Bussiness
Elon Musk is no longer part of the $200 billion club as Tesla’s stock continues to slide – but he’s still comfortably the richest person in the world
- Elon Musk’s wealth fell 5.4% to $193 billion on Tuesday as Tesla shares dropped 7%.
- Uncertainty over Musk’s purchase of Twitter has driven a sell-off in shares of Tesla, which have fallen 41% this year.
- Musk is no longer worth $200 billion, but he’s still $65 billion richer than Jeff Bezos.
Elon Musk is out of the $200 billion club after Tesla shares slid 7% on Tuesday.
Musk’s wealth dropped 5.4% to $193 billion as the electric carmaker’s share price fell, according to Bloomberg – which means he lost $11.1 billion in a single day.
Tesla is down 41% year-to-date, as the tech sector has sold off more broadly. It’s fallen just under 38% since Musk struck a deal to buy Twitter for $44 billion last month.
Musk has stirred controversy since the prospective takeover was announced by threatening to cut his offer based on the number of bots on the social media platform. The ongoing uncertainty appears to have dented Tesla’s value.
“This circus show has been a major overhang on Tesla’s stock,” Wedbush’s Dan Ives said in a note on Monday. “Musk is facing a fork-in-the-road situation in which he has to decide his next step in this soap opera, as Tesla investor patience is wearing very thin.”
Musk has already dropped out of the $200 billion club twice this year once in February and then again in March. Stock market rallies pushed him back over that threshold on both occasions.
Musk’s net worth is now the lowest it’s been since last August, according to the Bloomberg Billionaires Index. He’s lost just under $78 billion this year, but is still comfortably the world’s richest person.
Musk is $65 billion richer than Jeff Bezos, who has lost $65 billion this year, with Amazon down 38% year-to-date. Bill Gates, Warren Buffett, LVMH chairman Bernard Arnault and Indian industrialist Gautam Adani are also all worth over $100 billion.
Source: www.pulse.com.gh
Bussiness
Ghana’s GDP shows economy is fast recovering despite DDEP – Finance Ministry
Ghana’s Gross Domestic Product (GDP) indicates a rapid economic recovery despite global challenges and ongoing debt restructuring, according to the Ministry of Finance (MoF).
The Ministry in a statement today indicated that latest data from the Ghana Statistical Service (GSS), cumulative economic growth for the second quarter (Q2) of 2024 reached 6.9%, a notable increase from the 4.7% recorded in the first quarter of 2024.
The MoF statement further noted that, “The economy’s robust recovery is in response to the macroeconomic stability and growth interventions that government is pursuing under our IMF-supported Post Covid-19 Programme for Economic Growth (PC-PEG).”
According to them, the overall real GDP growth for the first half of 2024 rebounded strongly, with year-on-year GDP growth averaging 5.8% for the period, significantly higher than the 2.9% recorded in the same period in 2023.
By Edem Mensah-Tsotorme
Read full statement below
Bussiness
Facebook, Youtube, online trading companies must be taxed – Deputy Finance Minister
The Deputy Finance Minister Dr Alex Ampaabeng, has proposed that online trading companies should be taxed to bolster the economy.
He noted that these companies, both local and international, generate significant revenue from their Ghanaian clients, which underscores the necessity for taxation.
In an interview with Bernard Avle on Channel One TV’s The Point of View, Dr Ampaabeng pointed out various potential revenue sources for Ghana, including online businesses and content creation companies.
He questioned why other national companies operating in Ghana are taxed, but social media platforms like Youtube and Facebook, which run numerous advertisements, are not included in the Ghanaian tax system.
According to him, these social media companies earn profits from the advertisements they display, and online trading companies also generate income from the sale of their products and services.
He mentioned online trading companies such as Jiji, Jumia, and Tonaton, which he believes surpass all physical marketplaces in Ghana in size.
According to him, “I can’t think of a country which has not gotten a digital service tax system of some sort, so Ghana is long overdue. Just to make an example so that people will appreciate where I’m coming from. Go to Youtube and play a video, within one or two minutes, you are going to watch about two, or three adverts.”
“What it tells you is that Facebook or Youtube is making profits right here in Ghana. Go to your Facebook account, and you are going to see a number of adverts on your right, left. What it is telling you is that Facebook is making profits right here in Ghana and not being taxed. Meanwhile, there are companies operating in Ghana, for jurisdiction reasons, of course, that are being taxed,” he said.
The Deputy Minister added that “So then, it comes to the question of the application of our tax laws. Revenues generated in Ghana are subject to taxes. We have Facebook, TikTok and all those players, these are digital platform owners.”
He stressed, “Then we have the digital or market players, here we are talking about individuals who are using the digital platforms. We have Jiji, Jumia, Tonaton, these combined, are bigger than all physical marketplaces in Ghana. And it tells you the volume of transactions, that are going on there.”
He expressed his hope that individuals earning online profits from Ghanaian residents would be taxed.
“There are conversations ongoing, I wouldn’t want to pre-empt anything, maybe in the future, it might not be anytime soon, what I would like to see, is a Ghana where people who are earning all forms of profits in the country are subject to taxes. People who are trading online to Ghanaian residents, people who are generating revenue from Ghana are allowed to pay taxes,” he noted.
Additionally, he proposed a collaboration with the government to curb cybercrime by registering and verifying these online trading companies.
“We can have a system where the government engages these operators, so individuals will submit their Ghana Card and are registered and verified,”he concluded.
Source: Citinewsroom.com
