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Business

Elon Musk ousts Jeff Bezos as world’s richest person


Elon Musk has overtaken Jeff Bezos to become the world’s richest person after his net worth surged to almost $US190 billion ($245 billion) following an extraordinary year for electric car company Tesla.

Tesla shares rose by 7 per cent on Thursday, pushing the company past Facebook in value and making Mr Musk’s 20 per cent stake worth $US138 billion ($178 billion). He also owns a stake in privately held rocket company SpaceX.

Elon Musk has now overtaken Amazon boss Jeff Bezos in the billionaires race.

Elon Musk has now overtaken Amazon boss Jeff Bezos in the billionaires race. Credit:Bloomberg

The surge in Tesla’s share price left 49-year-old Mr Musk around $US1.5 billion richer than Amazon founder Mr Bezos, according to Bloomberg’s Billionaires Index, a ranking of the world’s wealthiest people.

Mr Musk was worth just $US27 billion ($35 billion) at the start of 2020 but his fortune has rocketed due to a 760 per cent jump in Tesla shares over the past year, as the pandemic -triggered a rush into tech stocks. Separately, overnight, the tech-heavy Nasdaq closed above 13,000 for the first time.



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Australian News

Classique Legend wins The Everest at Royal Randwick, earning $6.2 million in the richest race in Australia


Classique Legend has won the richest race in Australia, the $15 million The Everest at Royal Randwick.

Trained by Les Bridge, the grey picked up the $6.2 million winner’s cheque, with jockey Kerrin McEvoy winning the big race for a third time, ahead of Bivouac in second place.

More to come.



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Business

Asia’s richest person is on a shopping spree in race against Amazon


Mukesh Ambani, Asia’s richest man who spent the early few months of the pandemic raising more than $US20 billion ($27.6 billion) by selling stakes in his technology venture, is now on a shopping spree.

The Indian billionaire is looking to acquire several local online retailers to help expand product offerings, people familiar with the matter said, as he races to build his e-commerce platform and compete against Amazon.com.

India's Mukesh Ambani is seeking to widen his retail footprint in a market that's become a hot spot for global giants such as Amazon as well as many local rivals, all chasing a billion-plus consumers.

India’s Mukesh Ambani is seeking to widen his retail footprint in a market that’s become a hot spot for global giants such as Amazon as well as many local rivals, all chasing a billion-plus consumers.Credit:Bloomberg

Reliance Industries, Ambani’s oil, retail and telecommunications conglomerate, is in various stages of negotiations to either buy out or purchase stakes in Urban Ladder, an online furniture seller, Zivame, a lingerie maker, and Netmeds, which delivers medicine, the people said, asking not to be identified as the talks are confidential. There’s no certainty the deliberations may result in a deal, they added.

The 63-year-old tycoon is seeking to widen his retail footprint in a market that’s become a hot spot for global giants such as Amazon as well as many local rivals, all chasing a billion-plus consumers. The business mogul last month outlined plans to rope in investors for his Reliance Retail, days after selling a combined 33 per cent stake in Jio Platforms – a digital services holding company – to partners including Facebook and Google.



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Australian News

Coronavirus cases in Sydney are spread across richest suburbs


The bulk of coronavirus cases in New South Wales are littered across Sydney’s richest suburbs, NSW Health data shows.

The Local Government Area of Waverley, which includes the affluent areas of Bondi, Vaucluse and Bronte, has recorded the highest number of COVID-19 cases in the state, with 116.

Waverley Council was forced to fence off Bondi and other beaches last week after thousands of people ignored social distancing advice from the government and flocked to sunbathe, sending Prime Minister Scott Morrison on a furious rant during a press conference.

The northern beaches, which counts Manly, Curl Curl and Narrabeen in its area, has clocked 77 cases of the potentially deadly disease.

Sydney, which governs the CBD, Pyrmont and Paddington, has tallied 76 cases.

The nearby leafy Woollahra precinct, comprising of ritzy suburbs of Double Bay, Point Piper and Bellevue Hill – where many local celebrities call home – has nudged 68 cases.
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For contrast, the Inner West has recorded 34 cases of the virus, with Parramatta at 27 and Willoughby at 14.

There are now 3291 confirmed cases of COVID-19 across Australia with 1405 in New South Wales, 685 in Victoria, 555 in Queensland, 255 in Western Australia, 257 in South Australia, 62 in the ACT, 46 in Tasmania and 12 in the Northern Territory.

Thirteen people have died – two in WA, seven in NSW, one in Queensland and three in Victoria.

Data from health departments across Australia’s three largest states have shown that, in NSW and Victoria, council areas with higher income levels have been hardest hit by the virus.

In Victoria, Stonnington Council is the most affected with 58 cases. Centred on Toorak and South Yarra, it is one of the richest LGAs in Australia.

Second is Mornington Peninsula with 39 cases, City of Melbourne with 33 and Boroondara – which includes Kew – with 28. The City of Melbourne’s higher number of cases could also be partly due to the large number of students within the LGA’s boundary.

Glen Eira, Port Phillip, Moreland and Greater Geelong councils all have more than 20 cases in Victoria.

In Queensland, Brisbane and the Gold Coast have by far the highest number of cases.

Brisbane’s metro north region topped the list with 165 cases followed by metro south with 132.

The Gold Coast has 106 and Sunshine Coast 64.



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