Economy

World's richest

Elon Musk first person worth $500 billion

Yesterday, Tesla CEO Elon Musk reached another milestone in terms of wealth as the first person ever to be worth $500 billion. This is according to the Forbes Billionaires Index.

Last December, Musk became the first person ever to have an estimated fortune of $400 billion.

The rush means that Musk now has a fortune that is around $150 billion greater than the second place, Oracle's Larry Ellison, and about twice as large as the third place, Meta's Mark Zuckerberg.

One reason why Musk's fortune has skyrocketed recently is Tesla's rush. The stock is now hovering near December's record level. In addition, he owns significant shares of billion-dollar SpaceX and XAI.

If Musk's fortune continues to develop at the same pace, he will become the world's first trillionaire around March 2033, if his record-breaking compensation package from Tesla is fulfilled, that is.

Tesla's quarterly report

Tesla delivers more cars than expected

Tesla delivered 497,000 vehicles in the third quarter, CNBC reports.

Wall Street analysts had expected around 447,600 vehicles delivered.

The reason for the unexpectedly strong figure is that many customers took the opportunity to buy an electric car before the expiration of a federal tax credit, the channel writes.

The tax credit of up to $ 7,500 when buying an electric car was abolished on September 30.

The stock initially rose but is trading sharply. At 3:50 p.m., the stock is down 0.5 percent.

The tariff crisis Reactions to the tariffs

Bloomberg: EU wants to impose steel tariffs of 50 percent

The EU is preparing to raise import tariffs on steel to 50 percent. This is evident from a draft that Bloomberg has seen.

The EU now has a temporary system that protects the steel sector and means that a 25 percent tariff is imposed on most goods when the quotas are exhausted. But that mechanism will end at the end of the year.

Yesterday, it was rumored that the EU is planning to raise steel tariffs to 50 percent, which caused SSAB to take a leap of joy on the stock exchange.

Problems in the clothing industry

Shein opens stores in France – meets criticism

Fast fashion giant Shein is to open its first stores in France in November after an agreement with department store owner Société des Grands Magasins, Reuters reports.

The company will, among other things, open a store in the BHV department store in central Paris and stores in the Lafayette mall in five different cities.

At the same time, Shein has received harsh criticism from French retailers, politicians and regulatory authorities. Among other things, legislators have considered a law regulating fast fashion and that would prohibit Shein from advertising. 

Volvo Cars' future

Volvo Car increases sales – but loses in China

Volvo Car's global sales increased by 1 percent in September on an annual basis, according to a press release.

In Europe, sales increased by the same amount. In the US, sales rose by 3 percent, while they fell by 6 percent in China.

In total, Volvo Car sold 63,212 cars during the month. Since the beginning of the year, the company has sold 514,294 cars globally, which corresponds to a loss of 8 percent from the previous year.

The share rises 1.6 percent shortly after the stock market opens.