• 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."

• New legislation in New York intends to crackdown on the black market for restaurant reservations.
• The law will restrict third-party agents from selling reservations to the highest bidders.
• New York's Gov. Kathy Hochul says it gives everyone "a chance to get a seat at the dinner table."

For the last few years, New York's dining scene hasn't exactly been a democracy.

From Reddit users scalping coveted restaurant spots for $1,500 to third-party agents using AI bots to hoard reservations and sell them to the highest bidders, eating out in New York evolved into a gamified legal black market where the biggest spenders stood a better chance at winning a seat at the table.

Now, a new law, signed by New York Gov. Kathy Hochul on Thursday, seeks to democratize New York's renowned dining culture.

Legislation S.9365A/A.10215A prohibits "third-party restaurant reservation services from arranging unauthorized reservations," per the governor's website.

It intends to crack down on the "predatory marketplace" that requires diners to either pay extra before they set foot in a restaurant or make it "inaccessible" for those who refuse.

"New York is home to some of the best restaurants in the world, and whether you're returning to your favorite local spot or trying out the latest in fine dining, you deserve a fair system," Gov. Hochul said.

New York State Restaurant Association President and CEO Melissa Fleischut, echoed Gov. Hochul and said AI bots stockpiling reservations have "wreaked havoc" on New York restaurants by increasing "no-show" rates.

"Food and beverage orders, employee schedules, and many other aspects of a restaurant rely on accurately predicting how many customers will show on a given night," Fleischut said.

The bill doesn't impact legitimate reservation platforms like SevenRooms and Resy, which work directly with restaurants.

Not everyone is convinced legislation S.9365A/A.10215A will protect both businesses and consumers.

Speaking to Bloomberg, Jonas Frey, who founded the Appointment Trader website, said New York's dining scene will still favor the rich who can splurge on concierge services or book via prepay sellers.

"If Appointment Trader were to shut down tomorrow in New York City, no one that doesn't have a relationship or doesn't want to prepay $1,000 would be able to go to Carbone or 4 Charles Prime Rib or Tatiana for that matter," Frey, whose website will be impacted by the new law, said.

• Sam Altman isn't done firing shots at Elon Musk.
• The OpenAI CEO said the Tesla boss was "clearly a bully" who likes to pick fights with rivals in an interview with The Free Press.
• Musk is in a lengthy legal battle with OpenAI and Altman, and refiled a lawsuit against both earlier this year.

Sam Altman and Elon Musk once started OpenAI together — but now their relationship is a lot more complicated.

In an interview with The Free Press on Thursday, Altman said his OpenAI cofounder was "clearly a bully" and said that Musk's high-profile feud with his former company had become a "sideshow."

Since stepping down from OpenAI in 2018, Musk has been highly critical of the AI startup and CEO Altman.

The Tesla boss refiled a lawsuit in August, arguing he had been "deceived" into starting the company by Altman and fellow cofounder Greg Brockman.

Musk has also asked a federal court to block OpenAI from transitioning into a for-profit entity, with OpenAI firing back by releasing a cache of emails showing Musk pushed for the AI startup to be for-profit while working at the company.

In the interview, Altman described Musk as a "legendary entrepreneur" who did a lot to help OpenAI in its early days.

"He's also clearly a bully, and he's also someone who clearly likes to get into fights," added the OpenAI CEO, pointing to the billionaire's high-profile spats with Jeff Bezos and Bill Gates.

Altman also said he believes much of Musk's animosity is rooted in OpenAI's recent success and the fact that he now runs a direct competitor.

Musk announced xAI, his own AI startup, last year, and the company has since released several versions of its chatbot Grok.

"Everything we're doing, I believe Elon would be happy about if he were in control of OpenAI," said Altman.

"He left when he thought we were on a trajectory to certainly fail, and also when we wouldn't do something where he had total control over the company," he added.

Altman's comments come as Musk prepares to occupy an increasingly prominent role in the second Trump administration. Though Musk will have an influential political position, Altman said he did not believe Musk would use his power to go after his rivals.

"I think there are people who will really be a jerk on Twitter who will still not abuse the system of the country," he said.

OpenAI and Musk did not respond to requests for comment, sent outside normal working hours.

• Donald Trump has said the EU will face tariffs unless they make up their trade deficit with the US.
• He has told the bloc to make a "large scale purchase" of US oil and gas to balance trade relations.
• In 2022, the US purchased $131.3 billion more of goods and services from the EU than vice-versa.

US President-elect Donald Trump said he has told the European Union it must purchase a large quantity of US oil and gas, or he will impose tariffs on the trading bloc.

"I told the European Union that they must make up their tremendous deficit with the United States by the large scale purchase of our oil and gas. Otherwise, it is TARIFFS all the way!!!" Trump posted on his Truth Social platform on Friday.

The EU and US have long maintained deep economic ties, but in recent years, the balance of trade has tilted in Europe's favor. In 2022, the overall US goods and services trade deficit with the EU was $131.3 billion.

While the US imports more goods in the trade partnership than the EU, the reverse is true for services.

In 2023, the US exported €396.4 billion ($411.5 billion) of services to the EU, while importing €292.4 billion ($303.5 billion) — a US surplus of €104 billion ($107 billion), according to EU figures.

"The EU and US have deeply integrated economies, with overall balanced trade and investment," Olof Gill, a European Commission spokesperson, told Business Insider.

"We are ready to discuss with President-elect Trump how we can further strengthen an already strong relationship, including by discussing our common interests in the energy sector," he added.

"The message is clear: the European Union is committed to continue working with the United States, pragmatically, to strengthen transatlantic ties," European Council President António Costa told reporters following a meeting of the European Council on Thursday.

Trump made tariffs central to his reelection campaign, suggesting a blanket 10% tariff on goods from all countries. It is still uncertain which policies he will introduce once in office.

The US is one of the EU's largest trading partners, particularly for industries like automobiles, pharmaceuticals, and luxury goods.

Individual countries like Germany, whose stuttering auto market depends heavily on imports to the US, would be particularly hard hit by renewed tariffs.

The pressure of potential tariffs comes as the eurozone struggles with sluggish economic growth and the ongoing war in Ukraine. The bloc expanded by 0.2% in the most recent quarter, compared to 0.7% growth in the US.

On Wednesday, Federal Reserve Chair Jerome Powell said Trump's proposed tariff plans pose more uncertainty to the US economy in the coming year.

"We don't know what will be tariffed, from what countries, for how long, in what size. We don't know whether there'll be retaliatory tariffs. We don't know what the transmission of any of that will be into consumer prices," Powell told reporters.

The European Commission did not reply immediately to a request for comment from Business Insider.

• 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.'"

• Companies use "stealth firing" to quietly reduce staff without public layoffs.
• It involves dismissing employees for minor offenses to avoid public backlash.
• This tactic can harm company culture, leading to low morale and potential legal issues.

Some companies are opting for a new tactic in slimming down employee numbers — "stealth firing."

Meta let go around two dozen staff in October for using their $25 meal credits to buy other items, including laundry detergent and acne pads, while EY fired many more for "cheating" and taking multiple training courses at once.

The Financial Times, which first reported the EY firings, referred to these instances of being dismissed for minor offenses as "stealth firing."

Joe Galvin, the chief research officer at the executive coaching platform Vistage, told Business Insider that this sneaky sacking is "a "covert behind-the-scenes activity" that "violates the principle of respect for the individual."

A corporation might think: "I'm trying to downsize a little bit without saying I'm downsizing a little bit," Galvin said.

"So you go through this process that does nothing but break trust."

Short-term gain for long-term problems

Stealth firing leads from an era of "quiet firing," where companies methodically made employees' roles increasingly uncomfortable and less appealing, such as implementing strict return-to-office mandates.

This trend, along with the quietly agreed-upon severance packages of "silent layoffs," is a tactic to avoid the optics of publicly cutting dozens of staff.

Cynthia Patterson, the founder of the HR consultancy firm PeopleOps.how, who has 20 years of experience in HR across tech, AI, healthcare, and retail industries, told BI that while quietly trimming headcounts in these ways may work in the short term, they can cause serious issues for a workplace.

"Any short-term outcome is offset by the negative cultural impact," Patterson said. "Employees are left second-guessing their own value and stability, creating an environment of anxiety and mistrust."

A lack of trust and stability can lead to low morale, reduced productivity, and a stressed-out workforce.

"This dynamic mirrors the patterns of toxic and/or abusive work cultures, where fear and uncertainty are used — intentionally or not — as tools for behavioral control," Patterson said.

A shift in power

People are also perceptive, and employees who see their colleagues be shown the door for minor indiscretions will only make them wary and dissatisfied.

Patterson told BI companies who push people out in arbitrary ways are mistakenly viewing avoidance as kindness.

"Employee performance management is part of running a business," she said. "And it can't be skipped because it feels uncomfortable or inconvenient to the employer."

Stealth firing, Patterson said, simply exposes a company's inability or unwillingness to have honest, necessary conversations about performance — and "signals to employees that the organization doesn't have integrity."

Galvin told BI that companies willfully harming their reputations in this way may find they are the ones suffering and bleeding talent if an era of revenge quitting hits in 2025.

"The signs are pointing up toward a really strong 2025 — our community is energized, hiring's going back up again, investments are going up, expectations for profits and revenues are up," he said. "The power shifting."

Weigh up your options

It's always a smaller world than you think when it comes to work and looking for your next job, Ciara Harrington, the chief people officer of the leadership training platform Skillsoft, told BI.

"It's in the interest of everybody to keep good relationships," she said. "I don't think anybody really wants to leave a company on bad terms."

Sometimes, companies have to let their staff go, and the best thing for everyone is to do so with respect and honesty. That way, while the news isn't what the employees hope for, they still maintain a level of respect for the company.

The alternative is that employees post on public platforms such as LinkedIn, TikTok, Reddit, and job review sites about their negative experiences, such as how they felt undervalued and lied to.

Patterson said these stories could reach future employees, customers, investors, and even employment lawyers, opening up companies to potential legal disputes.

"Strong companies know their employees are human beings and deserve to be treated as such," Patterson said.

Galvin told BI that if there are signs that your company is looking to stealth fire you, it's time to start weighing your options.

Even if your employer isn't planning on firing you, if their communication is poor, and you feel unsafe, it's best to get out anyway.

"In the absence of a story, we create one," Galvin said. "If you sense that's happening to you, you either have the direct conversation with your manager or start looking for your next job."

• Jeff Bezos had dinner with Donald Trump and Elon Musk at Mar-a-Lago on Wednesday evening.
• Musk confirmed the dinner took place, describing it as a "great conversation."
• Bezos is the latest tech giant to meet Trump in Florida, after Mark Zuckerberg and Sundar Pichai both visited.

Jeff Bezos seems to be trying to patch up his feud with Donald Trump and Elon Musk.

The former Amazon CEO was pictured at Mar-a-Lago with fiancé Lauren Sánchez on Wednesday night in images circulating on social media, as he joined the president-elect for dinner.

Trump had previously told NBC's "Meet the Press" that he and Bezos were planning to have dinner.

Tesla CEO Elon Musk was also in attendance, confirming that the meeting had taken place in a post on X, describing it as a "great conversation."

Bezos, who also owns rocket company and SpaceX rival Blue Origin, is the latest tech figure to try to make nice with Trump in recent weeks.

Meta CEO Mark Zuckerberg and Google boss Sundar Pichai have both met with Trump at his Florida resort in recent weeks. Meta, Amazon, and OpenAI CEO Sam Altman have all donated $1 million to the incoming president's inauguration fund.

Bezos has had a rocky relationship in the past with both Trump and Musk.

The Washington Post owner clashed with Trump in his first term over his newspaper's coverage of his presidency.

However, Bezos praised Trump following an assassination attempt in July and said he was "very optimistic" about a second Trump term at the NYT's Dealbook conference earlier this month.

Bezos has also previously sparred with Musk, who is set to play an active role in the Trump administration after donating over $200 million to pro-Republican campaign groups during the election.

Musk wrote in a post on X last month that Bezos had told people they should sell Tesla and SpaceX stock because Donald Trump would lose the election, which the Amazon founder denied as "100% not true."

Blue Origin competes with SpaceX for lucrative NASA and federal contracts. In the leadup to the election, the billionaire came under fire over The Washington Post's failure to endorse a candidate, with multiple reports suggesting Bezos made the decision to do so.

Amazon and Elon Musk did not respond to requests for comment, sent outside normal working hours.

• Indonesia, the world's fourth most populous nation, is close to lifting its ban on Apple iPhone 16 sales.
• Its government had blocked sales of the new model for failing to comply with domestic regulations.
• Apple's $1 billion investment offer helped sway Indonesia's president, Bloomberg reported.

Apple is close to resolving its dispute over iPhone sales in Indonesia.

At a meeting on the weekend, Indonesia's president Prabowo Subianto told officials to accept Apple's $1 billion investment offer, Bloomberg reported, citing sources familiar with the matter. The offer was made in an effort to end the country's ban on iPhone 16 sales.

In October, Indonesia's Ministry of Industry blocked Apple from selling its latest iPhone model, which first launched in September, for failing to comply with domestic regulations.

The southeast Asian country requires that at least 40% of the material in smartphones and tablets sold in stores nationally come from Indonesian producers — a measure to protect local producers and attract foreign investment.

Apple offered to expand its investment plans in Indonesia's growing tech economy in an effort to ease the ban.

The offer included a proposal for one of Apple's suppliers to set up a plant producing AirTags on the island of Batam, with the aim that it will one day account for 20% of global production of AirTags, Bloomberg reported.

Apple had previously proposed a $10 million payment for a factory in Bandung, located southeast of Jakarta, the country's current capital. The factory would manufacture accessories and components.

The Indonesian market represents an insignificant portion of Apple's total sales globally, but has become one of the company's key alternatives in the region as it looks to move manufacturing out of China.

In April, CEO Tim Cook visited Indonesia and said that Apple was investigating the feasibility of establishing local manufacturing facilities there. The tech giant has already built four developer academies in Indonesia.

With over 280 million citizens, Indonesia is the world's fourth-most-populous nation and is a growing market for Apple.

Bloomberg reported that Subianto told his cabinet to seek more future investments.

Apple did not immediately reply to a request for comment made outside normal US working hours.

• 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.

• Three of Japan's iconic car companies are struggling.
• Toyota, Honda, and Nissan have seen sales in China slump, and now Nissan and Honda are considering merging.
• Japanese automakers, which have prioritized hybrids, are facing pressure from China's EV giants like BYD.

Japan's iconic auto industry is going through a rough patch, and now two of its most important companies are considering merging as they fight for survival.

Nissan and Honda are set to negotiate a possible merger, according to multiple reports on Tuesday, as they mull combining forces to stave off the growing threat of Tesla and China's electric vehicle makers.

It comes after the two companies and major rival Toyota reported slumping profits in their most recent earnings, as they grapple with ferocious competition in China and a bumpy transition to electric vehicles.

Nissan announced it would cut 9,000 workers amid falling sales, while Honda reported a 15% drop in operating profit in the second quarter.

Toyota, the world's largest automaker, saw profits for the quarter ending in September drop to 573.7 billion yen ($3.7 billion), down from nearly 1.28 trillion yen ($8.3 billion) over the same period last year.

All three companies face a similar problem; they are failing to sell enough cars in China.

Toyota's sales in China were down just over 10% in the first nine months of the year, with the company blaming "severe market conditions" such as "intensifying price competition."

Still, a Toyota spokesperson told Business Insider that its declining profits were not only attributable to China; it also saw weakness in Japan and North America.

Honda flagged a decline in sales in China in its most recent quarter, dragging down its total group sales. While Nissan reported a drop of over 5% in retail sales in China in the first half of the fiscal year — the largest drop of any of its regions.

Like other foreign automakers, Japan's car giants are being squeezed in China by local rivals. These rivals have rapidly gained market share by offering a range of affordable but high-tech EVs and hybrids.

BYD, Zeekr, and Nio have reported bumper sales recently, as European automakers like Mercedes-Benz and BMW are being squeezed in this region.

Many of China's EV champions are now expanding overseas, something Felipe Munoz, auto analyst at JATO Dynamics, told BI was putting the likes of Toyota and Honda under growing pressure.

"The real battle is happening in the emerging markets. And that's exactly where the Japanese car makers are suffering the most," said Munoz, pointing to the rapid expansion of the likes of BYD in Southeast Asia and Latin America.

"Japanese carmakers have a strong presence in Southeast Asia. And Southeast Asia right now is a hot market for Chinese cars," he said.

Electric woes

Japanese automakers have taken a broadly cautious approach to the transition to EVs, focusing instead on hybrid vehicles.

That approach has mostly paid off as EV demand has slowed, with Toyota reporting bumper profits on the back of strong hybrid sales in the US earlier this year.

However, Munoz said that while the hybrids-first strategy may have worked out in the US and Europe, it has created problems for Japanese automakers in China, leaving them without a strong lineup of EVs that can compete with local offerings that can cost less than $10,000.

"China is definitely shifting to fully electric. And this leaves out all of the car makers that are not competitive with their electric cars," said Munoz.

He added that Toyota, Honda, and Nissan are at risk of becoming overly dependent on US and European markets, which are experiencing stagnating growth while losing out in expanding markets like China.

"At the end of the day, the hybrid strategy worked in Japan, worked in the US, and worked very well in Europe, but that's not the case in China," he added.

There are signs that Japan's auto giants are changing their strategies.

Nissan has pledged to accelerate the introduction of new EVs in China and hybrids in the US, while Toyota is reportedly planning to expand production in China as it attempts to take on local firms.

A Nissan spokesperson told BI that the company is taking measures to meet the market's and customers' needs, including introducing new products.

They added that the US remains a priority market for Nissan, and that the company was expecting an increase in sales from new models.

Shares of the carmaker jumped after news of the potential merger with Honda broke, rising as much as 24% in early trading on Wednesday. Nissan's shares are down nearly 25% this year.

Japanese automakers will likely face new challenges in the coming years, especially in the wake of Donald Trump winning the US presidential election.

Speaking on an earnings call in November, Honda executive vice president Shinji Aoyama warned that Trump's proposed tariffs on vehicles imported from Mexico could have a huge impact on Japanese automakers, many of whom have factories in the country.

Honda did not respond to a request for comment, sent outside normal working hours.

• Svetlana Dali was charged with being a stowaway on a Delta Air Lines flight to Paris.
• On Sunday, she removed her ankle monitor, an arrest warrant said.
• Several outlets reported she was arrested on a Greyhound bus headed to Canada.

The woman accused of being a stowaway on a transatlantic Delta Air Lines flight was arrested after trying to sneak out of the country again, law enforcement sources told several outlets.

After being charged earlier this month, Svetlana Dali was released but ordered to wear an ankle monitor, according to court documents seen by Business Insider.

On Sunday, she "removed her location monitoring bracelet and absconded," an arrest warrant said.

CNN first reported that Dali's roommate reported her missing after finding her ankle monitor on the floor. It added that Dali was taken into custody on Monday while on board a Greyhound bus headed to Canada.

An official told The New York Times that Dali had a ticket for the ride — unlike last month's Delta flight.

She appeared in court in Buffalo on Tuesday, and a hearing for violating the terms of her release is scheduled for Friday in Brooklyn.

The Delta incident

57-year-old Dali made headlines when she was charged earlier this month with being a stowaway on an aircraft.

The criminal complaint against her says she confirmed in an interview that she boarded a Delta flight to Paris without a boarding pass or passport.

It adds that Dali was first turned away from a security checkpoint at John F. Kennedy International Airport as she couldn't show a boarding pass.

Five minutes later, she was successful as she entered via a special lane for airline employees after blending in with a group of flight crew members, the complaint says.

Dali is said to have then boarded Flight DL264. The complaint says Delta staff realized she was on board the plane before landing, and French authorities determined she didn't have a boarding pass or passport.

The incident occurred on November 26. The 2.7 million passengers that passed through Transportation Security Administration checkpoints that day was a record for a Tuesday before Thanksgiving.

In a statement previously shared with BI, Delta thanked French and US authorities for their assistance. The airline said a review found its security infrastructure was "sound" and the incident was caused by a "deviation from standard procedures."

"We are thoroughly addressing this matter and will continue to work closely with our regulators, law enforcement, and other relevant stakeholders," the statement added. "Nothing is of greater importance than safety and security."

• 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 Big Four — EY, Deloitte, KPMG, and PwC — are the world's largest accounting and consulting firms.
• They pull in billions annually but have faced a slowdown in demand for their services.
• This is how the Big Four have performed in recent years, and how they're looking to adapt in future.

Deloitte, EY, KPMG, and PwC are the world's largest accounting and consulting firms, known as the Big Four.

With histories dating back to the 19th century, they have grown into billion-dollar companies employing hundreds of thousands of staff who earn high salaries and often work very long hours.

The Big Four offer companies services such as workforce transformations, reshaping corporate finance portfolios, assurance, valuation, and optimizing the use of technology.

Put simply, they're there to assess businesses and tell them how to run more efficiently.

The pandemic changed the landscape for the major firms, with a surge in demand that sparked a hiring boom. The Big Four are now attempting to balance operations amid slowing demand.

Here's a look at where the Big Four stand.

EY

After a series of mergers, EY was formed in 1989 as the accountancy firm Ernst & Young. It has since diversified its offerings and, in 2013, rebranded to EY.

Headquartered in central London, EY has more than 700 offices in 150 countries. Janet Truncale, the global chair and CEO, took over from Carmine Di Sibio in July.

EY focuses heavily on consultancy and assurance but also covers tax and strategy, and transactions.

Revenue was up 3.9% on the previous year to $51.2 billion, according to the firm's latest annual report published in October. It was EY's poorest performance since 2010. Assurance services were its largest revenue generator.

In May 2024, the firm was caught up in a scandal along with PwC and fined $11.7 million by UK authorities for a series of auditing failures.

As pressure has mounted, EY cut UK partner payouts by 5% and laid off employees. Overall employee numbers dropped by 2,450 during EY's latest financial year — the first decrease in 14 years.

EY's global head count now stands at about 393,000.

In 2023, the firm launched EY.ai, an AI platform aiming to assist clients across all its professional services. It also offers clients a conversational AI assistant called EYQ.

Deloitte

Deloitte is the largest of the Big Four by both revenue and employees.

Founded in the UK in 1845, Deloitte expanded into the US in 1890. It is headquartered in London and has more than 700 offices in some 150 countries. It's known for strong business and technology consulting services.

Joe Ucuzoglu has been its global CEO since 2022.

In March, Deloitte announced a major restructuring aimed at cutting costs and repositioning it for future success.

It is "modernizing and simplifying" its core offering into four categories: audit and assurance, tax and legal strategy, risk and transactions, and technology and transformation.

Global revenue climbed 3.1% to $67.2 billion in the 2024 financial year, but, like EY, that performance was far lower than the 14.9% growth in 2023.

The slowdown has affected partner payouts, which fell by 4.5% to about $1.27 million. Equity partners took home roughly $63,000 less than they did a year ago.

Deloitte's global workforce expanded to 460,000 in 2024, an increase of 3,000.

Deloitte has pledged to invest $3 billion in AI by fiscal year 2030 and has partnered with technology industry leaders Nvidia, Google Cloud, and AWS to develop its client offering.

PwC

PwC is often considered the most prestigious of the Big Four, and topped the latest Vault Accounting 25 ranking.

Officially formed in 1998 from a merger between Price Waterhouse and Coopers & Lybrand, PwC's headquarters is almost opposite EY's main office in London.

Mohamed Kande has been the global chairman since July.

PwC has three core lines of business — assurance, advisory, and tax and legal services — but the firm is particularly known for its strong and well-established audit client base.

It employs more than 370,000 people in 149 countries and territories.

In 2021, PwC committed to creating over 100,000 net new jobs over a five-year period, and in October 2024, it said it had already hit three-quarters of that target.

PwC was the second-highest earning of the Big Four, posting record gross revenue of $55.4 billion and 3.7% annual growth in the year to June 30.

Though not as stark a slowdown as Deloitte or EY, growth at PwC still dropped noticeably compared to the 9.9% rise reported for the previous 12 months.

A number of high-profile scandals in the Asia-Pacific region involving its work with the Australian and Chinese governments damaged business.

To handle the changing environment, PwC cut partner pay by 5%, leaving partners taking home an average of $1.09 million this financial year.

In October The Wall Street Journal reported that the firm would make its first major layoffs since 2009 and cut 1,800 jobs.

PwC has invested $1.5 billion to expand and scale its AI capabilities. In February 2024, it unveiled a tax AI assistant for 2,300 PwC tax professionals in the UK to use.

KPMG

The smallest of the Big Four in terms of revenue and employees, KPMG is headquartered in Amsterdam and has a long-serving leader in chairman and chief executive Bill Thomas.

Its core services cover audit, tax and legal, and advisory.

The last of the Big Four to report its 2024 results, KPMG reported in December that in the 12 months to September 30, it saw revenues of $38.4 billion, a rise of just over 5% compared to 2023.

Overall, its revenues are the lowest among the Big Four, close to $20 billion less than its three competitors.

KPMG has faced scrutiny across several markets for its auditing and accounting work. In 2023, it was fined a record $26 million in the UK after "exceptional" failures in its accounting work.

Employee numbers grew by just over 1% in the 2024 financial year to reach 275,000. That's 185,000 people fewer than Deloitte.

Over 2024, KPMG has made a series of layoffs. About 330 staff, or 4%, were cut from its US audit practice; 5% cut across advisory, tax, and back-office functions; and 2% from its advisory workforce in 2023, according to Accountancy Age.

KPMG said it is looking to invest more in specialist roles in areas like ESG, tax, and technology.

While it lags behind in revenues, the firm is seen to foster a less cutthroat workplace than its competitors. The firm has said it aims to have women in a third of partner or director roles by 2025.

According to its latest report, women hold 29.9% of leadership roles.

What's your experience of working at the Big Four accountancy firms? Contact this reporter in confidence at [email protected]

• 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.

• A Delta flight encountered severe turbulence last year, with 17 people injured.
• The NTSB's newly published report says none of the injured people were wearing seatbelts.
• One passenger fractured four vertebrae and was hospitalized for over a month.

Newly released details from a 2023 incident that injured 17 airline passengers highlight the dangers of encountering turbulence, and serve as a stark reminder of why keeping your seatbelt on is always a good idea.

A Delta Air Lines Airbus A350 was flying from Milan to Atlanta when it encountered severe turbulence around 40 minutes from landing.

The National Transportation Safety Board made public its investigation last Friday. It found none of the injured people were wearing seatbelts despite the seatbelt sign being on.

10 of those who were injured were flight attendants, two of whom had serious injuries.

The flight's first officer told investigators that he told the cabin crew they should be seated due to expected turbulence. A list of injuries, shared with Delta and the NTSB, said the injured crew members weren't seated at the time.

One of those who was seriously injured suffered two broken ribs and back compression fractures, while the other had compression fractures in their neck and upper back, it said.

The other injuries to flight attendants included muscle strains, a concussion, and a deep cut that required stitches.

Five of the flight attendants were taken to hospital and released within 24 hours.

Of the seven passengers who were injured, one remained in hospital nearly a month after the flight. The person fractured four vertebrae and a rib, according to the NTSB report.

Another seriously injured passenger fractured one vertebra, while the others had muscle strains — mostly in the neck.

None of the injured passengers were wearing a seatbelt, the report said.

One of those passengers reported that her head hit the ceiling, hurting her neck, back, and head, although she was later able to walk off the plane.

Guy Gratton, an associate professor of aviation and the environment at Cranfield University, previously told Business Insider that a plane encountering turbulence is like "taking a box with something in it and starting to shake the box up and down."

"And clearly, if you're the person who's inside the box, then you get thrown around inside the box, and that's where injuries happen," he added.

"Passengers are told to keep their seatbelts done up because if you're tied to the box, you're much less likely to get injured."

While the Delta incident saw four serious injuries, cases of major injuries during turbulence are rare.

Between 2009 and 2023, 184 people were seriously injured by turbulence — an average of 12 a year — according to data from the Federal Aviation Administration. The majority of those, 146, were flight attendants rather than passengers.

• Hong Kong-Taipei was the busiest international flight route in 2024, with 6.8 million seats.
• OAG's report shows Asia-Pacific dominates the busiest international routes post-pandemic.
• The busiest domestic route was between the South Korean island of Jeju and its capital, Seoul.

Hong Kong to Taipei is the world's busiest international flight route, according to a report published on Tuesday by air travel intelligence provider OAG.

The route has topped the list in 2024, with a total of 6.8 million seats — 48% higher than last year but 15% below 2019 levels, when it last appeared at the top of the list.

OAG's annual report, which examines global airline schedule data spanning from January to December 2024 and compares it to 2019 — before the COVID-19 pandemic — found that most of the busiest international routes are in the Asia-Pacific region.

The second most popular, with 5.5 million seats, was from Cairo to Jeddah, Saudi Arabia.

The only route on the list in North America and Europe was between New York JFK and London Heathrow, which was ranked number 10 with 4 million seats, a 5% increase compared to 2019.

Here's the full top 10 list:

1. Hong Kong to Taipei: 6.78 million seats
2. Cairo to Jeddah, Saudi Arabia: 5.47 million seats
3. Seoul to Tokyo: 5.41 million seats
4. Kuala Lumpur to Singapore: 5.38 million seats
5. Seoul to Osaka: 4.98 million seats
6. Dubai to Riyadh, Saudi Arabia: 4.31 million seats
7. Bangkok to Hong Kong: 4.20 million seats
8. Jakarta to Singapore: 4.07 million seats
9. Bangkok to Singapore: 4.03 million seats
10. New York JFK to London Heathrow: 4.01 million seats

Domestic airline routes were significantly busier than international ones.

The busiest route overall is in South Korea, a roughly 280-mile journey between the island of Jeju and Seoul's Gimpo airport. The route provided over 14 million seats in 2024, which, despite being the world's busiest, was a 19% fall compared to pre-pandemic numbers.

Per the OAG report, eight of the 10 busiest domestic flight routes were in Asia, including flights in Japan, China, India, and Vietnam.

No routes in North America or Europe were ranked in the top 10. The most popular route in North America connected Vancouver to Toronto, with 3.5 million seats.

The busiest domestic route in the United States was Atlanta-Orlando, which trailed slightly behind the Canadian route with just under 3.5 million seats in 2024.

Honolulu-Kahului ranked third in North America with 3.4 million seats. It was followed by Las Vegas-Los Angeles and a route connecting Denver to Phoenix.

In Europe, the top route was Barcelona to Palma in Spain, which had nearly 3 million seats. Half of Europe's busiest 10 routes were in Spain, OAG said.

• The European Union has finalized plans to build a satellite network to rival Elon Musk's Starlink.
• The $11 billion Iris² network aims to provide high-speed internet to remote locations in Europe.
• Musk has frequently clashed with European politicians and has faced scrutiny over Starlink's role in Ukraine.

Elon Musk's Starlink could have a new rival after the European Union confirmed it will join the race to provide high-speed internet to remote locations.

The EU said Monday it had finalized plans to build a €10.6 billion ($11.1 billion) satellite network that will take on SpaceX's Starlink. The bloc said the Iris² satellite constellation will include 290 satellites in low and medium-Earth orbit, with the service expected to be up and running by 2030.

European politicians have previously expressed concerns about the dangers of becoming overly reliant on Starlink.

SpaceX's satellite internet service has around 7,000 satellites in orbit, according to expert estimates, and has seen traffic surge in recent years as it has expanded its operations to over 100 countries.

Starlink has also played a vital role in the war in Ukraine, with Ukrainian military forces relying on the service for military communications.

That reliance has caused tensions with SpaceX's billionaire owner. In September 2023, Musk said he had denied a request to activate Starlink in Crimea, thwarting an attack on Russia's Black Sea fleet.

Musk has also frequently clashed with European regulators, who have launched proceedings against his social media platform, X, over the platform's blue checkmark system, which the EU says is misleading.

Europe has also been trying to cut its dependence on SpaceX's rockets with the Ariane 6, a reusable rocket that rivals SpaceX's Falcon 9 and had a successful first flight in July.

The EU is not the only one building their own Starlink rival. Amazon is working on its own network of internet-providing satellites, called Project Kuiper, with the first satellites expected to be deployed next year.

• 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.