, Perel said.

The episode made her appreciate the myriad ways that members of a couple can generate value in a relationship besides a paycheck, ranging from DIY to raising children.

"Money is not a thing around which people talk with subtlety," she said about opening client's eyes to non-monetary contributions. "So I had to find other ways to suddenly shift and say, 'Have you ever looked at it this way,' and do a whole reframe."

"So this idea that there's a single household provider — that whole language I began to dismantle so that we could really talk about the power dynamic and the money and what they can afford and who decides and who is really bringing in and providing is a totally different story than just income bracket."

• The Waltons have reclaimed the title of the world's wealthiest family
• The Walmart family fortune has grown by 66% since last year to a record $432 billion.
• Jim, Rob, Alice, and the other Waltons are richer than the royal families of Abu Dhabi and Qatar.

The Waltons are once again the world's wealthiest family, ranking ahead of Gulf royalty, luxury fashion houses, and industrial dynasties.

The heirs to the Walmart fortune have grown their wealth by 66% since last year to a record $432 billion as of December 5, meaning they've regained the No.1 spot on Bloomberg's annual list of the world's richest families.

That wealth figure exceeds the market value of some of America's biggest companies including Home Depot ($412 billion), Procter & Gamble ($402 billion), and Netflix ($396 billion).

Abu Dhabi's ruling family, the Al Nahyans, topped the ranking last year with an estimated $305 billion fortune that dwarfed the Waltons' $260 billion. The two clans switched places this year with the Al Nahyans now worth $324 billion, more than $100 billion less than the Waltons.

Qatar's ruling dynasty, the Al Thanis, placed third this year with $173 billion to their name. France's Hermès family, which includes the Birkin maker's artistic director and executive chairman, landed in fourth with $171 billion. Rounding out the top five were the Kochs, the legendary US industrialists worth an estimated $149 billion.

The richest families on the planet also include Saudi Arabia's rulers, candy dynasties Mars and Ferrero, and the Wertheimer family behind Chanel.

Family fortunes

Walmart founder Sam Walton's three surviving children — Jim, Rob, and Alice — have each grown about $43 billion richer this year, per the Bloomberg Billionaires Index.

The trio joined the $100 billion club in September and ranked among the 15 richest people on the planet as of December 12 with north of $112 billion to each of their names.

Lukas and Christy Walton, the son and widow of Sam's late son, John T. Walton, also feature on Bloomberg's rich list with net worths of about $40 billion and $18 billion each.

The five Waltons' combined fortune has ballooned by more than $150 billion this year, representing a big chunk of the 25 richest families' total wealth gain of $407 billion.

The Walton family's wealth bump has been fueled by a roughly 80% surge in the retailer's stock price this year. Sam Walton gave each of his four children a 20% stake in the family enterprise early on, and his three surviving kids each own upward of 11% of Walmart — now a company valued north of $750 billion — through a family trust. They've also raked in more than $15 billion from stock sales and dividends over the years, Bloomberg says.

• Elon Musk is almost $200 billion richer than Jeff Bezos and worth more than Costco.
• His net worth hit $447 billion after Tesla stock jumped and SpaceX's valuation rose to $350 billion.
• Just five years ago, Musk was worth about $25 billion, and Tesla was valued below $100 billion.

Elon Musk is nearly $200 billion richer than Jeff Bezos, and personally worth more than Costco, after adding $63 billion to his fortune in a single day.

His net worth surged to $447 billion on Wednesday, per the Bloomberg Billionaires Index, after Tesla stock jumped 6% and SpaceX's valuation leaped to $350 billion based on employee share sales.

Musk's fortune has ballooned by $218 billion this year — a sum that exceeds the net worth of every other person on the rich list except Amazon's Bezos ($249 billion) and Meta's Mark Zuckerberg ($224 billion).

Musk is now more than twice as wealthy as Oracle's Larry Ellison ($198 billion), and more than three times as rich as Warren Buffett ($144 billion).

His one-day gain — the largest in the index's history — rivals the total wealth of Binance cofounder Changpeng Zhao, ranked 23rd with a $63.2 billion fortune. It also helped to lift the combined wealth of the 500 richest people on the planet to above $10 trillion for the first time, Bloomberg said.

Musk is now worth more on paper than the vast majority of US public companies, including Costco ($442 billion), Home Depot ($419 billion), and Netflix ($400 billion).

His wealth is largely made up of his roughly 13% stake and some contested stock options in Tesla, and his 42% slice of SpaceX. Musk's other businesses include xAI, Neuralink, The Boring Company, and X Corp, formerly Twitter.

Tesla shares have surged more than 70% this year to $425 at Wednesday's close, valuing the company at nearly $1.4 trillion. That figure comfortably exceeds the roughly $1 trillion market value of Buffett's Berkshire Hathaway and approaches the $1.6 trillion value of Zuckerberg's Meta.

The electric vehicle maker's shares have soared as investors bet it will harness artificial intelligence in revolutionary products such as self-driving cars and humanoid robots.

Musk's prominent role in Donald Trump's campaign, and his emergence as a close advisor to the president-elect who's tasked him with streamlining the US government, have also fueled optimism around his companies.

SpaceX is now valued at $350 billion based on the latest price paid by the company and its backers to buy shares from employees, Bloomberg reported Wednesday. The Starlink owner's valuation was previously $210 billion after a secondary share sale in June.

It's worth underscoring how dramatic Musk's wealth jump has been. He was worth less than $170 billion as recently as April, and only about $25 billion five years ago — around 1/18 of his net worth now.

Tesla was worth less than $100 billion during the Covid crash of 2020, or about 1/14 of its valuation today.

• Berkshire Hathaway CEO and chairman Warren Buffett's net worth is an estimated $146 billion.
• He's the world's 10th-richest person, per Bloomberg, above Sergey Brin and the Walton siblings.
• Buffett is known for living modestly and being one of the world's most generous philanthropists.

Warren Buffett is having a good year — his fortune has ballooned by around $26 billion.

With an estimated net worth of $146 billion, according to the Bloomberg Billionaires Index, the 94-year-old Berkshire Hathaway chairman and CEO is the 10th-wealthiest person in the world. He's almost $20 billion richer than Nvidia CEO Jensen Huang, and worth considerably more than Michael Dell and any of the three Walton heirs, for example.

Looking at Buffett's frugal ways, though, you might not know it.

Still living in the house he bought in the 1950s and driving an equally modest car, the "Oracle of Omaha" prefers to keep and grow his money rather than take it out of the bank. He often eats breakfast from McDonald's and borrowed furniture when his children were born.

See how Buffett spends — or doesn't spend — his billions.

Buffett's hobbies include bridge, golf, and playing the ukulele.

Buffett loves playing bridge, sometimes playing for over 8 hours a week, the Washington Post reported. He also likes to hit the green for some golf, spends a great deal of his time reading, and loves to play the ukulele — he said in 2020 that he has a collection of 22 ukuleles. He's played the ukulele since he was young and used his skills to court his first wife Susan, their son Peter once told NPR.

Buffett once bought and donated 17 Hilo ukuleles to the North Omaha branch of the nonprofit Girls Inc, and showed up at the group's building to give a group lesson.

His fortune is largely tied to his investment company.

The vast majority of Buffett's net worth is tied to Berkshire Hathaway, his publicly traded conglomerate that owns businesses like Geico and See's Candies and holds multibillion-dollar stakes in companies like Apple and Coca-Cola.

Buffett owns about 15% of Berkshire — a stake valued at over $130 billion.

Berkshire Hathaway itself has assets worth more than $1 trillion.

Buffett began investing at a young age.

The CEO of Berkshire Hathaway began building his wealth by investing in the stock market at age 11, according to Forbes, and first filed a tax return at the age of 13.

As a teenager, he was raking in about $175 a month by delivering The Washington Post — more than his teachers (and most adults). Berkshire Hathaway later owned nearly 30% of the newspaper for 40 years until shedding the stake in 2014.

He also sold calendars, used golf balls, and stamps. He had amassed the equivalent of $53,000 by the time he was just 16.

Most of Buffett's fortune was built later in life.

The vast majority of Buffett's wealth was earned after his 50th birthday. His salary at Berkshire Hathaway last year was just $100,000, the same as it's been the last 40 years, and he reimbursed the company $50,000 in part to cover his personal calls and postage.

The company spent triple Buffett's yearly salary — $313,595 — on his personal and home security last year, according to the company's proxy statement.

Buffett's worst investment was a Sinclair gas station.

Buffett's greatest investment mistake is said to be a Sinclair gas station that he bought in 1951 at the age of 21 — he bought a stake in the station with a friend, and the business was consistently outsold by the larger Texaco station opposite it.

He eventually lost the $2,000 he invested out of his total net wealth of $10,000 at the time, Yahoo Finance reported, referencing Glen Arnold's book "The Deals of Warren Buffett, Volume 1: The First $100M." 

 

Buffett has been married twice and has three children.

Buffett married his first wife, Susan Buffett, in 1952. Together they had three children: Susie, Howard, and Peter. Though he and Susan remained married until Susan's death in 2004, they had lived apart since the 1970s. He married his second wife and longtime companion, Astrid Menks, in 2006.

When Susie was born, Buffett apparently turned a dresser drawer into a bassinet for her to sleep in, according to Roger Lowenstein's 2008 biography of the billionaire. For his second child, Howard, he borrowed a crib.

Buffett lives a modest lifestyle.

Despite his multibillionaire status, Buffett has long lived a relatively modest and frugal lifestyle. He previously told CNBC and Yahoo Finance's "Off the Cuff" that he's "never had any great desire to have multiple houses and all kinds of things and multiple cars."

Buffett lives in the same home he bought in the 1950s in Omaha, Nebraska.

Buffett lives in a modest home in Omaha, Nebraska, which he once called the "third-best investment" he's ever made in a letter to Berkshire shareholders.

He bought the home for $31,500 in 1958 — adjusted for inflation, that's about $342,000. It's now worth an estimated $1.4 million, according to Zillow, and spans 6,280 square feet with five bedrooms and 2.5 bathrooms.

Buffett has made some security upgrades since buying it and it's now guarded by fences and security cameras.

Buffett used to own a vacation home in California.

In 1971, Buffett purchased a vacation home in Laguna Beach, California, for $150,000. Part of a gated community called Emerald Bay, the house has six bedrooms, is walking distance from the beach, and was renovated after Buffett bought it. 

He initially put it on the market in early 2017 for $11 million, then cut the price down to $3 million later that year. It sold in October 2018 for $7.5 million, after almost two years on the market. 

Buffett's choice of vehicle has also long been modest.

Unlike many other ultra-wealthy individuals, Buffett has long driven a fairly modest set of wheels.

He previously drove a 2001 Lincoln Town Car with a license plate that read "THRIFTY" for about a decade, before auctioning it off for charity and replacing it with a 2006 Cadillac DTS. In 2014, he replaced the DTS with a Cadillac XTS, according to Forbes.

"The truth is, I only drive about 3,500 miles a year so I will buy a new car very infrequently," Buffett once told Forbes.

Buffett has splurged on a private jet.

One splurge Buffett has made is on a private jet. Buffett spent $850,000 on a used Falcon 20 jet in 1986, then sold the first jet and upgraded to a different used jet in 1989, spending $6.7 million.

He and his late business partner Charlie Munger nicknamed the second jet "The Indefensible," Buffett revealed in a letter to shareholders.

Buffett used a flip phone for years.

Despite the fact that Berkshire Hathaway is a major Apple shareholder, Buffett didn't upgrade to a smartphone until 2020.

Before that he preferred the Samsung SCH-U320, which can be bought on eBay for under $20.

Though Buffett did make the switch to an iPhone eventually, he told CNBC that he just uses it "as a phone."

Buffett's style includes suits from a Chinese designer and affordable haircuts.

Buffett has said he has about 20 suits, all made in China by designer Madame Li, according to CNBC.

He has a longstanding friendship with Li, an entrepreneur who worked her way up in the business. Buffett's gotten the same $18 hair cut for years from a barber shop in the same building as his office.

Buffett regularly eats at McDonald's and drinks a lot of Coke.

Buffett once told Fortune that he eats "like a six-year-old." He gets his breakfast at McDonald's almost every morning on the way to work.

In 2017, he was spending no more than $3.17 on his order, paying with exact change, he said in the HBO documentary "Becoming Warren Buffett." He also drinks at least five Cokes a day.

 

Buffett is longtime friends with Bill Gates.

Buffett once went to McDonald's in Hong Kong with longtime friend Bill Gates and paid with coupons, Gates reminisced in his 2017 annual letter.

The letter reads: "Remember the laugh we had when we traveled together to Hong Kong and decided to get lunch at McDonald's? You offered to pay, dug into your pocket, and pulled out …coupons!"

Gates has described Buffett as a "thoughtful and kind" friend, and has said that every time he visits Omaha, Buffett drives to the airport to pick him up.

Buffett is one of the world's most generous philanthropists.

Warren Buffett is considered one of the world's most generous philanthropists. He pledged in 2006 to donate about 85% of his Berkshire Class A shares to five foundations: the Bill & Melinda Gates Foundation, the Susan Thompson Buffett Foundation (named after his late wife), and three foundations run by his three children.

He teamed up with Bill and Melinda Gates in 2010 to form The Giving Pledge, an initiative that asks the world's wealthiest people to dedicate the majority of their wealth to philanthropy. Buffett himself has pledged that 99% of his wealth will go to philanthropy during his lifetime or upon his death.

As of 2023, the shares he's already given away were worth about $50 billion based on their value at the time of donation, or about $130 billion given Berkshire Hathaway's stock value at the time. If Buffett had kept those shares rather than donating them, he'd likely be the world's wealthiest person with a net worth of nearly $300 billion.

Buffett plans on leaving his kids $2 billion each, the Washington Post reported in 2014. He once said in a letter to shareholders that he recommends that super-wealthy families "leave the children enough so that they can do anything but not enough that they can do nothing."

Even for Buffett, there are things that money can't buy.

"There are things money can't buy," Buffett once said at a shareholders' meeting. "I don't think standard of living equates with cost of living beyond a certain point. My life couldn't be happier. In fact, it'd be worse if I had six or eight houses. So, I have everything I need to have, and I don't need any more because it doesn't make a difference after a point."

• Elon Musk's SpaceX is now valued at $350 billion in the latest round of staff share purchases, Bloomberg reported.
• The deal doubles SpaceX's worth from a year ago.
• Elon Musk's net worth keeps rising following gains in Tesla stock and SpaceX's valuation.

Elon Musk's space transportation company has doubled its value in only a year.

SpaceX and approved investors will purchase up to $1.25 billion of employees' shares, valuing the company at about $350 billion, Bloomberg reported late Tuesday, citing an internal memo and unnamed sources.

SpaceX is offering to purchase as much as $500 million worth of common stock itself, according to the memo.

The $185 a share valuation is almost two-thirds higher than the $112 set in the last round of purchases less than three months ago, per Bloomberg.

SpaceX did not immediately respond to a request for comment from Business Insider.

The deal is double the company's $175 billion valuation in December 2023. SpaceX shares were being sold at a valuation of $210 billion in June and $255 billion just last month, Bloomberg previously reported.

The company has long executed tender offers at fairly regular intervals. The arrangement allows employees to sell some of their shares, which often make up a significant part of their compensation, to SpaceX-approved investors.

The boost in valuation is another boost for Musk, whose net worth has reached record highs since Donald Trump was reelected president last month. Musk was worth $384 billion at Tuesday's close, up $155 billion this year, per the Bloomberg Billionaires Index.

Musk is set to work closely with the Trump administration as the co-leader of the Department of Government Efficiency, an advisory committee also known as DOGE.

His businesses are thriving from his close relationship with Trump as investors wager he will continue to play a leading role in the new administration in a phenomenon dubbed the "Trump bump."

Musk's AI startup, xAI, was reportedly valued at $50 billion in late November after raising more than $5 billion in a funding round.

Tesla has also enjoyed a major rally, with shares surging more than 60% this year. The EV maker's stock closed above $400 on Tuesday, putting it within touching distance of its record high of about $415, adjusted for stock splits.

• Oracle shares are set for their best year since 1999 after a 75% surge.
• The enterprise-computing stock has benefited from strong demand for cloud and AI infrastructure.
• Oracle cofounder Larry Ellison's personal fortune has surged .

Oracle has surged 75% since January, putting the stock on track for its best year since a tripling in 1999 during the dot-com boom.

The enterprise-computing giant's share price has jumped from a low of about $60 in late 2022 to about $180, boosting Oracle's market value from below $165 billion to north of $500 billion.

It's now worth almost as much as Exxon Mobil ($518 billion), and more valuable than Mastercard ($489 billion), Costco ($431 billion), or Netflix ($379 billion).

Oracle's soaring stock price has boosted the net worth of Larry Ellison, who cofounded the company and is chief technology officer. His holding of more than 40% puts him second on the Forbes Real-Time Billionaires list worth $227 billion, second only to Tesla CEO Elon Musk's $330 billion.

Oracle provides all manner of software and hardware for businesses, but its cloud applications and infrastructure are fueling its growth as companies such as Tesla that are training large language models pay up for processing power.

The company was founded in 1977 but is still growing at a good clip. Net income jumped by 23% to $10.5 billion in the year ended May, fueled by 12% sales growth in the cloud services and license support division, which generated nearly 75% of its revenues.

Oracle signed the largest sales contracts in its history last year as it tapped into "enormous demand" for training LLMs, CEO Safra Catz said in the fourth-quarter earnings release. She said the client list included OpenAI and its flagship ChatGPT model, which kickstarted the AI boom.

Catz also predicted revenue growth would accelerate from 6% to double digits this financial year. That's partly because Oracle is working with Microsoft and Google to interconnect their respective clouds, which Ellison said would help to "turbocharge our cloud database growth."

Oracle has flown under the radar this year compared to Nvidia. The chipmaker's stock has tripled in the past year and it now rivals Apple as the world's most valuable company. Yet Oracle is still headed for its best annual stock performance in a quarter of a century — and its bosses are promising there's more to come.

• Disney CEO Bob Iger says diet and exercise are critical to doing his job well.
• Iger said he wakes up early and works out because it gets his mind and body ready for the day ahead.
• He said that exercising gives him energy and helps him to motivate others.

Disney may be known for its magic, but there's nothing mystical about one of CEO Bob Iger's tips for excelling as a leader: diet and exercise.

Iger, 73, wakes up early and works out for about an hour "for sanity and vanity purposes," he told a recent episode of the "In Good Company" podcast.

Exercising clears his head and prepares him for the day ahead, Iger said. "Staying in shape, having stamina is critical for me, and that's eating well and exercising and just taking care of my body and my mind. I could not do this job if I were not in some form of physical and mental health."

Disney is one of the biggest US companies with $90 billion-plus in annual revenues and a market value north of $200 billion.

Iger first served as CEO between 2005 and 2020, spearheading the acquisitions of Pixar, Marvel, Lucasfilm, and 21st Century Fox's entertainment assets. He returned to lead the company in late 2022.

He's widely credited with turning Disney into a hitmaking machine that monetizes successes like "Frozen" across movies, TV shows, theme parks, resorts, cruises, toys, clothes, and video games.

Iger, who is known to rise at 4.15 a.m., said that getting up early vitalizes him and "a great leader has to be an energetic leader."

The Disney chief emphasized he's not a machine and doesn't always come bouncing into the office.

"Look, I'm a human being, so if I'm really tired from global travel and long hours and who knows what, I'm not afraid to show that to my people, because I think that's a way of being relatable," he said. "They feel that too — it's human nature. Sometimes you feel overworked and tired."

But Iger said that "for the most part, you've got to bring your energy to your job every moment of the day, meaning every waking hour, because it's motivating," he said. "Energy is motivating."

Iger is far from the only CEO to prioritize health and fitness. Apple's Tim Cook also wakes before dawn to work out for an hour most days, while Meta's Mark Zuckerberg has taken up martial arts in recent years.

On the other hand, Warren Buffett, the 94-year-old CEO of Berkshire Hathaway, famously enjoys Coca-Cola, McDonald's, and other junk food.

• Russian President Vladimir Putin said the ruble's plunge to two-year lows was no cause for panic.
• The Russian currency hit its lowest level against the dollar since March 2022 this week.
• Analysts say Russia is under pressure from inflation, military spending, and falling oil prices.

Russians shouldn't stress about the ruble tumbling to two-year lows, Vladimir Putin said Thursday. Analysts told Business Insider there was plenty of cause for concern.

The Russian leader told reporters that the "situation is under control" and that "there are absolutely no grounds for panic," according to a Google translation of a report from the RIA Novosti news agency.

Putin attributed the ruble's fluctuations "not only to inflation but also to budget payments and oil prices," along with many seasonal factors.

The Russian currency traded at 114 to the dollar on Wednesday, its weakest level since March 2022, shortly after the Ukraine invasion began. It was about 84 in early August, meaning the currency has depreciated by 36% in under four months. A greenback was worth about 108 rubles on Friday.

Russia's central bank stepped in to shore up the floundering ruble on Wednesday. It suspended purchases of foreign currency on the domestic market for the rest of this year to reduce volatility.

A Wednesday headline in the state newspaper Rossiyskaya Gazeta read, "Panic attack for Russia's currency market." The Kommersant newspaper warned readers to "buckle up your rubles."

The ruble's latest plunge follows the US sanctioning Gazprombank, one of Russia's largest lenders. The restrictions limit the bank's ability to access global financial markets and handle energy payments.

Russia also fired a hypersonic missile into Ukraine last week after its opponent launched missiles at targets inside Russia for the first time. The escalation has raised concerns of further economic disruption.

A weakening ruble benefits Russian exporters by making their goods more competitive in global markets. But it threatens to accelerate inflation by raising the cost of imports, leaving sellers little choice but to increase their prices. Stubborn inflation has already spurred Russia's central bank to raise the main interest rate to 21%, the highest level since 2003.

The Russian economy has suffered from Western sanctions imposed since Putin's invasion of Ukraine, with energy revenue tanking by almost a quarter last year. Other countries, such as India, have snapped up Russian oil instead, tempering the impact of price caps and other penalties.

Mounting pressure on Russia

Robin Brooks, a senior fellow focused on the global economy and development at the Brookings Institution, posted on X that the ruble's collapse shows how vulnerable Russia is to sanctions.

He also said the European Union's reluctance to impose certain penalties might have staved off economic disaster in Russia.

George Pavel at the trading platform Naga.com told BI the ruble's dive had been driven by rising inflation and a widening budget deficit fueled by heavy military spending.

"Russia's economic path looks unsustainable barring major changes," he said, ticking off concerns such as slowing growth, stubborn inflation, a tight labor market, and the massive cost of the Ukraine war.

Brent crude is trading at just over $70 a barrel, and sliding oil prices pose an existential threat to Russia, said Kathleen Brooks, research director at XTB.

"Russian income is shrinking at the same time as defense spending is surging as the war with Ukraine enters a more intense phase," Brooks said. "While President Trump may go some way to ending the Russia-Ukraine war, his policy on energy and plans to get the US pumping even more oil could weigh on the oil price further in 2025, which is bad news for Russia."

• President-elect Donald Trump has threatened to slap tariffs on goods from Mexico, Canada, and China.
• Tariffs raise money but may also affect prices and employment, and they can lead to trade wars.
• Here's a guide to tariffs, including who pays them, how they work, and how they affect the economy.

Tariffs are back in the spotlight after President-elect Donald Trump pledged to impose 25% tariffs on goods from Mexico and Canada and an additional 10% duty on goods from China, unless those countries stop the flow of illegal immigration and narcotics into the US.

Trump's tariff threat could be a negotiating ploy to win better terms with America's three biggest trading partners. But if the tariffs are imposed, they could affect prices, employment, and the broader US economy — especially given the risk that China, Canada, and Mexico may retaliate with tariffs, triggering a trade war.

Here's what you should know about tariffs and why they matter.

What are tariffs?

A tariff is effectively a government tax specifically levied on foreign goods imported into a country.

Tariffs date back more than 200 years and were historically used by authorities to raise money. The US government collected most of its revenue from tariffs before introducing an income tax in the early 1900s.

Authorities now use tariffs primarily to protect domestic industries from foreign competition and punish trading partners for bad behavior.

There are four types of tariffs:

• An ad valorem tariff is calculated based on the value of the good. If an imported product is worth $10 and the tariff is 10%, the importer has to pay $1.
• A specific tariff is imposed on a per-unit basis, so the value of the item doesn't matter. An importer might have to pay $1 for every pound of cocoa beans it brings into the country, whether it brings in 10 bags or 1,000.
• A compound tariff combines elements of ad valorem and specific tariffs. The tariff on an imported item could be $1 per pound or 5% of its value, depending on which generates more revenue.
• A mixed tariff applies both an ad valorem and a specific tariff, meaning an importer might have to pay $5 a pound and 10% of its value as well.

Who pays tariffs? How do they work?

The news that Trump threatened Canada with tariffs, along with Mexico and China, has made it important to understand who pays tariffs and how they work.

In the US, the simple answer is that the person or business importing the tariffed product into the US pays the tariff, and the money is paid to the US Treasury.

For example, if General Motors imports parts from its factories in Mexico and assembles its cars in the US, it would have to pay tariffs to bring in those parts.

Customs and Border Protection agents collect tariffs at 328 ports of entry, including docks, airports, and border crossings.

How do tariffs affect prices and the economy?

Tariffs raise costs for importers, and to protect their profit margins, importers typically pass on those costs by charging higher prices to their domestic customers — whether they're companies or consumers.

Those price hikes can benefit domestic producers because the hikes make their goods relatively cheaper to bring to market than imported alternatives. For example, they might make it easier for US apparel manufacturers to compete with Chinese fast-fashion companies such as Shein and Temu.

Tariffs can also spur foreign producers to drop their prices to try to keep their products competitive, hurting their domestic industry and their country's economy, and partly offsetting the upward pressure on prices from tariffs.

The countries involved may also trade lower volumes of the product if both supply and demand fall in response to the tariffs.

A 2019 research paper on the initial impact of Trump's first-term tariffs found they fully passed through into the domestic prices of imported goods — and hurt consumer choice by reducing the availability of imported varieties.

Tariffs are frequently pitched as a tool to protect domestic jobs. A National Bureau of Economic Research working paper published in January found that the 2018-2019 trade war did not affect employment in newly protected sectors. The study also found that retaliatory tariffs from other countries contributed to job losses in domestic sectors such as agriculture and were only partly mitigated by federal subsidies.

Advantages of tariffs can include stronger domestic industries, increased government revenue, and pressure on other countries to stop unfair trading practices and help address issues such as illegal immigration and the drug trade.

Disadvantages can include tariffs' effects on consumers in terms of higher prices and reduced choice, plus the risk of retaliatory tariffs that could lead to employment losses in some industries and a full-blown trade war.

Moreover, a study published in The Economic Journal in 2021 found that retaliatory tariffs "disproportionately targeted more Republican areas," suggesting they were aimed at Trump's base to try to maximize their political power.

How Trump's tariff plan would work

Trump is no stranger to using tariffs. He called himself "Tariff Man" during his first term for imposing tariffs on products such as steel and aluminum plus a wide range of Chinese goods.

He replaced the North American Free Trade Agreement with the United States-Mexico-Canada Agreement in his first term, allowing most goods to continue freely passing between those countries.

That would change if Trump goes ahead with sweeping tariffs on Mexican and Canadian goods. Products passing into the US from its northern and southern borders would be subject to duties, and the money collected would flow to the US Treasury.

A key question is whether the tariffs would result in higher inflation. Inflation, or the annualized pace of price increases, hit a 40-year high of more than 9% in 2022, spurring the Federal Reserve to raise interest rates from nearly zero to above 5% in less than 18 months.

Inflation has dropped below 3% in recent months, freeing the Fed to begin cutting rates. The question is whether Trump's tariffs would cause price growth to accelerate again and delay further rate cuts — especially as people's deep concerns about higher living costs was a key reason they reelected him.

• Maye Musk commented on her son's friendship with Donald Trump in a Fox Business interview.
• Elon Musk and the president-elect are having "a lot of fun," she said.
• Maye Musk called her son "the genius of the world" and backed him to slash government waste.

Elon Musk and Donald Trump are two of the world's wealthiest and most powerful men. Musk helped Trump regain the White House and now wants to shake up the federal government.

Musk's mother, Maye, commented on their budding bromance in an interview on Fox Business this week: "They just seem to be having fun, a lot of fun, and that's nice for both of them to have fun."

Elon Musk, 53, is the CEO of Tesla and SpaceX and the richest man on the planet with a net worth close to $350 billion, per the Bloomberg Billionaires Index.

Trump, 78, is the president-elect of the world's biggest economy, a real-estate tycoon, reality TV star — and a convicted felon.

Elon "really respects him a lot and is really happy that there's a future for America now," Maye said.

The model and dietitian said she's only briefly seen the two men together as she lives in New York. The pair have been hanging out at Trump's Mar-a-Lago resort in Florida where Musk has joined calls with other world leaders and weighed in on cabinet picks. They also attended a SpaceX launch in Texas this month.

Many mothers champion their children and sing their praises, and Maye is no exception. She echoed her son's scathing criticism of the "dishonest Democrat media," and said they would be "trying to break up the relationship" between him and the incoming president.

Maye said that calling Elon "wealthy" or a "billionaire" was "degrading," and she thinks of him as "the genius of the world."

She also predicted that, as the co-chief of a new Department of Government Efficiency, he would easily eliminate government waste. Just as he did at Twitter, now X, he would mandate workers return to the office and fire employees who fail to point out anything worthwhile they've done in the past week, May added.

Elon is clearly close to his mother. He's posted pictures of them, sent her heart emojis on X, taken her to several high-profile events, and brought her on during his opening monologue when hosting "Saturday Night Live" in 2021.

Similarly, Maye has shared childhood photos of Musk and repeatedly said how proud she is of him.

• Donald Trump's latest tariff threats have set alarm bells ringing on Wall Street.
• The president-elect said he would impose tariffs on exports from Mexico and Canada, as well as China.
• Analysts warned of a trade war, volatility, steeper inflation, and a flight to safety in markets.

Donald Trump rattled financial markets late Monday by warning he would slap 25% tariffs on Mexican and Canadian exports to the US until the flow of illicit drugs and illegal migrants into America stops. He also said he'd impose another 10% tariff on imports from China until the drug problem is resolved, in addition to the 60% he proposed during the election campaign.

Analysts said the president-elect's latest threats could presage tariffs on other countries' exports and escalate into a full-scale trade war. They also said it could fuel volatile trading and a flight to haven assets in markets. There's also the threat of stoking inflation, meaning interest rates stay higher for longer.

Here's what analysts and commentators are saying:

George Saravelos, global cohead of FX research at Deutsche Bank

"Free trade agreements are not safe. Canada and Mexico are part of the USMCA which was negotiated by Trump himself. It is clear that even countries with existing agreements with the US can be subject to tariffs.

"The softer the market reaction, the greater the likelihood of more tariffs. The equity market reaction has so far been very benign, we would argue likely on the back of the transactional interpretation. That US domestic small-caps have been leading the recent market rally also helps reduce the impact. The first Trump administration showed that the more benign the market reaction, the greater the likelihood of further escalation."

Dan Coatsworth, investment analyst at AJ Bell

"If those tariffs are at the top of his agenda, there is now an elevated risk they will be closely followed by punishing tariffs on other countries. Trump clearly wants to make his mark and show he's the boss.

"There has been a view among some investors that Trump's tariff talk was a negotiating tactic, a threat rather than a promise. That might still end up the case, but it's clear that the president-elect has no intention of backing down for now."

Matt Britzman, senior equity analyst at Hargreaves Lansdown

"European equity markets braced for a sharp drop on Tuesday as Trump's tariff threats against China, Mexico, and Canada sent shockwaves through global sentiment.

"The president-elect's scorched-earth approach has stoked fears of a trade war, with investors increasingly wary that Europe could be next in his crosshairs."

Nigel Green, CEO of deVere Group

"These tariffs will not only drive up costs for companies but also fuel inflation, which could lead to further tightening of monetary policy.

"Markets hate uncertainty, and the prospect of a full-blown trade war will send investors scrambling to reassess their exposure."

Mark Haefele, chief investment officer of UBS Global Wealth Management

"While investors are once again on edge following Trump's latest tariff threats, we think markets also recognize that the risks of higher inflation and interest rates are implicit constraints on his policy agenda, with eventual policy outcomes potentially less inflationary than some investors previously feared.

"We see further volatility ahead, but we also expect US Treasury yields to fall in the year ahead following a 65-basis-point rise over the past two months."

Ruben Ferreira, FlowCommunity

"The medium to long-term outlook could shift if trade tensions escalate, potentially disrupting international trade relations.

"Such developments may heighten market uncertainty, driving increased demand for safe-haven assets such as gold as investors seek protection against market risks and economic instability."