Elon Musk rejoices in beating Jeff Bezos on wealth


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It gets petty among the richest men in the world. Not content with competing for who owns the biggest and best spaceship, Elon Musk set out to goad his (slightly) less wealthy counterpart, Jeff Bezos.

It started with a tweet from Bezos featuring a 1999 review


story in Barron, “Amazon.Bomb.” The

You’re here

the chef responded with a silver medal emoji, flaunting his place ahead of Bezos in recent rich lists. Musk is at the top of Forbes’ latest billionaire rankings with a net worth of $ 209.4 billion, while Bezos, the founder of Amazon and Blue Origin, is No. 2 with $ 192.2 billion. (The Bloomberg Billionaires Index took Musk to $ 230 billion, after a sale of secondary shares raised SpaceX’s value.)

Besides the entertainment value, the spat offers investors the opportunity to consider valuations. Tesla stock, at some $ 818 per share, is up 15% this year, a far cry from its incredible 730% increase in 2020. Amazon, at $ 3,286, is barely in positive territory, up 0 , 68%.

Tesla could become more and more valued. The electric vehicle maker has weathered the global chip shortage more successfully than its competitors and is expected to ramp up production in 2022. Tesla delivered a record 241,300 vehicles globally in the third quarter, as sales in China increased in September, despite a decline in the total auto market there.

The image for Amazon and other Big Tech names is cloudier. Rising bond yields amid shifting inflation expectations and discussions about Federal Reserve tapering have hit tech stocks. With energy prices rising, inflation fears are unlikely to subside anytime soon. So Musk can keep the crown for now.

Last week

On the backs of the banks

Stocks slumped as the price of U.S. oil rose 1.5% on Monday, topping $ 80 a barrel, up 125% from last October, and the highest in seven years. The IMF then warned central banks to be “very, very vigilant” on inflation. The earnings season has begun, with big bank earnings soaring stocks. The week, the

Dow Jones Industrial Average

increased 1.6% to 35,295.48; the

S&P 500

gained 1.8%, to 4,471.37; and the

Nasdaq Composite

climbed 2.2% to 14,897.34.

Your mandate or mine

The House voted to increase the debt ceiling by $ 480 billion, ending the crisis, until it must be raised again on December 3. No Republican voted for the measure. Texas Gov. Greg Abbott has banned “any entity” from applying a vaccination mandate in that state, despite a federal ordinance requiring large companies to require vaccines or regular testing. Covid cases are on the decline again, but the death toll has exceeded 715,000.

Global tax reform

Treasury Secretary Janet Yellen said the global minimum tax agreed by 130 countries would be incorporated into the infrastructure reconciliation bill. Republicans opposed it.

The lost weekend of the southwest

Southwest Airlines canceled 1,900 flights over the weekend, a collapse that lasted Monday. The southwest has been hit hard by increased travel and staff shortages, made worse by bad weather and air traffic problems; he warned that worker fatigue could produce more breakdowns. The stock fell 4.2% on Monday, 6.6% for the week.

China: the risk is increasing

Chinese developer Modern Land has asked investors to delay payment on a $ 250 million bond, China Evergrande missed a third bond payment, this one for $ 148 million, and the central bank said that the risks were controllable. The actions of Evergrande and its property management unit remain suspended. Home sales fell as banks tightened lending, offshore bond markets began to close to developers, and President Xi Jinping ordered an investigation into links between financial institutions and businesses.

Annals of negotiation

Cousins ​​Henry Kravis, 77, and George Roberts, 78, who founded private equity pioneer KKR in 1976 with Jerome Kohlberg, have turned the day-to-day management of the now public company over to co-chairmen Scott Nuttall, 48 , and Joe Bai. , 49… A band led by KKR spent $ 1.1 billion on independent music producer Kobalt’s music catalog. Blackstone has announced a billion dollar investment in a music royalty fund managed by Hipgnosis Song Management… Emerson Electric has announced that it will merge two of its industrial software units into Aspen Technology in an agreement $ 11 billion… West Coast Banks Columbia Banking and Umpqua Bank agreed to merge for $ 5 billion… The Wall Street Journal reported that former President Trump is in advanced talks to sell his Washington hotel for 370 million dollars to CGI Merchant Group… The activist Jana Partners would have taken a stake in Macy’s.

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