Ashwin Desai is the founder and managing director of Aether Industries. Courtesy of Aether Industries Ashwin Desaiâs listing of his Surat, India-based specialty chemicals maker Aether Industries this month has made him Indiaâs newest billionaire in a city better known for its diamond industry. Desai, the founder and managing director of Aether, controls 87% of… More
Bitcoin investor Tim Draper believes the cryptocurrency is primed for an epic turnaround. His billionaire status depends on it.Roger Kisby/redux Venture capitalist Tim Draper thinks cryptocurrency is going to go up more than 10-fold by the end of 2023. He isnât the only crypto mogul whistling in the dark. During an interview with Forbes in… More
Topline With oil prices down this month, billionaire investor Warren Buffett is once again buying the dip by adding to one of his favorite energy stocks, as his investing conglomerate Berkshire Hathaway purchased roughly $500 million worth of Occidental Petroleum shares this week. The famed investor now owns nearly one fifth of the energy giant.… More
Micron bought the shares it didn’t already own in Taiwan’s Inotera Memories in 2016 for … [+] approximately $4 billion. Photographer: Maurice Tsai/Bloomberg © 2010 Bloomberg Finance LP Micron Technology Inc., the U.S. memory chip maker, will add 2,000 employees and set up a research and development (R&D) corridor in Taiwan, the Central News Agency… More
Topline A federal judge signed off on the FBIâs request to seize two jets belonging to Russian billionaire oligarch Roman Abramovich on Monday, several outlets reported, the most significant punishment against Abramovich by the U.S. since Russia invaded Ukraine in February. Roman Abramovich, who owned Chelsea FC until he was forces to sell the team… More
A visitor takes a photo of Ant Group’s display at the 2021 China International Fair for Trade in … [+] Services in Beijing on September 5, 2021. An Xin/Costfoto/Future Publishing via Getty Images Ant Group, the financial technology giant controlled by Chinese billionaire Jack Ma, announced on Monday that it will launch a digital wholesale… More
A grinding mill installed at the Arcadia Lithium mine on January 11, 2022 in Goromonzi, Zimbabwe on … [+] January 11, 2022. Tafadzwa Ufumeli/Getty Images Shanghai-listed mining company Zhejiang Huayou Cobalt, controlled by billionaire Chen Xuehua, will invest $300 million into its Arcadia lithium mine near Harare, Zimbabwe, according to a Reuters report, citing the… More
Euisun Chung, chairman of Hyundai Motor. SeongJoon Cho/Bloomberg Amid growing competition among car makers to position themselves for a low-carbon future, Hyundai Motor Group said it plans to invest a total of $16.5 billion over the next eight years to expand its production of electric vehicles in its home market of South Korea. The South… More
Fayez Sarofim with wife Susan, 2018. Getty Images for UNICEF Fayez Sarofim, the billionaire money manager, died Saturday at his home in Houston, at age 93. âIâve always claimed it took someone from abroad to recognize the true potential in this country,â said Fayez Shalaby Sarofim in his first interview with Forbes Magazine in 1969.… More
Robert Friedland, chairman and cofounder of Ivanhoe Mines, speaks during the Denver Gold Forum (DGF) … [+] in Colorado Springs, Colorado, U.S., in 2016. Matthew Staver/Bloomberg Billionaire Robert Friedland plans to list his Ivanhoe Electric Inc. in New York and Toronto as the mining tycoon aims to bankroll the development of copper mines in the… More
Topline The Federal Reserve isnât doing its job fighting runaway inflationâand unless the central bank tightens monetary policy and raises interest rates âmore aggressively,â the ongoing stock market sell-off could well turn into a full âeconomic collapse,â warned hedge-fund billionaire Bill Ackman on Tuesday. The hedge fund billionaire criticized the Federal Reserve for not being… More
Forrest Li, chairman and group chief executive officer of Sea Ltd., poses for a photograph in … [+] Singapore on Wednesday, July 8, 2020. Demand for Sea’s mobile games and online-shopping platform has surged during the pandemic, and the company is bidding on a Singapore digital-banking license to accelerate its push into financial services. Photographer: Wei Leng… More
Topline Billionaire investor Warren Buffett has used the ongoing market selloff as an opportunity to buy the dip and add several new major positions as his investing conglomerate, Berkshire Hathaway, deployed tens of billions of dollars into stocks during the first quarter, according to new regulatory filings. The famed investor aggressively bought the dip last… More
The Solaire Resort and Casino, operated by Bloomberry Resorts Corp., stands illuminated at night in … [+] Manila, the Philippines, on Saturday, April 27, 2019. Photographer: Veejay Villafranca/Bloomberg © 2019 Bloomberg Finance LP Bloomberry Resortsâcontrolled by billionaire Enrique Razon Jr.âhas signed a deal to invest in Davao-based businessman Dennis Uyâs casino resort projects in the… More
Jack Zhang, cofounder and chief CEO of Airwallex. Anthony Kwan/Bloomberg Airwallex, a fintech unicorn headquartered in Hong Kong backed by the likes of Tencent and Li Ka-shingâs Horizons Ventures, is seeking to raise as much as $150 million, according to a report by Bloomberg News. The seven-year-old startup already raised a total of $400 million… More
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